The individuals residential mortgages jumped more than 3 times with 9736 new contracts by more than 4.6 billion Riyals, in February 2019, by comparing to February last year, 2018. The number of residential new mortgages finance contracts for individuals provided by Saudi commercial banks and finance company during the month increased by more than 210 percent, compared to the same month last year, with 3143 financing contracts by 2.079 billion Riyals, according to Saudi Arabian Monetary Authority "SAMA". Saudi government, recently, aiming to increase the number of residential ownerships by activating of housing finance contracts provided to citizens with support of the Ministry of Housing. In February, the real estate loans achieved a rise of 1.7% compared to January 2018. The Ministry of Housing has launched a government program to provide housing options for citizens, by providing supported funding for them without profits on mortgages to raise the ownership rate to 70% by 2030. In February, "SAMA" reported a record of increase in financing by 121 percent compared to the same month in 2018. The amount of residential new mortgages finance for individuals provided by Saudi banks and other financing companies, Since the beginning of 2019, during January and February, reach about 9.4 billion Riyals, with total number of contracts 19,314, which is equivalent to the total of real estate financing contracts in the first half of 2018, when they reached about 20,059. The number of contracts that are supported by the Ministry of Housing or the Real Estate Development Fund during February 2019 is about 84% of the total number of contracts in this month, with up to 8,135 financing contracts. The ministry and the fund are supported up to 77% of the value of financing which about 3.6 billion Riyals. Recording a growth rate of more than 1%, compared to the previous month, January 2019. "SAMA" reported that 92 percent of residential new mortgage loans for individuals were offered through Saudi commercial banks with 9049 loans, while other financial institutions offered 8 percent with 687 contract. In February 2018 , Saudi commercial banks and other financial institutions provided about 3143 financing contracts, including 2959 contracts from banks and 184 finance companies with a total value of 2,079 billion Riyals. "SAMA" point out that, in 2016 the Saudi bank and other financial institutions issued about 20,132 real estate financial contracts with 14.9 billion Riyals. In 2017, they provided about 28,469 contacts with 18.9 billion Riyals, and in 2018 about 46,885.
