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“SAMA”: %28 Growth in Residential New Mortgages with 14.1 billion in February 2021

Riyadh, The monthly report issued by Saudi Central Bank “SAMA”, reveals that residential new mortgage for individuals increased by %28 with value of SR 14.1 billion in February 2021. The mortgage loans reached 26,860 contracts with growth %6 comparing to February 2020.
The mortgages provided by real estate financing institutions and banks last two month increased %20 with 59,671 contracts. Compared to January and February 2020, the residential mortgage grew %43 in value with 30.5 billion. “SAMA” report showed that mortgage loans in January and February 2020 recorded 49,673 contracts valued SR 21.3 billion.
“SAMA” report revealed that 97% of newly mortgages concluded through banks, while 3% of them through financing companies. In February 2021, 80% of the fund provided by banks and financing companies is for residential villas, apartments (16%), and lands (4%).
Mortgage in 2020 was an outstanding performance. It was 295,590 contracts with value 140.7, which equal the four years (2019, 2018, 2017 and 2016). In 2019 mortgage jumped 3 times in a historical performance with 179,217 contracts with value of SR 79,128 billion comparing to 2018 that recorded 50,496 contracts with value of 29.5 billion. In 2017 about 30,833 contracts with value of 21,025 billion, while 2016 was about 22,259 contracts worth 17,096 billion.

 

Source: Saudi Press Agency

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