Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Saudi Deputy FM meets Lt. Gen. Al-Burhan of Sudan    Al-Khateeb: Saudi Arabia is the largest global investor in tourism sector "Saudi Land" pavilion inaugurated at World Travel Market in London    Saudi Crown Prince, Japanese PM discuss over phone efforts made to achieve peace in the region    Saudi Arabia, in its drive to enrich Arab culture, launches Arab Week at UNESCO in Paris    Neymar exits Al Hilal match with muscle injury, leaving fans disappointed    AlHisn Big Time Studios unveiled to transform film and TV production in Riyadh    Saudi Arabia approves cooperation agreement with US for the use of outer space for peaceful purposes    Quality of Life Program CEO highlights Saudi urban transformations at UN-Habitat conference in Cairo    Almarai wins 'Best Corporate Sukuk' at Asset Triple A Islamic Finance Awards    Top climber falls to death after rare Himalayan feat    US voters flying home in time for election    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Elon Musk can keep giving $1m to voters, judge rules    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Quincy Jones, titan of US music, dies aged 91    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



"SAMA": The number of new mortgage hits 17,000 contracts, jump 353% in September
Published in Saudi Press Agency on 29 - 10 - 2019

The monthly report issued by Saudi Arabian Monetary Authority "SAMA" revealed today that the volume of new residential mortgages for individuals provided by banks and institutions continued to grow in the third quarter of 2019. The number of contracts in September 2019 jumped 353% with 16,816 contracts with increase of more than 13 thousand contracts, compared to 3714 contracts in September 2018.
The new residential loans in September 2019 grew 249% based on year by 7.125 billion, compared to about 2 billion in September 2018. This increase is more than 5 billion for new loans in September 2019, which is about 37% compared to August 2019.
According to the SAMA report, mortgage loans have jumped more than 3 times over this year. The total number of residential loans for individuals during the first quarter of 2019 reached 31,462 contracts with growth of more than 221% compared to the same period in 2018, which was 9790 contracts. In the first quarter of 2019, also, the value of contracts has reached 15 billion Riyals compared to 6.4 billion in the same quarter in 2018, with growth of 133%. The second quarter of 2019 grew by 261% with 37 thousand contracts compared to 10 thousand contracts in the second quarter 2018. While the volume of contracts grew in the third quarter by 160% reached 16.5 billion compared to 6.3 billion in 2018, while the volume mortgage grew by 217% with 19.5 billion Riyals compared to 10.6 billion in the third quarter of 2018.
"SAMA" report explains that the total number of individual's mortgage reached 113,603 contracts with 51 billion Riyals to the end of the third quarter of 2019 supported by government housing programs, compared to the same period with 31 thousand contracts with 18,928 billion in 2018. This growth exceeded 266% in the number of contracts and about 169% in the volume of loans, compared to the same quarters in 2018.
According to the report, the total number of new residential contracts for Saudi families during the nine months of this year 2019 exceeded the total number of last three years. As the total contracts until the end of the third quarter of this year is 113,603 contracts, compared to 103,603 contracts during the last three years 2016, 2017 and 2018. The average of contracts per month in 2019 is about 14,000 contracts with 7 billion, compared to about 2,000 contracts in 2018 with average of 2 billion per month.
The report points out that, approximately 93% of the value of mortgage contracts for individuals in September 2019 were through commercial banks, while about 7% offered by finance companies. In September, the volume of financing villas is the largest proportion by 5.8 billion, which is 81% of the value of mortgages, while apartments is 12% with 823 million. The financing of purchase land came in third place by 7% with a value of 495 million Riyals.
"SAMA" report shows that the number of subsidized contracts supported by governmental housing programs in September 2019 is 15,332 contracts, which is more than 91% of the total contracts. The total value of these contracts is more than 6.3 billion Riyals, about 88% of the total value for contracts in September 2019.
On the other side, the total number of residential mortgage contracts offered to individuals in 2018 amounted 50,496 contracts with value of 29.5 billion Riyals, and in 2017 about 30,833 contracts with value of 21,025 billion Riyals, while 2016 was about 22,259 mortgage contracts worth 17,096 billion.


Clic here to read the story from its source.