Riyadh, The value of residential new mortgage loans for individuals registered 56% in a new historical performance with 17.5 billion in March 2021. The number of contracts jumped to 32,440 contracts with increase of 37%, comparing to March 2020, according to the monthly report issued by Saudi Central Bank "SAMA".
SAMA report emphasized that, the first quarter of 2021 registered 48 billion with increase of 48% in value. More than 92 thousand contracts have been given for individuals by all banks and financial institutions with growth 26%. The first quarter of 2020 has been registered 73,313 contracts with value of 32.5 billion.
The mortgages provided by real estate financing institutions and banks last month increased %21 in contracts compared to February 2021 and %24 in value. "SAMA" report pointed out that mortgage loans in February 2021 recorded 26,860 contracts valued SR 14.1 billion.
SAMA report revealed that 97% of newly mortgages concluded through banks, while 3% of them through financing companies. In March 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