Data released by the Saudi Central Bank – SAMA—that the value of new residential mortgage financing rose by approximately 1.3 billion riyals, or 21%, in January compared to December 2023.

The data also revealed a decline in the volume of new residential mortgage financing provided to individuals by banks to 7.54 billion riyals in January 2024, a decrease of 10% compared to the same period in 2023.

SAMA data showed that villas accounted for the largest share of total financing provided by banks last January, amounting to 5.13 billion riyals, a 68% increase, followed by residential apartments in second place with 1.97 billion riyals, while land came in third with 440 million riyals.

SAMA data also showed that the total financing contracts concluded between banks and individuals during January 2024 reached approximately 10,500 contracts, a decrease of 51% compared to the same period last year.

Regarding new residential mortgage financing provided to individuals by finance companies, its value during January reached 273 million riyals, a decline of 12% compared to January 2023.