Saudi Arabian banknotes
Residential real estate finance provided for individuals by banks in Saudi Arabia fell by 23% year-on-year (YoY) to SAR 7.19 billion in July, data issued by the Saudi Central Bank (SAMA) showed.
This is the lowest in about three years, since September 2019, when it amounted to about SAR 7.03 billion.
Compared to June 2022, residential real estate finance dropped by nearly SAR 5.93 billion, or 45%.
|
New Retail Residential Real Estate Finance (SAR mln)* |
|||
|
Month |
2021 |
2022 |
Change |
|
January |
16829 |
12151 |
(28%) |
|
February |
14181 |
8784 |
(38%) |
|
March |
18040 |
15276 |
(15%) |
|
April |
15595 |
9219 |
(41%) |
|
May |
8906 |
8810 |
(1%) |
|
June |
8322 |
13122 |
+58% |
|
July |
9381 |
7189 |
(23%) |
|
August |
12736 |
-- |
-- |
|
September |
12036 |
-- |
-- |
|
October |
12139 |
-- |
-- |
|
November |
11773 |
-- |
-- |
|
December |
12602 |
-- |
-- |
*Doesn’t include interest.
Villa mortgages accounted for 75%, or SAR 5.39 billion, of total housing loans provided in July. Apartments and land plots followed with SAR 1.51 billion and SAR 283 million, respectively.
|
New Real Estate Finance by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Land |
|
January 2021 |
9706 |
2859 |
4263 |
|
February |
8602 |
2411 |
3169 |
|
March |
10624 |
3046 |
4370 |
|
April |
8736 |
2855 |
4004 |
|
May |
5296 |
1595 |
2016 |
|
June |
3996 |
1689 |
2637 |
|
July |
5018 |
1866 |
2498 |
|
August |
7899 |
2716 |
2121 |
|
September |
7717 |
2634 |
1685 |
|
October |
9491 |
2272 |
376 |
|
November |
9082 |
2276 |
415 |
|
December |
10025 |
2183 |
394 |
|
January 2022 |
9403 |
2106 |
642 |
|
February |
6818 |
1498 |
468 |
|
March |
9224 |
2956 |
3096 |
|
April |
5902 |
1707 |
1610 |
|
May |
6785 |
1605 |
420 |
|
June |
9415 |
3167 |
540 |
|
July |
5392 |
1514 |
283 |
*Doesn’t include interest.
According to SAMA, 9,050 contracts were signed between banks and retail clients in July, a decline of 29% YoY.
|
Number of New Real Estate Finance Contracts by Banks* |
|||
|
Month |
2021 |
2022 |
Change |
|
January |
23298 |
16442 |
(29%) |
|
February |
18989 |
11615 |
(39%) |
|
March |
23380 |
18999 |
(19%) |
|
April |
19889 |
11255 |
(43%) |
|
May |
11495 |
10943 |
(5%) |
|
June |
11309 |
16487 |
+46% |
|
July |
12809 |
9047 |
(29%) |
|
August |
17143 |
-- |
-- |
|
September |
15453 |
-- |
-- |
|
October |
16223 |
-- |
-- |
|
November |
15406 |
-- |
-- |
|
December |
16087 |
-- |
-- |
*Doesn’t include interest
Financing firms provided new real estate finance worth SAR 167 million in July, a decline of 13% YoY.
|
Number of New Real Residential Estate Finance Contracts by Financing Firms (SAR mln) |
|||
|
Month |
2021 |
2022 |
Change |
|
January |
391 |
264 |
(32%) |
|
February |
382 |
221 |
(42%) |
|
March |
515 |
304 |
(41%) |
|
April |
343 |
211 |
(38%) |
|
May |
254 |
148 |
(42%) |
|
June |
193 |
351 |
+82% |
|
July |
191 |
167 |
(13%) |
|
August |
337 |
-- |
-- |
|
September |
350 |
-- |
-- |
|
October |
287 |
-- |
-- |
|
November |
264 |
-- |
-- |
|
December |
260 |
-- |
-- |
*Doesn’t include interest
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