Retail mortgage loans more than doubled in April 2019: SAMA

Mortgage loans provided to retail clients by banks in Saudi Arabia increased by 143 percent year-on-year (YoY) to SAR 6.04 billion in April 2019, data issued by the Saudi Arabian Monetary Authority (SAMA) showed.

New Retail Housing Loans (SAR mln)
Period	2018	2019	Variation
January	1,643	4,431	+170%
February	1,908	4,224	+121%
March	2,416	5,199	+115%
April	2,479	6,035	+143%
May	2,252	--	--
June	959	--	--
July	2,267	--	--
August	1,510	--	--
September	1,873	--	--
October	3,054	--	--
November	3,287	--	--
December	3,366	--	--

*Excludes interest

Villa mortgages accounted for 81 percent, or SAR 4.91 billion of the total housing loans provided in April.

Apartments and land plots followed at SAR 636 million and SAR 489 million, respectively.

New Retail Housing Loans by Product Type (SAR mln)*
Period	Villas	Apartments	Land
January 2018	1,286	229	128
February	1,451	298	159
March	1,906	335	175
April	2,016	286	176
May	1,864	225	164
June	791	104	64
July	1,921	189	157
August	1,251	144	115
September	1,532	192	149
October	2,511	324	219
November	2,677	360	250
December	2,788	355	224
January 2019	3,520	562	349
February	3,436	466	322
March	4,218	549	432
April	4,910	636	489

*Excludes interest

A total of 13,712 contracts were signed between banks and retail clients in April 2019 – over a threefold rise YoY.

Financing firms provided new mortgages for residential units worth SAR 384 million in April, a 50 percent YoY increase.

SAMA issued new directives in May 2018 that require all banks and mortgage companies to provide mortgages to individuals, as per regulations.

New Contracts for Retail Housing Loans (SAR mln)*
Period	2018	2019	Variation
January	2,553	9,062	+255%
February	2,959	9,049	+206%
March	3,716	11,506	+210%
April	3,894	13,712	+252%
May	3,707	--	--
June	1,675	--	--
July	4,031	--	--
August	2,742	--	--
September	3,490	--	--
October	5,695	--	--
November	6,307	--	--
December	6,116	--	--

*Excludes interest

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