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.
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