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Saudi mortgage balloons in April

Saudi mortgage balloons in April
Mortgage in the kingdom rose 15.4% MoM

Riyadh – Mubasher: Saudi mortgage surged 134.7% year-on-year to SAR 6.419 billion in April, compared to SAR 2.735 billion in the year-ago period.

Month-on-month, mortgage in the kingdom rose 15.4% last month from SAR 5.56 billion in March, according to Saudi Arabia Monetary Authority (SAMA).

The mortgage provided by banks in the GCC country reached SAR 6.035 billion in April versus SAR 2.479 billion the year before.

Meanwhile, mortgage given by financial companies recorded SAR 384 million in the first month of the second quarter, up 50% from the year-ago period.

In the first quarter of 2019, mortgage in Saudi Arabia soared 132.1% YoY, registering SAR 13.85 billion.