The monthly statistical bulletin issued by the Saudi Central Bank “SAMA” for last November, that mortgage loans granted by commercial banks operating within the Saudi banking system to individuals and companies continued to gain momentum, reaching their highest levels by the end of the third quarter of 2023 at a value of approximately 747,203 billion riyals, representing a year-over-year growth rate of 12.8% and an increase of approximately 84,517 billion riyals, compared to 662,685 billion riyals at the end of the same period in 2022, thereby supporting the growth trajectory of the Saudi real estate sector and its contribution to achieving the goals and initiatives of the Kingdom’s Vision 2030.
According to the Saudi Central Bank’s bulletin, loans extended to “individuals” accounted for approximately 79.2% of the total, amounting to approximately 591,700 billion riyals, while the value of loans granted “corporations” amounted to approximately 155,502 billion riyals, representing about 20.8% of the total.
SAMA data also showed that mortgage loans extended by banks also recorded growth on a quarterly basis, rising by 2.2% and increasing by approximately 15,924 billion riyals, compared to the end of the second quarter of 2023, when they stood at 731,279 billion riyals.
It should be noted that total mortgage loans provided by commercial banks to individuals and companies stood at 687,833 billion riyals at the end of 2022.
