-
Bank Ranking
Banks Ratios
Cement Statistics
Cement Ranking
Cement Ratios
Monetary and Economic Statistics
Oil, Gas and Fuel
Macro Economy
Consumer Spending
Inflation
Exports & Imports
Food Prices
Non Food Prices
Construction Materials
Petrochem. Ranking
Petrochem. Ratios
Retail Rankings
Retail Ratios
Grocery Ranking
Grocery Ratios
Top Growth
Dividend History
Residential mortgages to individuals dip 35% to SAR 77.7B in 2023: SAMA
AI Summary
Content Summary: 
Saudi Arabian banknotes
Residential mortgages granted to individuals by banks in Saudi Arabia dropped by 35% year-on-year (YoY) to SAR 77.7 billion in 2023, data issued by the Saudi Central Bank (SAMA) showed.
This marked the lowest annual decline in new residential real estate financing provided to individuals by banks since 2018.
The following table details the value of residential retail mortgages since 2016:
|
*New Residential Mortgages to Individuals by Year (SAR bln) |
||
|
Period |
Value |
Change |
|
2016 |
14.93 |
-- |
|
2017 |
18.92 |
27% |
|
2018 |
27.74 |
47% |
|
2019 |
78.96 |
185% |
|
2020 |
150.79 |
91% |
|
2021 |
152.54 |
1% |
|
2022 |
120.27 |
(21%) |
|
2023 |
77.74 |
(35%) |
*Interest not included.
On a monthly basis, new residential mortgages provided by banks to retail clients recorded a YoY decrease in all months of 2022.
Data indicated that the steepest decline in the volume of housing loans was in April and June 2023 by 55% YoY, as shown in the following table:
|
New Residential Mortgages to Individuals by Month (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 |
5837 |
(41%) |
|
October |
9352 |
6766 |
(28%) |
|
November |
7386 |
6655 |
(10%) |
|
December |
6359 |
6237 |
(2%) |
*Interest not included.
Mortgages granted for the purchase of villas took the lion’s share of total housing loans provided to individuals in 2023 at 69% (SAR 53.3 billion). Apartments and land plots followed with SAR 20.2 billion and SAR 4.2 billion, respectively, as indicated below:
|
New Residential Mortgages to Individuals by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Lands |
|
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 |
|
September |
3978 |
1563 |
297 |
|
October |
4455 |
1943 |
367 |
|
November |
4363 |
1964 |
328 |
|
December |
4307 |
1676 |
255 |
|
Total |
53333 |
20245 |
4161 |
*Interest not included.
According to SAMA, as many as 102,900 mortgage contracts were signed between banks and retail clients in 2023, a decline of 33% YoY.
|
New Residential Mortgages to Individuals 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 |
7767 |
(40%) |
|
October |
12397 |
9177 |
(26%) |
|
November |
9785 |
9164 |
(6%) |
|
December |
8265 |
8647 |
+5% |
|
Total |
154392 |
102853 |
(33%) |
*Interest not included.
Financing firms provided new real estate loans worth SAR 3.1 billion in 2023, a decline of 1% YoY.
|
New Residential Mortgages to Individuals by Financing Firms (SAR bln)* |
||
|
Period |
Value |
Change |
|
2016 |
2,166 |
-- |
|
2017 |
2,102 |
(3%) |
|
2018 |
2,461 |
17% |
|
2019 |
5,287 |
115% |
|
2020 |
4,592 |
(13%) |
|
2021 |
3,767 |
(18%) |
|
2022 |
3,086 |
(18%) |
|
2023 |
3,057 |
(1%) |
*Interest not included.
Monthly, new residential mortgages provided to individuals by financing firms showed a mixed performance, as the following table:
|
New Residential Mortgages to Individuals 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 |
+16% |
|
August |
284 |
307 |
+8% |
|
September |
305 |
265 |
(13%) |
|
October |
280 |
289 |
+3% |
|
November |
271 |
310 |
+14% |
|
December |
280 |
272 |
(3%) |
*Interest not included.
Comments 0
- Saudi Lime expects 3.5% rise in production costs after fuel price adjustment
- Oil prices fall by more than 1%, Brent below $64
- United Carton Industries holds 40% of local corrugated carton market: CEO
- Former Civil Service Minister Mohammed Ali Al-Fayez passes away
- United Mining to expand export channels, demand stable in H2 2024: CEO
Market Indices
Quotes
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments Analysis: