Residential real estate finance for individuals down 1% to SAR 8.81 bln in May: SAMA

05/07/2022 Argaam Special
SAR 500 currency notes

SAR 500 currency notes


Residential real estate finance provided for individuals by banks in Saudi Arabia dropped 1% year-on-year (YoY) to SAR 8.81 billion in May, data issued by the Saudi Central Bank (SAMA) showed.

 

Compared to April 2022, the residential real estate finance slumped by nearly SAR 409 million.

 

New Residential Real Estate Finance for Individuals (SAR mln)*

Month

2021

2022

Change

January

16829

12151

(28%)

February

14181

8784

(38%)

March

18040

15276

(15%)

April

15595

9219

(41%)

May

8906

8810

(1%)

June

8322

--

--

July

9381

--

--

August

12736

--

--

September

12036

--

--

October

12139

--

--

November

11773

--

--

December

12602

--

--

*Doesn’t include interest.
 
 

Villa mortgages accounted for 77%, or SAR 6.79 billion, of the total housing loans provided in May. Apartments and land plots followed with SAR 1.61 billion and SAR 420 million, respectively.

 

New Real Estate Finance by Product Type (SAR mln)*

Period

Villas

Apartments

Land

January  2021

9706

2859

4263

February

8602

2411

3169

March

10624

3046

4370

April

8736

2855

4004

May

5296

1595

2016

June

3996

1689

2637

July

5018

1866

2498

August

7899

2716

2121

September

7717

2634

1685

October

9491

2272

376

November

9082

2276

415

December

10025

2183

394

January 2022

9403

2106

642

February

6818

1498

468

March

9224

2956

3096

April

5902

1707

1610

May

6785

1605

420

*Doesn’t include interest.
 

According to SAMA, a total of 10,940 contracts were signed between banks and retail clients in May, a decline of 5% YoY.

 

Number of New Residential Real Estate Finance Contracts by Banks*

Month

2021

2022

Change

January

23298

16442

)29%(

February

18989

11615

(39%)

March

23380

18999

(19%)

April

19889

11255

(43%)

May

11495

10943

(5%)

June

11309

--

--

July

12809

--

--

August

17143

--

--

September

15453

--

--

October

16223

--

--

November

15406

--

--

December

16087

--

--

*Doesn’t include interest

 

Financing firms provided new real estate finance worth SAR 148 million in May, a drop of 42% YoY.

 

Number of New Residential Real Estate Contracts by Financing Firms (SAR mln)*

Month

2021

2022

Change

January

391

264

(32%)

February

382

221

(42%)

March

515

304

(41%)

April

343

211

(38%)

May

254

148

(42%)

June

193

--

--

July

191

--

--

August

337

--

--

September

350

--

--

October

287

--

--

November

264

--

--

December

260

--

--

*Doesn’t include interest
 
 

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