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New residential mortgages to individuals leap 51% to SAR 10.1B in November
Saudi Arabian banknotes
New residential mortgages provided by banks to individuals increased by 51% year-on-year (YoY) to SAR 10.1 billion in November, data issued by the Saudi Central Bank (SAMA) showed.
The volume of residential mortgages in November 2024 reached its highest level since August 2022.
According to SAMA, approximately 13,100 contracts were signed between banks and individuals during November 2024.
The average value of new residential mortgages increased to SAR 765,800, representing a 5% rise YoY.
Villas mortgages dominated the largest portion of the total financing provided by banks in November, accounting for SAR 6.5 billion, or 64%. Apartments followed with SAR 3.15 billion, while land plots ranked third with SAR 408 million.
|
New Mortgages by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Land Plots |
|
Jan. 2024 |
5,132 |
1,967 |
440 |
|
February |
4,529 |
1,980 |
433 |
|
March |
4,912 |
2,237 |
474 |
|
April |
3,681 |
1,389 |
270 |
|
May |
5,114 |
2,153 |
408 |
|
June |
3,427 |
1,616 |
263 |
|
July |
4,380 |
2,262 |
429 |
|
August |
3,791 |
2,446 |
362 |
|
September |
3,883 |
2,540 |
397 |
|
October |
4,828 |
2,855 |
458 |
|
November |
6,502 |
3,155 |
408 |
*Does not include interest.
The new residential mortgages provided by finance firms for individuals amounted to SAR 201 million in November, a decline of 35% YoY.
|
New Residential Mortgages by Finance Firms (SAR mln)* |
|||
|
Period |
2023 |
2024 |
Change |
|
January |
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 |
201 |
(35%) |
|
December |
272 |
-- |
-- |
*Does not include interest.
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