Residential real estate finance for individuals down 15% to SAR 15.3 bln in March: SAMA
SAR 500 currency notes
Residential real estate finance provided for individuals by banks in Saudi Arabia declined 15% year-on-year (YoY) to SAR 15.3 billion in March, data issued by the Saudi Central Bank (SAMA) showed.
When compared to February, mortgage loans increased by nearly SAR 6.49 billion - the highest in almost one year.
The below table shows the development of the new housing loans for individuals:
New Retail Housing Loans (SAR mln)* |
|||
Month |
2021 |
2022 |
Change (%) |
January |
16,829 |
12,151 |
(28%) |
February |
14,181 |
8,784 |
(38%) |
March |
18,040 |
15,276 |
(15%) |
April |
15,595 |
-- |
-- |
May |
8,906 |
-- |
-- |
June |
8,322 |
-- |
-- |
July |
9,381 |
-- |
-- |
August |
12,736 |
-- |
-- |
September |
12,036 |
-- |
-- |
October |
12,139 |
-- |
-- |
November |
11,773 |
-- |
-- |
December |
12,602 |
-- |
-- |
*Does not include interest
Villa mortgages came on top, accounting for 60%, or SAR 9.22 billion, of total housing loans provided in March.
Land plots and apartments followed with SAR 3.1 billion and SAR 2.96 billion, respectively.
New Retail Housing Loans by Product Type (SAR mln)* |
|||
Period |
Villas |
Apartments |
Land |
January 2021 |
9,706 |
2,859 |
4,263 |
February |
8,602 |
2,411 |
3,169 |
March |
10,624 |
3,046 |
4,370 |
April |
8,736 |
2,855 |
4,004 |
May |
5,296 |
1,595 |
2,016 |
June |
3,996 |
1,689 |
2,637 |
July |
5,018 |
1,866 |
2,498 |
August |
7,899 |
2,716 |
2,121 |
September |
7,717 |
2634 |
1,685 |
October |
9,491 |
2,272 |
376 |
November |
9,082 |
2,276 |
415 |
December |
10,025 |
2,183 |
394 |
January 2022 |
9,403 |
2,106 |
642 |
February |
6,818 |
1,498 |
468 |
March |
9,224 |
2,956 |
3,096 |
A total of 19,000 contracts, a decline of 19% YoY, were signed between banks and individuals in March.
New Retail Housing Loans Contracts by Banks* |
|||
Period |
2021 |
2022 |
Change |
January |
23,298 |
16,442 |
(29%) |
February |
18,989 |
11,615 |
(39%) |
March |
23,380 |
18,999 |
(19%) |
April |
19,889 |
-- |
-- |
May |
11,495 |
-- |
-- |
June |
11,309 |
-- |
-- |
July |
12,809 |
-- |
-- |
August |
17,143 |
-- |
-- |
September |
15,453 |
-- |
-- |
October |
16,223 |
-- |
-- |
November |
15,406 |
-- |
-- |
December |
16,087 |
-- |
-- |
Financing firms provided new mortgages for residential units worth nearly SAR 304 million in March, a drop of 41% YoY.
Volume of New Retail Housing Loans Contracts by Financing Companies (SAR mln)* |
|||
Period |
2021 |
2022 |
Change |
January |
391 |
264 |
(32%) |
February |
382 |
221 |
(42%) |
March |
515 |
304 |
(41%) |
April |
343 |
-- |
-- |
May |
254 |
-- |
-- |
June |
193 |
-- |
-- |
July |
191 |
-- |
-- |
August |
337 |
-- |
-- |
September |
350 |
-- |
-- |
October |
287 |
-- |
-- |
November |
264 |
-- |
-- |
December |
260 |
-- |
-- |
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