Saudi Arabian banknotes
Residential mortgages provided by banks to individuals rose 5% year-on-year (YoY) to SAR 7.62 billion in March, the highest increase in more than a year, data issued by the Saudi Central Bank (SAMA) showed.
Moreover, residential mortgages grew nearly SAR 682 million, or 10%, compared to February 2024.
|
Residential Mortgages (SAR mln)* |
|||
|
Month |
2023 |
2024 |
Change |
|
January |
8373 |
7539 |
(10%) |
|
February |
7138 |
6941 |
(3%) |
|
March |
7251 |
7623 |
+5% |
|
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 64%, or SAR 4.91 billion, of total housing loans provided in March. Apartments and land plots followed with SAR 2.24 billion and SAR 474 million, respectively.
|
New Mortgages by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Land |
|
January 2023 |
8373 |
7539 |
8373 |
|
February |
7138 |
6941 |
7138 |
|
March |
7251 |
7623 |
7251 |
|
April |
4146 |
-- |
4146 |
|
May |
6801 |
-- |
6801 |
|
June |
5969 |
-- |
5969 |
|
July |
5425 |
-- |
5425 |
|
August |
7142 |
-- |
7142 |
|
September |
5837 |
-- |
5837 |
|
October |
6766 |
-- |
6766 |
|
November |
6655 |
-- |
6655 |
|
December |
6237 |
-- |
6237 |
|
January 2024 |
8373 |
7539 |
8373 |
|
February |
7138 |
6941 |
7138 |
|
March |
7251 |
7623 |
7251 |
According to SAMA, over 10,300 contracts were signed between banks and retail clients in March, a YoY increase of 8%.
|
Number of New Real Estate Finance Contracts by Banks* |
|||
|
Month |
2023 |
2024 |
Change |
|
January |
11113 |
10505 |
(5%) |
|
February |
9574 |
9504 |
(1%) |
|
March |
9526 |
10320 |
+8% |
|
April |
5270 |
-- |
-- |
|
May |
8888 |
-- |
-- |
|
June |
7615 |
-- |
-- |
|
July |
7058 |
-- |
-- |
|
August |
9054 |
-- |
-- |
|
September |
7767 |
-- |
-- |
|
October |
9177 |
-- |
-- |
|
November |
9164 |
-- |
-- |
|
December |
8647 |
-- |
-- |
*Doesn’t include interest
Financing firms provided new real estate finance worth SAR 225 million in March, a drop of 1% YoY.
|
Residential Real Estate Contracts by Financing Firms (SAR mln) |
|||
|
Month |
2023 |
2024 |
Change |
|
January |
310 |
273 |
(12%) |
|
February |
284 |
268 |
(6%) |
|
March |
228 |
225 |
(1%) |
|
April |
167 |
-- |
-- |
|
May |
235 |
-- |
-- |
|
June |
198 |
-- |
-- |
|
July |
193 |
-- |
-- |
|
August |
307 |
-- |
-- |
|
September |
265 |
-- |
-- |
|
October |
289 |
-- |
-- |
|
November |
310 |
-- |
-- |
|
December |
272 |
-- |
-- |
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