Data released by the Saudi Central Bank (SAMA) showed that the value of new housing finance provided to individuals in the Kingdom, from banks and finance companies during last February to record 7.21 billion riyals during February 2024; compared to 7.42 billion riyals in the same month of 2023. A decrease of 213 million riyals and a percentage of 2.9% from the same period last year 2023.

Villas accounted for the largest proportion of new housing financing provided to individuals, amounting to 4.61 billion riyals, compared to 2.09 billion riyals for the purchase of apartments and 503 million riyals for the purchase of land during the month of February.

The number of contracts decreased by 213 million riyals, compared to 7.42 billion riyals in the same month of last year. The number of contracts financed decreased slightly by 1.04%, equivalent to 103 contracts year-on-year, bringing the total number of contracts financed to 9.80 thousand contracts, compared to 9.91 thousand contracts financed in the corresponding month of 2023.

The number of contracts financed also decreased slightly by 1.04%, equivalent to 103 contracts year-on-year. New residential financing provided by banks in the Kingdom decreased by 2.76% during February 2024 to 6.94 billion riyals, compared to 7.14 billion riyals during the same month of last year.

According to SAMA data, the total number of contracts financed decreased by 103 contracts year-on-year, reaching 9.80 thousand contracts, compared to 9.91 thousand contracts financed in the same month of 2023. According to SAMA data, the number of contracts financed by banks during that period also decreased by 0.73% to 9.50 thousand contracts, compared to financing 9.57 thousand contracts last February.

According to SAMA data, the number of contracts financed by banks during that period decreased by 0.73% to 9.50 thousand contracts. While the total volume of financing provided by banks and finance companies since the beginning of this year amounted to 15.02 billion riyals, down by 6.74% compared to 16.11 billion riyals in the same period of 2023, or 1.08 billion riyals.

It is noteworthy that during the month of February, the number of contracts financed by banks decreased by 0.73% to 9.50 thousand contracts, compared to financing 9.57 thousand contracts last February. It is noteworthy that during last January, the volume of new residential financing for individuals also decreased year-on-year, by 10%, with a decrease of 872 million riyals compared to the results of the same month of last year 2023.

In January, the value of new housing finance provided to individuals in the Kingdom, from banks and finance companies, amounted to 7.8 billion riyals during January; compared to 8.68 billion riyals in the corresponding month of 2023.

The value of new housing finance provided to individuals in the Kingdom, from banks and finance companies, amounted to 7.8 billion riyals during January.