Saudi Arabian banknotes
New residential mortgages provided by banks to individuals increased by 51% year-on-year (YoY) to SAR 10.1 billion in November, data issued by the Saudi Central Bank (SAMA) showed. 
The volume of residential mortgages in November 2024 reached its highest level since August 2022.
According to SAMA, approximately 13,100 contracts were signed between banks and individuals during November 2024.
The average value of new residential mortgages increased to SAR 765,800, representing a 5% rise YoY.
Villas mortgages dominated the total financing provided by banks in November, accounting for SAR 6.5 billion, or 64%. Apartments followed with SAR 3.15 billion, while land plots ranked third with SAR 408 million.
New Mortgages by Product Type (SAR mln)*
Period
Villas
Apartments
Land Plots
Jan. 2024
5,132
1,967
440
February
4,529
1,980
433
March
4,912
2,237
474
April
3,681
1,389
270
May
5,114
2,153
408
June
3,427
1,616
263
July
4,380
2,262
429
August
3,791
2,446
362
September
3,883
2,540
397
October
4,828
2,855
458
November
6,502
3,155
408
*Does not include interest.
The new residential mortgages provided by finance firms for individuals amounted to SAR 201 million in November, a decline of 35% YoY.
New Residential Mortgage Contracts by Finance Firms (SAR mln)*
Period
2023
2024
Change
January
310
273
(12%)
February
284
268
(6%)
March
228
225
(1%)
April
167
143
(14%)
May
235
252
+7%
June
198
160
(19%)
July
193
193
—
August
307
161
(48%)
September
265
202
(24%)
October
289
254
(12%)
November
310
201
(35%)
December
272
—
—
*Does not include interest.
Saudi Arabian banknotes
New residential mortgages provided by banks to individuals increased by 51% year-on-year (YoY) to SAR 10.1 billion in November, data issued by the Saudi Central Bank (SAMA) showed.
The volume of residential mortgages in November 2024 reached its highest level since August 2022.
According to SAMA, approximately 13,100 contracts were signed between banks and individuals during November 2024.
The average value of new residential mortgages increased to SAR 765,800, representing a 5% rise YoY.
Villas mortgages dominated the total financing provided by banks in November, accounting for SAR 6.5 billion, or 64%. Apartments followed with SAR 3.15 billion, while land plots ranked third with SAR 408 million.
New Mortgages by Product Type (SAR mln)*
Period
Villas
Apartments
Land Plots
Jan. 2024
5,132
1,967
440
February
4,529
1,980
433
March
4,912
2,237
474
April
3,681
1,389
270
May
5,114
2,153
408
June
3,427
1,616
263
July
4,380
2,262
429
August
3,791
2,446
362
September
3,883
2,540
397
October
4,828
2,855
458
November
6,502
3,155
408
*Does not include interest.
The new residential mortgages provided by finance firms for individuals amounted to SAR 201 million in November, a decline of 35% YoY.
New Residential Mortgage Contracts by Finance Firms (SAR mln)*
Period
2023
2024
Change
January
310
273
(12%)
February
284
268
(6%)
March
228
225
(1%)
April
167
143
(14%)
May
235
252
+7%
June
198
160
(19%)
July
193
193
—
August
307
161
(48%)
September
265
202
(24%)
October
289
254
(12%)
November
310
201
(35%)
December
272
—
—
*Does not include interest.
