The mortgage loans until August 2020 exceeded what has been offered from all banks and financial institutions during the full of year 2019, the monthly statistical bulletin issued by The Saudi Arabian Monetary Authority (SAMA) revealed that Monday. The report showed that mortgage loans in August 2020 continue to increase with 80% by 22,121 new contracts offered to individuals by banks and financing institutions. Housing loans reached SR10.1 billion with 94% comparing to August 2019, that recorded 12,309 contracts with a value of 5.2 billion. Individual mortgage loans jumped to 178,371 contracts, valued 82.4 billion, provided by all real estate financing institutions and banks during 2020. They registered growth of 85% in the number of loans and about 88% in loans compared to the same period of 2019. The Real Estate Development Funds subsidize more than 96% of them. SAMA report indicates that 97% of newly signed mortgage loans were concluded through banks, while 3% of them through financing companies. In August, residential villas acquired 8 billion, or about 79% of the total funding. Residential apartments came in second with 1.6 billion (16%). Residential lands come in third with 560 million (5%). According to SAMA, real estate mortgage in 2019 jumped 3 times in a historical performance with 179,217 contracts with value of SR79,128 billion compared to that offered in 2018 of 50,496 contracts with a value of SR29.5 billion, in 2017 about 30,833 contracts with value of SR21,025 billion, while 2016 was about 22,259 contracts worth SR17,096 billion. — SG
