SAUDI ARABIA

SAMA: 35% growth in residential new mortgages in January

March 02, 2021
SAMA
SAMA

RIYADH — Residential new mortgage loans for individuals registered a new historical performance with increase of 32,811 contracts in January 2021. The total value of mortgages raised to SR16.4 billion.

The number of new contracts has grown 35% and 60% in value comparing to January 2020, according to the monthly report issued by Saudi Central Bank (SAMA).

The mortgages provided by real estate financing institutions and banks last month increased 8% in contracts compared to December 2020 and 4% in value. SAMA report pointed out that mortgage loans in December 2020 recorded 30,520 contracts valued SR15.8 billion.

SAMA report revealed that 98% of newly mortgages concluded through banks, while 2% of them through financing companies. In January 2021, 79% of the fund provided by banks and financing companies is for residential villas, apartments (15%), and lands (6%).

Mortgage in 2020 was an outstanding performance. It was 295,590 contracts with a value of SR140.7 billion, which equal the four years (2019, 2018, 2017 and 2016).

In 2019 mortgage jumped 3 times in a historical performance with 179,217 contracts with a value of SR79,128 billion comparing to 2018 that recorded 50,496 contracts with value of 29.5 billion.

In 2017 about 30,833 contracts with value of SR21,025 billion, while 2016 was about 22,259 contracts worth SR17,096 billion.— SPA


March 02, 2021
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