295,000 new housing financing contracts worth 140 billion riyals

The new housing finance contracts for individuals recorded a historical growth during the past year, surpassing the total offered during the past four years entirely by 295,590 contracts worth 140.7 billion riyals, compared to 282,000 contracts worth 146.8 billion riyals in the years (2016-2017-2018-2019). The monthly statistics of the Central Bank of Saudi Arabia (SAMA) showed that the growth in the number of financing contracts during 2020 exceeded 65% and about 78% in the value of financing compared to the year 2019, which recorded 179,194 contracts worth 79.1 billion.

The SAMA report showed that new residential real estate financing contracts during the month of December continued to grow by about 30,520 contracts with a value of more than 15.8 billion riyals, with a growth of 60% in financing and 31% in the number of contracts compared to December 2019, which was 23,321 contracts worth 9.9 billion riyals. SAMA bulletin revealed that 97% of the value of real estate financing contracts for individuals is through banks, 3% of which is through mortgage companies, while residential villa financing contracts account for 81% of financing, 14% for apartments, 5% for residential lands, and a percentage Housing loan contracts supported through the housing programs and the Real Estate Development Fund in 2020 AD, about 96% of the contracts concluded, and 95% of financing during 2020.

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