SAMA: 171,757 new residential mortgages within 7 months

Saudi Arabian banks and financial institutions issued 171,757 new mortgages within 7 months of 2021 worth SR87.7 billion.

The loans for individuals recorded 8% growth and 20% in value, according to the monthly report issued by Saudi Central Bank (SAMA).

SAMA report shows that, the new mortgages loans in July 2021 jumped to 18,703 contracts with 5%, while the value 12% with 8.6 billion comparing to June 2021.

SAMA report revealed that 97% of newly mortgages issued through banks, while 3% of them through financing companies. In July 2021, 78% of the fund provided by banks and financing companies is for residential villas, apartments 18%, and lands 4%.

Mortgage in 2020 was an outstanding performance. It was 295,590 contracts with value SR140.7 billion, which equal the four years (2019, 2018, 2017 and 2016).

In 2019 mortgage jumped 3 times in a historical performance with 179,217 contracts with value of SR79,128 billion comparing to 2018 that recorded 50,496 contracts with value of SR29.5 billion.

In 2017 about 30,833 contracts with value of SR21 billion, while 2016 was about 22,259 contracts worth SR17,096 billion.