real estate loans granted by commercial banks in Saudi Arabia increased by 12.75% by the end of the third quarter of this year on an annual basis, an increase of 84.52 billion riyals from its volume at the end of the same quarter of last year 2022.

According to the latest data released by Mortgage loans According to the latest data released by SAMA, cumulative mortgage loans granted by commercial banks increased to SAR 747.2 billion during the same period compared to SAR 662.69 billion at the end of the similar quarter of 2022.

The value of cumulative mortgage loans granted by commercial banks increased to SAR 747.2 billion during the same period compared to SAR 662.69 billion at the end of the same quarter of 2022. Real estate loans granted by commercial banks in the Kingdom increased by 2.18% during the third quarter of 2023, equivalent to 15.92 billion riyals, compared to the value of 731.28 billion riyals at the end of the previous quarter.

Saudi Central Bank data also revealed that the value of real estate loans from commercial banks to individuals during the third quarter of this year recorded about 9.35 billion riyals, compared to loans amounting to 6.57 billion riyals for companies.

Individuals accounted for 79.19% of the total real estate loans granted by commercial banks in the Kingdom at the end of the third quarter of this year, compared to 20.81% for companies.

The total balance of real estate loans granted by commercial banks to individuals reached SR 591.7 billion at the end of the third quarter of 2023, compared to SR 529.57 billion at the end of the same quarter of 2022, increasing by SR 62.13 billion, a growth rate of 11.7%.

While the cumulative value of real estate loans granted by commercial banks to individuals increased by SR 62.13 billion, a growth rate of 11.7%.

While the cumulative value of real estate loans granted by commercial banks to companies recorded 155.5 billion riyals at the end of the third quarter of 2023, compared to 133.12 billion riyals at the end of the same quarter of last year, increasing during that period by 22.39 billion riyals, or 16.8%.

Mortgage loans from banks

Real estate loans granted by commercial banks in the first three quarters of 2023 increased by 8.6% and amounted to 59.37 billion riyals, compared to their value at the end of the fourth quarter of 2022 of 687.83 billion riyals.

Mortgage loans from commercial banks increased by 8.6% and amounted to 59.37 billion riyals.

Real estate loans granted by commercial banks in Saudi Arabia during the past year recorded an increase of 20.9% year-on-year and an increase of 118.98 billion riyals from 2021.

While real estate loans granted by commercial banks increased to 687.83 billion riyals by the end of 2022, compared to 568.86 billion riyals at the end of 2021.