The value of residential financing for individuals in the Kingdom, provided by banks and finance companies, reached 46.72 billion riyals in the first 7 months of this year, compared to 76.22 billion riyals in the same period last year.
According to data from the Central Bank “SAMA” provided financing worth 31.91 billion riyals for the purchase of villas in the first 7 months of 2023, compared to 12.09 billion riyals for the purchase of apartments, and 2.71 billion riyals in financing for the purchase of land during that period.
The data showed a 37% decline in the number of financed contracts in the first 7 months of this year, a decrease of approximately 35,640 contracts year-over-year, bringing the total number of financed contracts to 61,000, compared to 96,600 contracts financed during the same period in 2022.
New residential financing for individuals provided by banks in the Kingdom fell by 39.50% during the first 7 months of 2022, to 45.10 billion riyals, compared to 74.55 billion riyals in the same period last year, a decrease of 29.45 billion riyals.
The number of contracts financed by banks during that period fell by 37.7% to 59.04 thousand contracts, compared to 94.78 thousand contracts financed in the first 7 months of 2023.
Finance companies provided financing for more than 1.91 thousand contracts in the first 7 months of this year, compared to 1.8 thousand contracts financed during the same period in 2022, representing an increase of 5.6%.
The volume of new residential financing for individuals in Saudi Arabia recorded a 23.63% year-over-year decline in July 2022, reaching 5.62 billion riyals, compared to 7.36 billion riyals in the same month last year.
The total number of new residential financing contracts for individuals in Saudi Arabia during July 2022 stood at 7,300 contracts, compared to 18,090 contracts in the same month of 2022, marking a decline of approximately 59.73%.
The value of financing from banks reached 5.42 billion riyals, compared to 7.2 billion riyals in July 2022, marking a decline of approximately 24.72%. Financing from companies also reached 193 million riyals, compared to 167 million riyals in the same month last year, a decrease of 15.6%.
Infographic: Residential Financing for Individuals
46.72 billion riyals in financing over 7 months
31.91 billion riyals for villa purchases
12.09 billion riyals for apartment purchases
2.71 billion riyals for land purchases
61,000 total financed contracts
5.62 billion riyals in new financing for individuals
5.42 billion riyals in financing from banks
