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A total of 155,893 mortgage loans worth SAR 69 billion were offered in Saudi Arabia by all financing institutions in 2019 up to November, figures from the Saudi Arabian Monetary Authority (SAMA) showed.
Housing loans jumped 254% in terms of number and 167% in terms of volume compared to the same period last year.
The monthly bulletin by the authority showed that newly signed mortgages were up 13,000 to 20,525 in November compared to the 2018 period. Financing also grew by 154% in November on a year-on-year basis, reaching SAR 9 billion.
A majority of 94% of new mortgage deals were arranged through commercial banks with the remaining 6% concluded through financing companies.
Residential villas received the largest portion of funding at SAR 7.2 billion whilst residential apartments came in second with SAR 1.3 billion, followed by residential lands at SAR 546 million.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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