According to mortgage loans provided by commercial banks in the Kingdom of Saudi Arabia rose significantly by 94.5% year-over-year during the first quarter of 2024, reaching 800.5 billion Saudi riyals compared to 705.9 billion Saudi riyals in the same period of 2023.
According to the May Monthly Statistical Bulletin issued by the Saudi Central Bank, mortgage loans provided by commercial banks to individuals reached 625.2 billion Saudi riyals during the first quarter, representing 78% of total mortgage loans provided by commercial banks, compared to 566.9 billion riyals during the first quarter of 2023. Meanwhile, mortgage loans extended to companies accounted for only 22% of total commercial bank loans, amounting to 175.2 billion Saudi riyals, compared to 139 billion riyals during the first quarter of 2023.
Overall, the performance of real estate loans during the first quarter of 2024 indicates continued strong demand for real estate in the Kingdom of Saudi Arabia, with varying growth rates among finance companies and commercial banks.
