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New residential mortgages to individuals drop to SAR 7.1 bln in August
Saudi Arabian banknotes
Residential mortgages provided by banks to individuals fell by 44% year-on-year (YoY) to SAR 7.14 billion in August, data issued by the Saudi Central Bank (SAMA) showed.
Compared to July, residential real estate finance grew by almost SAR 1.72 billion, or 32%, as shown below:
|
New Residential Mortgages to Individuals (SAR mln)* |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
12151 |
8373 |
(31%) |
|
February |
8784 |
7138 |
(19%) |
|
March |
15276 |
7251 |
(53%) |
|
April |
9219 |
4146 |
(55%) |
|
May |
8810 |
6801 |
(23%) |
|
June |
13122 |
5969 |
(55%) |
|
July |
7189 |
5425 |
(25%) |
|
August |
12697 |
7142 |
(44%) |
|
September |
9930 |
-- |
-- |
|
October |
9352 |
-- |
-- |
|
November |
7386 |
-- |
-- |
|
December |
6359 |
-- |
-- |
Villa finance accounted for the lion’s share of total mortgages in August, reaching 70%, or SAR 4.97 billion. Apartments and land plots followed with SAR 1.78 billion and SAR 399 million, respectively.
|
New Mortgages by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Land |
|
January 2023 |
5645 |
2315 |
413 |
|
February |
4964 |
1823 |
351 |
|
March |
5048 |
1745 |
457 |
|
April |
2781 |
1050 |
314 |
|
May |
4684 |
1734 |
383 |
|
June |
4244 |
1429 |
297 |
|
July |
3897 |
1226 |
301 |
|
August |
4967 |
1776 |
399 |
According to SAMA, nearly 9,050 mortgage contracts were signed between banks and individual clients in August, a decline of 44% YoY
|
Number of New Mortgage Contracts Provided by Banks* |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
16442 |
11113 |
(32%) |
|
February |
11615 |
9574 |
(18%) |
|
March |
18999 |
9526 |
(50%) |
|
April |
11255 |
5270 |
(53%) |
|
May |
10943 |
8888 |
(19%) |
|
June |
16487 |
7615 |
(54%) |
|
July |
9047 |
7058 |
(22%) |
|
August |
16255 |
9054 |
(44%) |
|
September |
12902 |
-- |
-- |
|
October |
12397 |
-- |
-- |
|
November |
9785 |
-- |
-- |
|
December |
8265 |
-- |
-- |
New mortgages provided by financing firms for individuals increased by 8% YoY to SAR 307 million in August.
|
Value of New Mortgage Contracts by Financing Firms (SAR mln) |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
264 |
310 |
+18% |
|
February |
221 |
284 |
+29% |
|
March |
304 |
228 |
(25%) |
|
April |
211 |
167 |
(21%) |
|
May |
148 |
235 |
+58% |
|
June |
351 |
198 |
(44%) |
|
July |
167 |
193 |
+15% |
|
August |
284 |
307 |
+8% |
|
September |
305 |
-- |
-- |
|
October |
280 |
-- |
-- |
|
November |
271 |
-- |
-- |
|
December |
280 |
-- |
-- |
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