Residential mortgages to individuals fall to SAR 7.54B in January

10/03/2024 Argaam Special
Saudi Arabian banknotes

Saudi Arabian banknotes


Residential mortgages provided by banks to individuals fell by 10% year-on-year (YoY) to SAR 7.54 billion in January, data issued by the Saudi Central Bank (SAMA) showed.

 

For more details on residential, consumer loans on Argaam Tools

 

Compared to December 2023, residential mortgages rose by nearly SAR 1.3 billion, or 21%.

 

Residential Mortgages from Banks to Individuals (SAR mln)*

Month

2023

2024

Change

January

8373

7539

(10%)

February

7138

--

--

March

7251

--

--

April

4146

--

--

May

6801

--

--

June

5969

--

--

July

5425

--

--

August

7142

--

--

September

5837

--

--

October

6766

--

--

November

6655

--

--

December

6237

--

--

 *Doesn’t include interest.

 

 

Villa mortgages accounted for the largest share of the total bank financing provided in January, reaching 68%, or SAR 5.13 billion. Apartments and land plots followed with SAR 1.97 billion and SAR 440 million, respectively.

 

New Mortgages by Product Type (SAR mln)*

Period

Villas

Apartments

Lands

Jan. 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

Jan. 2024

5132

1967

440

 *Doesn’t include interest.


According to SAMA, nearly 10,500 contracts were signed between banks and retail clients in January, a decline of 5% YoY.

 

New Residential Mortgages by Banks*

Period

2023

2024

Change

January

11113

10505

(5 %)

February

9574

--

--

March

9526

--

--

April

5270

--

--

May

8888

--

--

June

7615

--

--

July

7058

--

--

August

9054

--

--

September

7767

--

--

October

9177

--

--

November

9164

--

--

December

8647

--

--

 

The real estate mortgage provided by finance firms for individuals decreased by 12% YoY to SAR 273 million in January.

 

New Residential Mortgages by Finance Firms (SAR mln)*

Period

2023

2024

Change

January

310

273

(12 %)

February

284

--

--

March

228

--

--

April

167

--

--

May

235

--

--

June

198

--

--

July

193

--

--

August

307

--

--

September

265

--

--

October

289

--

--

November

310

--

--

December

272

--

--

 *Doesn’t include interest.

 

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