Saudi residential mortgage loans jump threefold in Q1

01/05/2019 Argaam

 

New residential mortgage loans provided to individuals by Saudi Arabia-based banks and finance companies saw threefold increase year-on-year (YoY) in Q1 2019, Saudi Press Agency (SPA) reported on Wednesday, citing a report by the Saudi Arabian Monetary Authority (SAMA).

 

The number of residential mortgage contracts for individuals reached 31,462 amounting to a total value of approximately SAR 15 billion in Q1, SPA said.

 

This is up 221 percent in terms of the number of contracts, and about 133 percent rise in the volume of financing compared with the same period last year.

 

In February 2019 alone, the real estate loans for individuals jumped more than three times from the same month last year. In February 2019, 9736 new contracts were signed with a total value of more than SAR 4.6 billion, SPA added citing SAMA report.

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