Residential mortgages to individuals up 20% to SAR 8.14B in October

Saudi Arabian banknotes

Residential mortgages provided by banks to individuals increased by 20% year-on-year (YoY) to SAR 8.14 billion in October 2024, data issued by the Saudi Central Bank (SAMA) showed.

Villa mortgages accounted for the largest share of the total bank financing provided in October, at 59% or SAR 4.83 billion. Apartments and land plots followed with SAR 2.86 billion and SAR 458 million, respectively.

New Mortgages by Product Type (SAR mln)*
Period	Villas	Apartments	Lands
January 2024	5132	1967	440
February	4529	1980	433
March	4912	2237	474
April	3681	1389	270
May	5114	2153	408
June	3427	1616	263
July	4380	2262	429
August	3791	2446	362
September	3883	2540	397
October	4828	2855	458

*Does not include interest.

According to SAMA, nearly 11,020 contracts were signed between banks and retail clients in October.

The new residential mortgages provided by finance firms for individuals amounted to SAR 254 million in October, a decline of 12% YoY.

Residential Mortgage Contracts by Finance Firms (SAR mln)*
Period	2023	2024	Change
January 2024	310	273	(12%)
February	284	268	(6%)
March	228	225	(1%)
April	167	143	(14%)
May	235	252	+7%
June	198	160	(19%)
July	193	193	--
August	307	161	(48%)
September	265	202	(24%)
October	289	254	(12%)
November	310	--	--
December	272	--	--

*Does not include interest.

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