The monthly bulletin published by the Saudi Central Bank (SAMA) revealed the value of residential mortgage financing for individuals in Saudi Arabia during the month of August.

The bulletin reported that the value of residential financing provided to individuals for the purchase of villas reached 8.7 billion riyals, accounting for 67 % of the total financing volume, while financing for the purchase of apartments totaled 3.7 billion riyals, accounting for 29 %, and mortgage financing for the purchase of residential land amounted to 489 million riyals, accounting for 4 %.

The volume of residential mortgage financing for individuals provided by mortgage lenders during August reached 12.9 billion riyals, marking a 56 % increase compared to July, which recorded a financing volume of 7.3 billion riyals, with 16,573 new residential financing contracts recorded, representing growth of over 55% compared to July, which recorded 9,239 contracts.

In 2021, total financing provided by banks and finance companies reached 206,000 contracts with a value exceeding 156.3 billion riyals, while 2020 saw record growth in the number of contracts, equal to the total number issued over the previous four years, exceeding 295,590 contracts worth 140.7 billion riyals.