Saudi banks post 185% rise in new retail housing loans in October
Saudi banks provided SAR 8.72 billion worth of new retail housing loans in October, up 185% year-on-year (YoY), data issued by the Saudi Arabian Monetary Authority (SAMA) showed.
When compared to September, housing loans jumped by around SAR 2.07 billion.
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 |
5,187 |
+130 % |
June |
959 |
4,051 |
+322 % |
July |
2,267 |
6,678 |
+195 % |
August |
1,510 |
4,903 |
+225 % |
September |
1,873 |
6,642 |
+255 % |
October |
3,054 |
8,716 |
+185 % |
November |
3,287 |
-- |
-- |
December |
3,366 |
-- |
-- |
*Does not include interest
Villa mortgages accounted for 81%, or SAR 7.7 billion, of the total housing loans given in October.
Apartments and land plots followed at SAR 1.03 billion and SAR 613 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 |
May |
4,223 |
610 |
354 |
June |
3,208 |
524 |
319 |
July |
5,279 |
830 |
569 |
August |
3,928 |
605 |
370 |
Septembre |
5,417 |
736 |
489 |
October |
7,070 |
1,033 |
613 |
*Does not include interest
The total of 20,894 contracts were signed between banks and individuals during October, a 267% YoY increase.
The Number New Retail Housing Loans Contracts by Bank (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 |
12,071 |
+226% |
June |
1,675 |
9,122 |
+445% |
July |
4,031 |
15,025 |
+273% |
August |
2,742 |
11,747 |
+328% |
September |
3,490 |
16,016 |
+359% |
October |
5,695 |
20,894 |
+267% |
November |
6,307 |
-- |
-- |
December |
6,116 |
-- |
-- |
*Does not include interest
In October, financing firms provided new mortgages for residential units worth SAR 561 million, a 59% YoY rise.
SAMA issued new directives in May obligating all banks and mortgage companies to provide mortgages to individuals, as per the due regulations.
The Number New Retail Housing Loans Contracts by Financing Companies (SAR mln)* |
|||
Period |
2018 |
2019 |
Variation |
January |
90 |
335 |
+272% |
February |
171 |
397 |
+132% |
March |
178 |
361 |
+103% |
April |
256 |
384 |
+50% |
May |
287 |
466 |
+62% |
June |
107 |
311 |
+191% |
July |
225 |
522 |
+132% |
August |
136 |
332 |
+144% |
September |
171 |
483 |
+182% |
October |
352 |
561 |
+59% |
November |
276 |
-- |
-- |
December |
240 |
-- |
-- |
*Does not include interest
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