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New residential mortgages to individuals drop to SAR 6.77B in October
Saudi Arabian banknotes
Residential mortgages provided by banks to individuals fell by 28% year-on-year (YoY) to SAR 6.77 billion in October, data issued by the Saudi Central Bank (SAMA) showed.
Compared to September, residential real estate finance grew by almost SAR 929 million, or 16%, 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 |
5837 |
(41%) |
|
October |
9352 |
6766 |
(28%) |
|
November |
7386 |
-- |
-- |
|
December |
6359 |
-- |
-- |
Villa finance accounted for the lion’s share of total mortgages in October, reaching 66%, or SAR 4.46 billion. Apartments and land plots followed with SAR 1.94 billion and SAR 367 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 |
|
September |
3978 |
1563 |
297 |
|
October |
4455 |
1943 |
367 |
According to SAMA, nearly 9,180 mortgage contracts were signed between banks and individual clients in October, a decline of 26% 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 |
7767 |
(40%) |
|
October |
12397 |
9177 |
(26%) |
|
November |
9785 |
-- |
-- |
|
December |
8265 |
-- |
-- |
New mortgages provided by financing firms for individuals increased by 3% YoY to SAR 289 million in October.
|
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 |
265 |
(13%) |
|
October |
280 |
289 |
+3% |
|
November |
271 |
-- |
-- |
|
December |
280 |
-- |
-- |
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