{"id":65163,"date":"2024-05-07T11:43:16","date_gmt":"2024-05-07T08:43:16","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=65163"},"modified":"2025-11-26T04:00:50","modified_gmt":"2025-11-26T04:00:50","slug":"%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%a7%d9%84%d8%b9%d9%82%d8%a7%d8%b1%d9%8a-%d8%a7%d9%84%d8%b3%d9%83%d9%86%d9%8a-%d8%a7%d9%84%d8%ac%d8%af%d9%8a%d8%af","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/65163\/","title":{"rendered":"23 billion riyals the volume of real estate financing in the first quarter of 2024"},"content":{"rendered":"

Data revealed Saudi Central Bank (SAMA)\u201c<\/a> <\/strong>The total new residential real estate financing for individuals provided by commercial banks and finance companies in Saudi Arabia during the first quarter of 2024, compared to the same quarter of last year. The data showed a decline in real estate financing during the first quarter of 2024 by 3%, a decrease equivalent to 714.4 million riyals, to decrease the volume of financing to 22870 million riyals in the first quarter of 2024 compared to 23584 million riyals for the same quarter of 2023.<\/p>\n

The Saudi Central Bank data showed that the volume of real estate financing granted by banks in the first quarter of 2024 recorded about 22103 million riyals, compared to 22762 million riyals, a decrease of 2.9%, equivalent to 659.1 million riyals.<\/p>\n

Real estate financing granted by finance companies also decreased, but by a larger percentage of 6.7%, to 767 million riyals, compared to 822 million riyals in the first quarter of 2023, due to higher interest rates, which are believed to have a greater impact on finance companies than banks.<\/p>\n

The number of contracts financed in 1Q2024 declined slightly by 0.06%, equivalent to 21 contracts year-on-year, to 31.34k contracts, compared to 31.26k contracts financed in the comparable period of 2023. The number of contracts financed by banks during the period increased to 30.33k contracts, compared to 30.21k contracts financed in Q1 2023.<\/p>\n

Improved monthly performance in residential real estate financing<\/span><\/h4>\n

Despite the decline Real estate finance<\/a> <\/strong>On a quarterly basis, however, new residential real estate financing for individuals improved and increased on a monthly basis by a growth rate of 8.9% to reach 7848 million riyals in March 2024, compared to 7209 million riyals in February 2024, and commercial banks accounted for 97.1% of the volume of financing provided equivalent to 7623 million riyals in March 2024, compared to 96.3% equivalent to 6941 million riyals in February 2024.<\/p>\n

Real estate financing granted by finance companies in March 2024 decreased by 15.9% equivalent to SAR 42.7 million to fall to SAR 225 million representing 2.9% of the total volume of financing, compared to SAR 268 million in February 2024 representing 3.7% of the total volume of financing Real estate finance<\/a><\/strong> New housing.<\/p>\n

A total of SAR 305 mn was provided for the purchase of villas in the first quarter, compared to SAR 351 mn for apartments, and SAR 111 mn for land purchases during the period.<\/p>\n

The number of contracts financed in Q1 2023 by finance companies fell to 909, down 13.09%, or 137 contracts, from 1.046K in Q1 2023.<\/p>\n

While the volume of new housing finance amounted to about 15.02 billion riyals during last January and February, decreasing by about 6.74%, compared to 16.11 billion riyals in the same period of 2023, a decrease of 1.08 billion riyals.<\/p>\n

In March, some 272 contracts were financed by finance companies worth SAR 225 million, compared to SAR 228 million in the same month of 2023, down 1.31%.<\/p>\n

It is noteworthy that the new residential real estate financing for individuals, whether from banks or financing companies, aims to finance the purchase of three main products in order of relative importance: villas, apartments, and lands.<\/p>\n

 <\/p>","protected":false},"excerpt":{"rendered":"

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