Real Estate Index: The volume of Real Estate Financing for new residential properties provided to individuals by banks reached 5.97 billion riyals last June, a decrease of 55% compared to the same period in 2022.

According to data released by the Saudi Central Bank “SAMA,” the value of new residential mortgage financing in June decreased by approximately 832 million riyals, a 12.1% decline compared to May 2023.

The data showed that residential villas accounted for the largest share of total financing provided by banks last June, with a value of 4.24 billion riyals and a 71% increase, while residential apartments ranked second at 1.43 billion riyals, and land ranked third at 297 million riyals.

Central Bank data also revealed that the total number of contracts signed between banks and individuals last June was approximately 7,620, a 54% decline from the same period last year.

The data also showed a 44% decline in the volume of new residential mortgage financing provided to individuals by finance companies compared to June 2022 figures, with the financing volume last June reaching 198 million riyals.

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Residential mortgage financing provided to individuals in June 2023

Bank financing: 5.97 billion riyals

Year-over-year decrease: 55%

4.24 billion riyals Villa financing.

1.43 billion riyals in apartment financing.

297 million riyals in land financing.

7,620 contracts.

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Corporate financing

198 million riyals

Decrease: 44%

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Real Estate Index for real estate prices in the second quarter

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1.11% increase in residential real estate prices.

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0.21% increase in commercial sector prices.

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1.1% Decline in exhibition prices.

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0.8% Rise in the general index.