Mortgage lending activity at banks\u2014specifically that targeting individual borrowers\u2014has grown significantly over the past five years, by 200%.
\nThis was revealed by Talaat Hafez, Secretary-General of the Media and Banking Awareness Committee of Saudi Banks, who explained that the volume of mortgage financing for individuals reached 28 billion riyals in 2009 and rose to 84 billion riyals by the end of the second quarter of this year.
\nThis comes as figures released by the Saudi Arabian Monetary Authority revealed a rise in real estate loans extended by banks to individuals, with a significant increase in mortgage loans granted by banks operating in the Kingdom to individuals and companies during the fourth quarter of 2013. The total value of mortgage loans granted by banks last year reached approximately 113.7 billion riyals, of which 70.3 billion riyals were granted to individuals, representing a 31 percent increase over 2012, As for mortgage loans granted to companies during the same period, they totaled 43.4 billion riyals, a 26 percent increase over 2012.
\nMeanwhile, mortgage loans granted by banks and financial institutions to individuals and companies during the first quarter of the current calendar year totaled approximately 123.4 billion riyals, mortgage loans granted by commercial banks to individuals during the first quarter of 2014 rose to approximately 76.8 billion riyals, representing an increase of 33% compared to about 57.9 billion riyals during the same period last year. Many observers expect the volume of mortgage lending in the Kingdom to rise to much higher levels in the coming years due to growing demand for residential units and land, following the approval of financing and mortgage regulations this year.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The real estate financing activity in banks, specifically directed to the individual segment, has grown over the past five years with a significant growth of 200%. This was revealed by the Secretary General of the Information and Awareness Committee of Saudi Banks, Talaat Hafez, explaining that the volume of real estate financing for individuals in 2009 amounted to 28 billion riyals and increased by the end of the second quarter of this year to reach 84 ... Read more<\/a><\/p>","protected":false},"author":34,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"categories":[119],"tags":[],"class_list":["post-87161","post","type-post","status-publish","format-standard","hentry","category-real-estate-finance"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak post excerpt","type":"text","formatted_value":""}},"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","trp-custom-language-flag":"","event-thumbnail":"","event-medium":"","event-large":"","event-hero":""},"author_info":{"info":["\u0627\u0645\u0644\u0627\u0643 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629"]},"category_info":"\u062a\u0645\u0648\u064a\u0644 \u0639\u0642\u0627\u0631\u064a<\/a>","tag_info":"\u062a\u0645\u0648\u064a\u0644 \u0639\u0642\u0627\u0631\u064a","comment_count":"0","_links":{"self":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/87161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/comments?post=87161"}],"version-history":[{"count":0,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/87161\/revisions"}],"wp:attachment":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media?parent=87161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/categories?post=87161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/tags?post=87161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}