The latest data released by the Saudi Central Bank (SAMA) show that the total value of real estate financing provided by banks to companies and individuals reached approximately 767.2 billion riyals by the end of last year, 2023.

The data showed that mortgage financing provided by banks to companies amounted to 160 billion riyals, while mortgage financing provided to individuals totaled 607.2 billion riyals, accounting for 79% of total financing.

SAMA data also showed a decline in mortgage contracts during the same period, with 102.8 thousand contracts recorded last year, compared to 154.3 thousand contracts in 2022, representing a decrease of approximately 33%. The data also indicated that mortgage contracts reached their highest level in 2020, with approximately 225 thousand financing contracts.

Mortgage financing for apartments also declined last year (2023) by approximately 26% compared to 2022, while mortgage financing for villas in 2023 fell by nearly 36% compared to the previous year.