Saudi retail mortgage loans surge 48% to SAR 7.7 bln in May 2020: SAMA

Mortgage loans provided to retail clients by banks in Saudi Arabia surged 48% year-on-year (YoY) to SAR 7.66 billion in May 2020, data issued by the Saudi Arabian Monetary Authority (SAMA) showed.

Compared to April 2020, mortgage loans also soared by around SAR 79 million.

New Retail Housing Loans (SAR mln)
Period	2019	2020	Variation
January	4431	9520	+115%
February	4224	10242	+142%
March	5199	10717	+106%
April	6035	7577	+26%
May	5187	7656	+48%
June	4051	--	--
July	6678	--	--
August	4903	--	--
September	6642	--	--
October	8716	--	--
November	8503	--	--
December	9289	--	--

*Doesn’t include interest

Villa mortgages accounted for 80%, or SAR 6.15 billion of total housing loans provided in May.

Apartments and land plots followed with SAR 1.22 billion and SAR 292 million, respectively.

New Retail Housing Loans by Product Type (SAR mln)*
Period	Villas	Apartments	Land
January 2019	3520	562	349
February	3436	466	322
March	4218	549	432
April	4910	636	489
May	4223	610	354
June	3208	524	319
July	5279	830	569
August	3928	605	370
September	5417	736	489
October	7070	1033	613
November	6750	1214	539
December	7631	1093	566
January 2020	7709	1242	569
February	8259	1363	620
March	8618	1683	416
April	6262	1021	294
May	6147	1217	292

*Doesn’t include interest

A total of 15,165 contracts were signed between banks and retail clients in May, a rise of 26% YoY.

Number of New Retail Housing Loans Contracts by Banks (SAR mln)*
Period	2019	2020	Variation
January	9062	22820	+152%
February	9049	23961	+165%
March	11506	22748	+98%
April	13712	17657	+29%
May	12071	15165	+26%
June	9122	--	--
July	15025	--	--
August	11747	--	--
September	16016	--	--
October	20894	--	--
November	19657	--	--
December	22414	--	--

*Doesn’t include interest

Financing firms provided new mortgages for residential units worth SAR 201 million in May, a decline of 57% YoY.

SAMA issued new directives in May 2018 obligating all banks and mortgage companies to provide mortgages to individuals, as per the due regulations.

Number of New Retail Housing Loans Contracts by Financing Firms (SAR mln)*
Period	2019	2020	Variation
January	335	565	+69%
February	397	459	+15%
March	361	325	(10%)
April	384	90	(77%)
May	466	201	(57%)
June	311	--	--
July	522	--	--
August	332	--	--
September	483	--	--
October	562	--	--
November	549	--	--
December	569	--	--

*Doesn’t include interest

For More Reports

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Popular Links

Quick Links

About Us

Join Us

Follow Us