Residential real estate finance for individuals falls 31% to SAR 8.37 bln in January: SAMA

06/03/2023 Argaam Special
Saudi Arabian banknotes

Saudi Arabian banknotes


Residential real estate finance provided by banks to individuals declined by 31% year-on-year (YoY) to SAR 8.37 billion in January, data issued by the Saudi Central Bank (SAMA) showed.

 

Compared to December 2022, residential real estate finance rose by nearly SAR 2.01 billion, or 32%.

 

New Retail Residential Real Estate Finance (SAR mln)*

Month

2022

2023

Change

January

12151

8373

(31%)

February

8784

--

--

March

15276

--

--

April

9219

--

--

May

8810

--

--

June

13122

--

--

July

7189

--

--

August

12697

--

--

September

9930

--

--

October

9352

--

--

November

7386

--

--

December

6359

--

--

*Doesn’t include interest.

 

 

Villa mortgages accounted for 67%, or SAR 5.65 billion, of total housing loans provided in January. Apartments and land plots followed with SAR 2.32 billion and SAR 413 million, respectively. 

 

New Real Estate Finance by Product Type (SAR mln)*

Period

Villas

Apartments

Land

January 2022

9403

2106

642

February

6818

1498

468

March

9224

2956

3096

April

5902

1707

1610

May

6785

1605

420

June

9415

3167

540

July

5392

1514

283

August

8607

3618

472

September

6708

2825

396

October

6190

2717

445

November

5127

1879

380

December

4397

1648

313

January 2023

5645

2315

413

*Doesn’t include interest.

 

According to SAMA, over 11,100 contracts were signed between banks and retail clients in January, a decline of 32% YoY.

 

Number of New Real Estate Finance Contracts by Banks*

Month

2022

2023

Change

January

16442

11113

(32%)

February

11615

--

--

March

18999

--

--

April

11255

--

--

May

10943

--

--

June

16487

--

--

July

9047

--

--

August

16255

--

--

September

12902

--

--

October

12397

--

--

November

9785

--

--

December

8265

--

--

*Doesn’t include interest

 

Financing firms provided new real estate finance worth SAR 310 million in January, a rise of 17% YoY.

 

Number of New Real Residential Estate Finance Contracts by Financing Firms (SAR mln)

Month

2022

2023

Change

January

264

310

+17%

February

221

--

--

March

304

--

--

April

211

--

--

May

148

--

--

June

351

--

--

July

167

--

--

August

284

--

--

September

305

--

--

October

280

--

--

November

271

--

--

December

280

--

--

*Doesn’t include interest 
 

Comments {{getCommentCount()}}

Be the first to comment

loader Train
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.