SAMA: %35 Growth in Residential New Mortgages in January 2021 with 32,811 Contracts
- Date: 02-Mar-2021
- Source: Saudi Press Agency
- Sector:Financial Services
- Country:Saudi Arabia
SAMA: %35 Growth in Residential New Mortgages in January 2021 with 32,811 Contracts
SAMA: %35 Growth in Residential New Mortgages in January 2021 with 32,811 Contracts
الثلاثاء 1442/7/18 هـ المواÙÙ‚ 2021/03/02 Ù… واس
Riyadh, March 2, 2021, SPA -- Residential new mortgage loans for individuals registered a new historical performance with increase of 32,811 contracts in January 2021. The total value of mortgages raised to SR 16.4 billion. The number of new contracts has grown %35 and %60 in value comparing to January 2020, according to the monthly report issued by Saudi Central Bank (SAMA).
The mortgages provided by real estate financing institutions and banks last month increased %8 in contracts compared to December 2020 and %4 in value. SAMA report pointed out that mortgage loans in December 2020 recorded 30,520 contracts valued SR 15.8 billion.
SAMA report revealed that 98% of newly mortgages concluded through banks, while 2% of them through financing companies. In January 2021, 79% of the fund provided by banks and financing companies is for residential villas, apartments (15%), and lands (6%).
Mortgage in 2020 was an outstanding performance. It was 295,590 contracts with a value of SR 140.7 billion, which equal
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