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Residential real estate finance for individuals falls 3% to SAR 6.94B in February: SAMA
Saudi Arabian banknotes
Residential real estate finance provided by banks to individuals declined by 3% year-on-year (YoY) to SAR 6.94 billion in February, data issued by the Saudi Central Bank (SAMA) showed.
Moreover, residential real estate finance dropped by nearly SAR 598 million, or 8%, compared to January 2024.
|
Residential Real Estate Finance (SAR mln)* |
|||
|
Month |
2023 |
2024 |
Change |
|
January |
8373 |
7539 |
(10%) |
|
February |
7138 |
6941 |
(3%) |
|
March |
7251 |
-- |
-- |
|
April |
4146 |
-- |
-- |
|
May |
6801 |
-- |
-- |
|
June |
5969 |
-- |
-- |
|
July |
5425 |
-- |
-- |
|
August |
7142 |
-- |
-- |
|
September |
5837 |
-- |
-- |
|
October |
6766 |
-- |
-- |
|
November |
6655 |
-- |
-- |
|
December |
6237 |
-- |
-- |
Villa mortgages accounted for 65%, or SAR 4.53 billion, of total housing loans provided in February. Apartments and land plots followed with SAR 1.98 billion and SAR 433 million, respectively.
|
New Real Estate Finance 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 |
|
September |
3978 |
1563 |
297 |
|
October |
4455 |
1943 |
367 |
|
November |
4363 |
1964 |
328 |
|
December |
4307 |
1676 |
255 |
|
January 2024 |
5132 |
1967 |
440 |
|
February |
4529 |
1980 |
433 |
According to SAMA, over 9,500 contracts were signed between banks and retail clients in February, a decline of 1% YoY.
|
Number of New Real Estate Finance Contracts by Banks* |
|||
|
Month |
2023 |
2024 |
Change |
|
January |
11113 |
10505 |
(5%) |
|
February |
9574 |
9504 |
(1%) |
|
March |
9526 |
-- |
-- |
|
April |
5270 |
-- |
-- |
|
May |
8888 |
-- |
-- |
|
June |
7615 |
-- |
-- |
|
July |
7058 |
-- |
-- |
|
August |
9054 |
-- |
-- |
|
September |
7767 |
-- |
-- |
|
October |
9177 |
-- |
-- |
|
November |
9164 |
-- |
-- |
|
December |
8647 |
-- |
-- |
Financing firms provided new real estate finance worth SAR 268 million in February, a drop of 6% YoY.
|
Residential Real Estate Contracts by Financing Firms (SAR mln) |
|||
|
Month |
2023 |
2024 |
Change |
|
January |
310 |
273 |
(12%) |
|
February |
284 |
268 |
(6%) |
|
March |
228 |
-- |
-- |
|
April |
167 |
-- |
-- |
|
May |
235 |
-- |
-- |
|
June |
198 |
-- |
-- |
|
July |
193 |
-- |
-- |
|
August |
307 |
-- |
-- |
|
September |
265 |
-- |
-- |
|
October |
289 |
-- |
-- |
|
November |
310 |
-- |
-- |
|
December |
272 |
-- |
-- |
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