• Financing grew by 154% in November year-on-year, reaching SR9bn, says SAMA

RIYADH: The monthly bulletin of the Saudi Arabian Monetary Authority (SAMA) on Monday showed that 155,893 mortgage loans worth a total of SR69 billion ($18.395 billion) were offered by all financing institutions in 2019 up to November.

Housing loans registered a 254 percent increase in terms of their number and a 167 percent increase in terms of volume compared to the same period last year.

Newly signed mortgage loans registered a rise of 13,000 to 20,525 in November compared to the same period last year.

Financing grew by 154 percent in November year-on-year, reaching SR9 billion, a 205 percent increase.

According to the bulletin, 94 percent of new individual mortgage loans in November were concluded through commercial banks, with 6 percent through financing companies.

The 19,015 housing product loans subsidized by government programs concluded in November constituted 93 percent of the total number of contracts with a value of SR8.3 billion.

HIGHLIGHTS

• Housing loans registered a 254 percent increase in terms of their number and a 167 percent increase in terms of volume compared to the same period last year.
• The 19,015 housing product loans subsidized by government programs concluded in November constituted 93 percent of the total number of contracts with a value of SR8.3 billion.

Residential villas acquired the largest portion of funding with SR7.192 billion, or about 80 percent of the total funding provided by banks and financing companies.

Residential apartments came in second with SR1.3 billion (more than 14 percent), while residential lands came in third with SR546 million (6 percent).

The total number of mortgage loans offered was 50,496 with a total value of SR29.5 billion by the end of 2018, 30,833 amounting to SR21.025 billion by the end of 2017, and 22,259 amounting to SR17.096 by the end of 2016.

SPA