Data released by the Saudi Central Bank show that the volume of housing financing provided to individuals by banks reached 7.14 billion riyals in August 2023, a decrease of 44 % compared to the same period in 2022.

Financing for residential villas accounted for the largest share of total bank financing in August, amounting to 4.97 billion riyals, or 70%, Residential apartments ranked second at 1.78 billion riyals, followed by land at 399 million riyals.

SAMA data also revealed the total volume of contracts concluded between banks and individuals during August 202, totaling approximately 9,050 contracts, a decrease of 44% compared to the same period last year.

With regard to residential mortgage financing provided to individuals by finance companies, it reached 307 million riyals last August, an increase of 8% compared to August of last year, 2022.