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Saudi retail mortgage loans surge 61% to SAR 10.8 bln in July: SAMA
Mortgage loans provided to retail clients by banks in Saudi Arabia rose by 61% year-on-year (YoY) to SAR 10.78 billion in July 2020, data issued by the Saudi Arabian Monetary Authority (SAMA) showed.
When compared to June, mortgage loans dropped by around SAR 2.35 billion YoY.
|
New Retail Housing Loans (SAR mln)* |
|||
|
Period |
2019 |
2020 |
Variation |
|
January |
4,431 |
9,520 |
+115% |
|
February |
4,224 |
10,242 |
+142% |
|
March |
5,199 |
10,717 |
+106% |
|
April |
6,035 |
7,577 |
+26% |
|
May |
5,187 |
7,656 |
+48% |
|
June |
4,051 |
13,124 |
+224% |
|
July |
6,678 |
10,776 |
+61% |
|
August |
4,903 |
-- |
-- |
|
September |
6,642 |
-- |
-- |
|
October |
8,716 |
-- |
-- |
|
November |
8,503 |
-- |
-- |
|
December |
9,289 |
-- |
-- |
*Doesn’t include interest
Villa mortgages came on top, accounting for 79%, or SAR 8.56 billion of total housing loans provided in July.
Apartments and land plots followed with SAR 1.57 billion and SAR 645 million, respectively.
|
New Retail Housing Loans by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Land |
|
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 |
|
September |
5,417 |
736 |
489 |
|
October |
7,070 |
1,033 |
613 |
|
November |
6,750 |
1,214 |
539 |
|
December |
7,631 |
1,093 |
566 |
|
January 2020 |
7,709 |
1,242 |
569 |
|
February |
8,259 |
1,363 |
620 |
|
March |
8,618 |
1,683 |
416 |
|
April |
6,262 |
1,021 |
294 |
|
May |
6,147 |
1,217 |
292 |
|
June |
11,010 |
1,368 |
745 |
|
July |
8,559 |
1,572 |
645 |
*Doesn’t include interest
A total of 23,909 contracts were signed between banks and retail clients in the same month, a rise of 59% YoY.
|
Number of New Retail Housing Loans Contracts By Banks (SAR mln)* |
|||
|
Period |
2019 |
2020 |
Variation |
|
January |
9,062 |
22,820 |
+152% |
|
February |
9,049 |
23,961 |
+165% |
|
March |
11,506 |
22,748 |
+98% |
|
April |
13,712 |
17,657 |
+29% |
|
May |
12,071 |
15,165 |
+26% |
|
June |
9,122 |
26,147 |
+187% |
|
July |
15,025 |
23,909 |
+59% |
|
August |
11,747 |
-- |
-- |
|
September |
16,016 |
-- |
-- |
|
October |
20,894 |
-- |
-- |
|
November |
19,657 |
-- |
-- |
|
December |
22,414 |
-- |
-- |
*Doesn’t include interest
Financing firms provided new mortgages for residential units worth SAR 350 million in July, a decline of 33% YoY.
SAMA issued new directives in May 2018 obligating all banks and mortgage companies to provide mortgages to individuals, as per the due regulations.
|
Number of New Retail Housing Loans Contracts By Banks (SAR mln)* |
|||
|
Period |
2019 |
2020 |
Variation |
|
January |
335 |
565 |
+69% |
|
February |
397 |
459 |
+15% |
|
March |
361 |
325 |
(10%) |
|
April |
384 |
90 |
(77%) |
|
May |
466 |
201 |
(57%) |
|
June |
311 |
742 |
+139% |
|
July |
522 |
350 |
(33%) |
|
August |
332 |
-- |
-- |
|
September |
483 |
-- |
-- |
|
October |
562 |
-- |
-- |
|
November |
549 |
-- |
-- |
|
December |
569 |
-- |
-- |
*Doesn’t include interest
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