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New residential retail mortgages in Saudi Arabia declined one percent to 8.810 billion Saudi riyals ($2.4 billion) in May 2022 from 9.906 billion riyals ($2.6 billion) in the previous year, the Saudi Central Bank (SAMA) said in a new report.
Mortgages fell over four percent, or 409 million riyals ($109 million), on a month-on-month basis.
Total mortgages for villas reached 6.79 billion riyals ($1.8 billion); total bank financing for apartments and land plots stood at 1.61 billion ($428 million) and 420 million riyals ($112 million), respectively, the central bank said.
(Compiled by D Madhura; Writing by SA Kader; Editing by Anoop Menon)
