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Residential mortgages to individuals dip 35% to SAR 77.7B in 2023: SAMA
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.
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