Riyadh – Mubasher: Retail mortgage loans in Saudi Arabia surged by 168.2% last year, as shown by the data of the Saudi Arabian Monetary Authority (SAMA).
Mortgage loans provided for Saudi citizens to buy a new house grew to SAR 79.13 billion in 2019, increased by SAR 49.63 billion, compared to its level in 2018 at SAR 29.5 billion.
Loans amounted to SAR 28.19 billion in the fourth quarter (Q4) of 2019, of which SAR 9.68 billion were provided in December.
Banks provided 93.3% or SAR 73.86 billion of the total loans, while finance companies accounted for SAR 5.27 billion.
Villas topped the financed new house purchases, dominating 80.6% of the total with a value of SAR 63.77 billion.
Apartments, on the other hand, accounted for SAR 9.83 billion of the finances, while lands’ share stood at SAR 5.52 billion.
Last year, mortgage loans financed 179,220 contracts, of which around 170,280 were financed by banks and 8,940 were funded by finance companies.
A new monthly record for the number of contracts was recorded in December at about 22,410 contracts.