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Residential mortgages to individuals fall 10% to SAR 6.66B in November
Saudi Arabian banknotes
Residential mortgages provided by banks to individuals fell by 10% year-on-year (YoY) to SAR 6.66 billion in November, data issued by the Saudi Central Bank (SAMA) showed.
Compared to October, residential mortgages retreated by nearly SAR 111 million, or 2%.
|
Residential Mortgages from Banks 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 |
5837 |
(41%) |
|
October |
9352 |
6766 |
(28%) |
|
November |
7386 |
6655 |
(10%) |
|
December |
6359 |
-- |
-- |
Villa mortgages accounted for the largest share of the total bank financing provided in November, reaching 66%, or SAR 4.36 billion. Apartments and land plots followed with SAR 1.96 billion and SAR 328 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 |
According to SAMA, nearly 9,160 contracts were signed between banks and retail clients in November, a decline of 6% YoY.
|
Number of New Residential Mortgage Contracts 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 |
7767 |
(40%) |
|
October |
12397 |
9177 |
(26%) |
|
November |
9785 |
9164 |
(6%) |
|
December |
8265 |
-- |
-- |
The real estate mortgage provided by finance firms for individuals increased by 14% YoY to SAR 310 million in November.
|
Number of New Residential Mortgage Contracts by Finance 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 |
+59% |
|
June |
351 |
198 |
(44%) |
|
July |
167 |
193 |
+16% |
|
August |
284 |
307 |
+8% |
|
September |
305 |
265 |
(13%) |
|
October |
280 |
289 |
+3% |
|
November |
271 |
310 |
+14% |
|
December |
280 |
-- |
-- |
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