There was a spurt in the number of new residential mortgages for individuals in Saudi Arabia which rose to 89,345 deals valued at nearly SR40 billion ($10.6 billion) until April, according to a report by the Saudi Arabian Monetary Authority (Sama).

 

The individual mortgage loans, provided by all real estate financing institutions and banks, until April increased by 17,791 contracts (24 per cent) over last year.

 

According to the Sama report, individual mortgage loans in April were worth SR7.7 billion, thus registering a 20% growth when compared to 14,398 contracts worth SR6.4 billion last year.

 

In April, residential villas acquired the lion's share of funding worth SR6.33 billion, or about 82% of the total funding provided by banks and financing companies. 

 

Residential apartments came in second in the list with SR104 billion (14%) followed by residential lands with SR295 million (4%), stated Sama in its report.

 

The real estate mortgage across the kingdom jumped three-fold last year in a historical performance registering a total of 179,217 contracts worth SR79.13 billion compared to 50,496 contracts worth SR29.5 billion in 2018; about 30,833 contracts worth SR21,025 billion in 2017 and about 22,259 contracts worth SR17.09 billion in 2016, it added.-TradeArabia News Service