Media ININ Economy We Trust
Media In / Riyadh July 29,
The monthly statistical bulletin issued by the Saudi Arabian Monetary Agency (Sama) revealed that the number of residential mortgages extended to individuals from all financing institutions from commercial banks and financing companies continued to grow in June this year. Of all real estate financiers from banks and finance companies amounted to 9,711 contracts, registering a growth rate of 429% compared to June 2018. The total value of loans amounted to SR 4.362 billion, achieving a growth rate of over 309% year on year.
Sama explained in its monthly report the continued growth in the number of real estate contracts provided to citizens, with the support of government housing programs, bringing the total number of loans provided during the first half of 2019 to 68,520 financing contracts worth 31,381 billion riyals, compared to about 20 thousand contracts worth 12,746 Billion riyals during the same period last year 2018, achieving a growth rate exceeding 242% in the number of contracts and about 146% in the volume of financing compared to the same period in 2018.
The report pointed out that the increase in the number of financing contracts exceeded 7 thousand financing contracts, as the month of June 2018 signed 1,835 contracts compared to 9,711 contracts in June 2019, and increased the volume of mortgage financing in June last more than 3 billion riyals compared to the total funding in June 2018 Did not exceed 1.066 billion riyals, compared with about 4.4 billion in June 2019.
According to the SAMA report, nearly 93% of the value of mortgage contracts for individuals was concluded in June 2019 by commercial banks, while 7% of them were contracted through mortgage companies in the Kingdom.
The statistics indicate that the number of contracts for products subsidized through government housing programs in June 2019 through mortgage financiers from banks and financing companies amounted to 8,332 contracts, a problem that exceeds 86% of the total contracts submitted, with a total value of 3.6 billion riyals, Or about 82% of the total value of financing contracts concluded during June 2019.
