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Residential mortgages to individuals up 13% to SAR 7.7B in May
Saudi Arabian banknotes
Residential mortgages provided by banks to individuals increased by 13% year-on-year (YoY) to SAR 7.67 billion in May 2024, data issued by the Saudi Central Bank (SAMA) showed.
Compared to April 2024, new residential mortgages rose by nearly SAR 2.3 billion, or 44%.
|
Residential Mortgages from Banks to Individuals (SAR mln)* |
|||
|
Month |
2023 |
2024 |
Change |
|
January |
8373 |
7539 |
(10%) |
|
February |
7138 |
6941 |
(3%) |
|
March |
7251 |
7623 |
+5% |
|
April |
4146 |
5341 |
+29% |
|
May |
6801 |
7674 |
+13% |
|
June |
5969 |
-- |
-- |
|
July |
5425 |
-- |
-- |
|
August |
7142 |
-- |
-- |
|
September |
5837 |
-- |
-- |
|
October |
6766 |
-- |
-- |
|
November |
6655 |
-- |
-- |
|
December |
6237 |
-- |
-- |
Villa mortgages accounted for the largest share of the total bank financing in May, reaching 67%, or SAR 5.1 billion. Apartments and land plots followed with SAR 2.15 billion and SAR 408 million, respectively.
|
New Mortgages by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Lands |
|
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 |
|
March |
4912 |
2237 |
474 |
|
April |
3681 |
1389 |
270 |
|
May |
5114 |
2153 |
408 |
According to SAMA, nearly 101,100 contracts were signed between banks and retail clients in May, an increase of 14% YoY.
|
Number of New Residential Mortgage Contracts by Banks* |
|||
|
Month |
2023 |
2024 |
Change |
|
January |
11113 |
10505 |
(5%) |
|
February |
9574 |
9504 |
(1%) |
|
March |
9526 |
10320 |
8%+ |
|
April |
5270 |
7085 |
34%+ |
|
May |
8888 |
10123 |
14%+ |
|
June |
7615 |
-- |
-- |
|
July |
7058 |
-- |
-- |
|
August |
9054 |
-- |
-- |
|
September |
7767 |
-- |
-- |
|
October |
9177 |
-- |
-- |
|
November |
9164 |
-- |
-- |
|
December |
8647 |
-- |
-- |
*Doesn’t include interest
The new residential mortgages provided by finance firms for individuals grew by 7% YoY to SAR 252 million in May.
|
Number of New Residential Mortgage Contracts by Finance Firms (SAR mln)* |
|||
|
Month |
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 |
-- |
-- |
|
July |
193 |
-- |
-- |
|
August |
307 |
-- |
-- |
|
September |
265 |
-- |
-- |
|
October |
289 |
-- |
-- |
|
November |
310 |
-- |
-- |
|
December |
272 |
-- |
-- |
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