Saudi Arabian banknotes
Residential mortgages granted to individuals by banks in Saudi Arabia leapt 17% year-on-year (YoY) to SAR 91.1 billion in 2024, data issued by the Saudi Central Bank (SAMA) showed.
December had the highest value in 2024 in terms of the volume of new residential real estate financing per month, at about SAR 11.94 billion, recording the highest level since August 2022.
SAMA reduced the reverse repo and repo rates three times during the past year to 450 basis points and 500 basis points, respectively, in conjunction with the US Federal Reserve’s decision.
According to data issued by SAMA, 122,300 contracts were concluded between banks and individuals in 2024.
Financing for residential villas accounted for the largest share of the total mortgages provided by banks during 2024, with a value of SAR 58.3 billion, at 64%. Residential apartments came in second place with SAR 28.1 billion, followed by land plots with SAR 4.7 billion.
Financing for residential villas accounted for the largest share of the total mortgages provided by banks during 2024, with a value of SAR 58.3 billion, at 64%. Residential apartments came in second place with SAR 28.1 billion, followed by land plots with SAR 4.7 billion.
|
Residential Mortgages to Individuals by Product Type (SAR mln)* |
|||
|
Year |
Villas |
Apartments |
Land Plots |
|
2018 |
21.97 |
3.41 |
2.36 |
|
2019 |
56.52 |
11.31 |
11.14 |
|
2020 |
93.26 |
21.92 |
35.61 |
|
2021 |
96.19 |
28.40 |
27.95 |
|
2022 |
83.97 |
27.24 |
9.07 |
|
2023 |
53.33 |
20.25 |
4.16 |
|
2024 |
58.30 |
28.09 |
4.68 |
*Does not include the financing interest
Residential mortgages granted to individuals by financing firms in Saudi Arabia dropped by 16% YoY to SAR 2.57 billion.
|
Residential Mortgages to Individuals by Financing Firms (SAR mln) |
||
|
Year |
Value |
Change |
|
2016 |
2166 |
-- |
|
2017 |
2102 |
(3%) |
|
2018 |
2461 |
17% |
|
2019 |
5287 |
115% |
|
2020 |
4592 |
(13%) |
|
2021 |
3767 |
(18%) |
|
2022 |
3086 |
(18%) |
|
2023 |
3057 |
(1%) |
|
2024 |
2568 |
(16%) |
*Does not include the financing interest
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