The new residential mortgage sector in Saudi Arabia witnessed a slowdown in the annual growth rate in February, recording 28%, for the second month in a row, according to data from Saudi Central Bank (SAMA).

The total residential mortgage financing provided by banks amounted to SAR 8.9 billion, the lowest level in four months, reflecting the effects of a slowdown in the sector. <Total residential mortgage financing provided by banks reached SAR 8.9 billion, the lowest level in four months, reflecting the effects of the slowdown in the real estate market. On a monthly basis, real estate financing recorded a decline of 15% compared to January, the highest monthly decline in eight months, after falling by about 1.5 billion riyals.

Month-on-month, real estate financing fell by 15% compared to January, the highest monthly decline in eight months. real estate financing witnessed a decline in the number of contracts concluded, as villa financing accounted for 63% of the total financing, while apartment financing accounted for 32%, while land financing accounted for about 5%.

Month-on-month, real estate financing recorded a decline of 15% compared to January, at the highest monthly rate of decline in eight months, after falling by 1.5 billion riyals.