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Residential mortgages to individuals up 20% to SAR 8.14B in October
Saudi Arabian banknotes
Residential mortgages provided by banks to individuals increased by 20% year-on-year (YoY) to SAR 8.14 billion in October 2024, data issued by the Saudi Central Bank (SAMA) showed.
Villa mortgages accounted for the largest share of the total bank financing provided in October, at 59% or SAR 4.83 billion. Apartments and land plots followed with SAR 2.86 billion and SAR 458 million, respectively.
|
New Mortgages by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Lands |
|
January 2024 |
5132 |
1967 |
440 |
|
February |
4529 |
1980 |
433 |
|
March |
4912 |
2237 |
474 |
|
April |
3681 |
1389 |
270 |
|
May |
5114 |
2153 |
408 |
|
June |
3427 |
1616 |
263 |
|
July |
4380 |
2262 |
429 |
|
August |
3791 |
2446 |
362 |
|
September |
3883 |
2540 |
397 |
|
October |
4828 |
2855 |
458 |
*Does not include interest.
According to SAMA, nearly 11,020 contracts were signed between banks and retail clients in October.
The new residential mortgages provided by finance firms for individuals amounted to SAR 254 million in October, a decline of 12% YoY.
|
Residential Mortgage Contracts by Finance Firms (SAR mln)* |
|||
|
Period |
2023 |
2024 |
Change |
|
January 2024 |
310 |
273 |
(12%) |
|
February |
284 |
268 |
(6%) |
|
March |
228 |
225 |
(1%) |
|
April |
167 |
143 |
(14%) |
|
May |
235 |
252 |
+7% |
|
June |
198 |
160 |
(19%) |
|
July |
193 |
193 |
-- |
|
August |
307 |
161 |
(48%) |
|
September |
265 |
202 |
(24%) |
|
October |
289 |
254 |
(12%) |
|
November |
310 |
-- |
-- |
|
December |
272 |
-- |
-- |
*Does not include interest.
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