Mubasher - Badour Al-Raei: The volume of new housing financing for individuals in the Kingdom of Saudi Arabia increased from the beginning of the year until November 2024 on an annual basis, by about 9.65%.

The value of new housing finance for individuals in Saudi Arabia increased, according to statistics prepared by Mubasher based on data from the Central Bank (SAMA), by 9.65 billion riyals compared to its value in the comparable period last year.
The value of new housing financing provided to individuals in the Kingdom, from banks and finance companies, amounted to 81.45 billion riyals in 11 months (January: November) 2024, up from 74.28 billion riyals in the same period in 2023.

The number of contracts financed also increased during the 11 months by about 9.6%, equivalent to 12.3 thousand contracts on an annual basis, bringing the total financed contracts to 109.76 thousand contracts, compared to 97.46 thousand contracts financed in the comparative period of 2023.

Financing 107 thousand contracts from banks in 11 months

New housing finance for individuals provided by banks in the Kingdom recorded an increase of 10.65% during the 11 months of 2024 to 79.12 billion riyals, compared to 71.50 billion riyals in the comparative period of 2023; equivalent to 7.62 billion riyals.

The number of contracts financed by banks during that period increased by 13.6% to 107 thousand contracts, compared to 94.21 thousand contracts financed in the comparative period of 2023.

Facilities worth 50.18 billion riyals were provided from banks to purchase villas until November 2024, compared to 24.6 billion riyals to purchase apartments, and in exchange for providing financing to purchase lands worth 4.34 billion riyals during that period.
In November, about 13,140 contracts were financed by financing companies, worth 10.06 billion riyals, an increase of about 51.22% compared to the same month last year.

2.33 billion riyals in facilities from financing companies

As for housing financing by financing companies, it amounted to about 2.33 billion riyals in the first 11 months of 2024, compared to 2.78 billion riyals in the comparative period of last year, declining by about 19.78%; equivalent to 550 million riyals.

Facilities worth 935 million riyals were provided to purchase villas until November 2024 from financing companies, compared to 1.086 billion riyals to purchase apartments, and in exchange for providing financing to purchase lands worth 310 million riyals during that period.

The number of contracts financed from the beginning of the year until the end of November by financing companies decreased to 2.76 thousand contracts, compared to 3.25 thousand contracts in the same period in 2023; a decrease of 15.07%; equivalent to 490 contracts.

In November, about 232 contracts were financed by financing companies, worth 201 million riyals, compared to 310 million riyals, the value of financing from financing companies in the same month last year.