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They registered a growth of 95% in the number of loans and about 85% in loans compared to the same period of 2019.
According to the report, individual mortgage loans in April 2020 increased 24% by 17,791 contracts offered to individuals by banks and financing institutions. It was worth SR7.7 billion with 20% of increase comparing to April 2019, that recorded 14,398 contracts with a value of 6.4 billion.
In April, residential villas acquired the largest portion of funding with 6,329 billion, or about 82% of the total funding provided by banks and financing companies. Residential apartments came in second with 1,043 billion (14%). Residential lands come in third with 295 million (4%).
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 comparing 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.
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