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Residential loans awarded in the Kingdom of Saudi Arabia (KSA) jumped 212% in May 2019, compared to the same period a year ago, official data showed.
According to data from Saudi Arabian Monetary Authority (SAMA), 12,949 mortgage contracts worth SAR 5,653 billion were signed in May, growing 212% in terms of volume and 122% in value, compared to May 2018.
For the first five months of 2019, 58,809 mortgages worth SAR 27,019 billion were signed, compared to about 18,000 contracts worth SAR 11,680 billion during the same period last year.
Data from SAMA also showed that 92% of the value of contracts was provided by Saudi commercial banks, with the remaining coming from other financial companies.
Saudi Arabia’s Housing Minister Majid Al-Hogail had told Arab News website in March this year that the kingdom is aiming to increase local home ownership rates to 70% by 2030 with the mortgage finance sector playing a significant role.
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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