Saudi Arabian banknotes
Residential real estate finance provided by banks to individuals declined by 55% year-on-year (YoY) to SAR 4.15 billion in April, data issued by the Saudi Central Bank (SAMA) showed.
Compared to March 2023, residential real estate finance dropped by nearly SAR 3.1 billion, or 43%.
Residential real estate finance in April is the lowest in 4.5 years, or since December 2018, when it reached SAR 3.57 million.
|
New Retail Residential Real Estate Finance (SAR mln)* |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
12151 |
8373 |
(31%) |
|
February |
8784 |
7138 |
(19%) |
|
March |
15276 |
7251 |
(53%) |
|
April |
9219 |
4146 |
(55%) |
|
May |
8810 |
-- |
-- |
|
June |
13122 |
-- |
-- |
|
July |
7189 |
-- |
-- |
|
August |
12697 |
-- |
-- |
|
September |
9930 |
-- |
-- |
|
October |
9352 |
-- |
-- |
|
November |
7386 |
-- |
-- |
|
December |
6359 |
-- |
-- |
*Doesn’t include interest.
Villa mortgages accounted for the largest share of the total housing loans provided in April, reaching 67%, or SAR 2.78 billion. Apartments and land plots followed with SAR 1.05 billion and SAR 314 million, respectively.
|
New Real Estate Finance by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Land |
|
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 |
|
August |
8607 |
3618 |
472 |
|
September |
6708 |
2825 |
396 |
|
October |
6190 |
2717 |
445 |
|
November |
5127 |
1879 |
380 |
|
December |
4397 |
1648 |
313 |
|
January 2023 |
5645 |
2315 |
413 |
|
February |
4964 |
1823 |
351 |
|
March |
5048 |
1745 |
457 |
|
April |
2781 |
1050 |
314 |
*Doesn’t include interest.
According to SAMA, nearly 5,027 contracts were signed between banks and retail clients in April, a decline of 53% YoY.
|
Number of New Real Estate Finance Contracts by Banks* |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
16442 |
11113 |
(32%) |
|
February |
11615 |
9574 |
(18%) |
|
March |
18999 |
9526 |
(50%) |
|
April |
11255 |
5270 |
(53%) |
|
May |
10943 |
-- |
-- |
|
June |
16487 |
-- |
-- |
|
July |
9047 |
-- |
-- |
|
August |
16255 |
-- |
-- |
|
September |
12902 |
-- |
-- |
|
October |
12397 |
-- |
-- |
|
November |
9785 |
-- |
-- |
|
December |
8265 |
-- |
-- |
*Doesn’t include interest
Financing firms provided new real estate finance worth SAR 167 million in April, a rise of 21% YoY.
|
Number of New Real Residential Estate Finance Contracts by Financing Firms (SAR mln) |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
264 |
310 |
+17% |
|
February |
221 |
284 |
+29% |
|
March |
304 |
228 |
(25%) |
|
April |
211 |
167 |
(21%) |
|
May |
148 |
-- |
-- |
|
June |
351 |
-- |
-- |
|
July |
167 |
-- |
-- |
|
August |
284 |
-- |
-- |
|
September |
305 |
-- |
-- |
|
October |
280 |
-- |
-- |
|
November |
271 |
-- |
-- |
|
December |
280 |
-- |
-- |
*Doesn’t include interest
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