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‎Residential mortgages to individuals drop in August

October 2, 2023
in Business
‎Residential mortgages to individuals drop in August
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New residential mortgages to individuals drop to SAR 7.1 bln in August

Saudi Arabian banknotes

Residential mortgages provided by banks to individuals fell by 44% year-on-year (YoY) to SAR 7.14 billion in August, data issued by the Saudi Central Bank (SAMA) showed.

Compared to July, residential real estate finance grew by almost SAR 1.72 billion, or 32%, as shown below:

New Residential Mortgages to Individuals (SAR mln)*

Month

2022

2023

Change

January

12151

8373

(31%)

February

8784

7138

(19%)

March

15276

7251

(53%)

April

9219

4146

(55%)

May

8810

6801

(23%)

June

13122

5969

(55%)

July

7189

5425

(25%)

August

12697

7142

(44%)

September

9930

—

—

October

9352

—

—

November

7386

—

—

December

6359

—

—

*Does not include interest.

Villa finance accounted for the lion’s share of total mortgages in August, reaching 70%, or SAR 4.97 billion. Apartments and land plots followed with SAR 1.78 billion and SAR 399 million, respectively.

New Mortgages by Product Type (SAR mln)*

Period

Villas

Apartments

Land

January 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

*Does not include interest.

According to SAMA, nearly 9,050 mortgage contracts were signed between banks and individual clients in August, a decline of 44% YoY

Number of New Mortgage Contracts Provided by Banks*

Month

2022

2023

Change

January

16442

11113

(32%)

February

11615

9574

(18%)

March

18999

9526

(50%)

April

11255

5270

(53%)

May

10943

8888

(19%)

June

16487

7615

(54%)

July

9047

7058

(22%)

August

16255

9054

(44%)

September

12902

—

—

October

12397

—

—

November

9785

—

—

December

8265

—

—

*Does not include interest.

New mortgages provided by financing firms for individuals increased by 8% YoY to SAR 307 million in August.

Value of New Mortgage Contracts by Financing Firms (SAR mln)

Month

2022

2023

Change

January

264

310

+18%

February

221

284

+29%

March

304

228

(25%)

April

211

167

(21%)

May

148

235

+58%

June

351

198

(44%)

July

167

193

+15%

August

284

307

+8%

September

305

—

—

October

280

—

—

November

271

—

—

December

280

—

—

*Does not include interest.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1673962

Tags: businessmortgagesResidential
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