Saudi Arabian banknotes
Residential mortgages provided by banks to individuals fell by 8% year-on-year (YoY) to SAR 6.6 billion in August, data issued by the Saudi Central Bank (SAMA) showed.
Compared to July, residential mortgages retreated by nearly SAR 473 million, or 7%.
|
Residential Mortgages from Banks to Individuals (SAR mln)* |
|||
|
Month |
2023 |
2024 |
Change |
|
January |
8,373 |
7,539 |
(10%) |
|
February |
7,138 |
6,941 |
(3%) |
|
March |
7,251 |
7,623 |
+5% |
|
April |
4,146 |
5,341 |
+29% |
|
May |
6,801 |
7,674 |
+13% |
|
June |
5,969 |
5,307 |
(11%) |
|
July |
5,425 |
7,072 |
+30% |
|
August |
7,142 |
6,599 |
(8%) |
|
September |
5,837 |
-- |
-- |
|
October |
6,766 |
-- |
-- |
|
November |
6,655 |
-- |
-- |
|
December |
6,237 |
-- |
-- |
Villa mortgages accounted for the largest share of the total bank financing in August, reaching 57%, or SAR 3.79 billion. Apartments and land plots followed with SAR 2.45 billion and SAR 362 million, respectively.
|
New Mortgages by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Lands |
|
Jan. 2024 |
5,132 |
1,967 |
440 |
|
February |
4,529 |
1,980 |
433 |
|
March |
4,912 |
2,237 |
474 |
|
April |
3,681 |
1,389 |
270 |
|
May |
5,114 |
2,153 |
408 |
|
June |
3,427 |
1,616 |
263 |
|
July |
4,380 |
2,262 |
429 |
|
August |
3,791 |
2,446 |
362 |
According to SAMA, nearly 9,100 contracts were signed between banks and retail clients in August, an increase of 1% YoY.
|
Number of New Residential Mortgage Contracts by Banks |
|||
|
Period |
2023 |
2024 |
Change |
|
January |
11,113 |
10,505 |
(5%) |
|
February |
9,574 |
9,504 |
(1%) |
|
March |
9,526 |
10,320 |
+8% |
|
April |
5,270 |
7,085 |
+34% |
|
May |
8,888 |
10,123 |
+14% |
|
June |
7,615 |
7,274 |
(4%) |
|
July |
7,058 |
9,605 |
+36% |
|
August |
9,054 |
9,109 |
+1% |
|
September |
7,767 |
-- |
-- |
|
October |
9,177 |
-- |
-- |
|
November |
9,164 |
-- |
-- |
|
December |
8,647 |
-- |
-- |
The new residential mortgages provided by finance firms for individuals amounted to SAR 161 million in August, a decline of 48% YoY.
|
Number of New Residential Mortgage Contracts by Finance Firms (SAR mln)* |
|||
|
Period |
2023 |
2024 |
Change |
|
January |
310 |
273 |
(12%) |
|
February |
284 |
268 |
(6%) |
|
March |
228 |
225 |
(1%) |
|
April |
167 |
143 |
(14%) |
|
May |
235 |
252 |
+ 7% |
|
June |
198 |
160 |
(19%) |
|
July |
193 |
193 |
-- |
|
August |
307 |
161 |
(48%) |
|
September |
265 |
-- |
-- |
|
October |
289 |
-- |
-- |
|
November |
310 |
-- |
-- |
|
December |
272 |
-- |
-- |
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