In a new indication of the remarkable growth in the Kingdom's real estate sector, real estate loans granted by commercial banks to individuals and companies recorded a remarkable rise of 13% by the end of the third quarter of 2024, reaching about 846.8 billion riyals, compared to the same period of the previous year. This growth reflects the continued expansion of the Saudi real estate market, supported by increasing demand for real estate financing and boosting economic activity.
Details of the growth in mortgage loans:
According to data released by Saudi Central Bank (SAMA), loans granted to individuals, which represent 78% of total real estate loans, grew by 11% during the third quarter of 2024, reaching SAR 656.9 billion, compared to the end of the same period last year.According to data released by Saudi Central Bank (SAMA). real estate loans granted to companies recorded a larger jump of 22% to reach 189.6 billion riyals by the end of Q3 2024, compared to 155.3 billion riyals in the same period of 2023.
Rising consumer loans:
The growth didn't stop at real estate loans, as the data showed that consumer loans rose by 4% by the end of the third quarter of 2024, reaching 462.3 billion riyals. Consumer loans include a variety of financing, including loans for real estate renovation and improvement, car loans, education, health, tourism and travel, as well as loans for the purchase of furniture and durable goods.
The data showed that consumer loans increased by 4% by the end of the third quarter of 2024, reaching 462.3 billion riyals.
Credit card loans jump:
Credit card loans, meanwhile, saw a significant rise of 14% by the end of the third quarter of 2024, reaching SAR 30.3 billion, compared to SAR 26.5 billion at the end of the second quarter of the same year.
