Mortgage financing for 2019 set a record in the history of banks and financial institutions, with its total value rising to more than 79 billion riyals, marking a growth of 1,681%, compared to 2018, which saw contracts worth approximately 29.5 billion riyals, according to a recent report issued by the Saudi Arabian Monetary Authority (SAMA).

The report indicated that the number of new mortgage loans granted to individuals by all financial institutions, including banks and finance companies, during the past year 2019 reached 179,217 contracts, representing a growth rate of 255%, compared to 50,496 contracts in 2018.

The number of financing contracts in December 2019 grew by 2,601% compared to December 2018, and the volume of real estate financing increased by 17.31% year-over-year, reaching nearly 10 billion riyals, compared to 3.6 billion riyals in December 2018, an increase of over 3.3 billion riyals.

According to the report, approximately 94% of the value of new mortgage contracts for individuals were concluded this month through commercial banks, while about 6% were concluded through mortgage finance companies.