Mortgage financing soars to SAR 9.4B in December 2024: REDF

13/01/2025 Argaam
Logo of theReal Estate Development Fund

Logo of the Real Estate Development Fund

The Saudi Real Estate Development Fund (REDF) reported a 44% increase in mortgage financing, reaching SAR 9.4 billion in December 2024, compared to SAR 6.5 billion in December 2023—a rise of SAR 2.85 billion.

 

Mortgage contracts grew by 52% in December 2024 compared to the same month in 2023, Saudi Press Agency (SPA) reported.

 

Mortgage financing for housing support beneficiaries rose 16.4% in 2024 to SAR 62.9 billion, up from SAR 54 billion in 2023. December was the highest month, with SAR 9.38 billion supporting about 12,340 contracts.

 

Total 2024 financing for housing support programs funded 89,000 contracts, a 20% increase from 74,000 in 2023, reflecting a rise of 15,000 contracts.

 

Self-construction loans comprised 14% of total financing to housing support beneficiaries, while under-construction housing units accounted for 29%. Ready housing units made up the largest share at 57%.

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