By Gavin Gibbon
Figures released by the Saudi Arabian Monetary Authority show number of housing loans was up 254 percent
Over 155,000 mortgage loans worth SR69 billion ($18bn) have been offered throughout 2019 up until November.
Figures released by the Saudi Arabian Monetary Authority (SAMA) show the number of housing loans was up 254 percent, while volume saw a 167 percent increase.
The monthly bulletin revealed that newly signed mortgages in the kingdom were up 13,000 to 20,525 in November compared to the corresponding period in 2018.
It also showed that financing grew by 154 percent last month year-on-year, hitting SR9bn ($2.4bn).
Further stats revealed 94 percent of new mortgage deals were arranged through commercial banks and just six percent through financing companies.
Residential villas proved the most popular when it came to mortgage funding, with SR7.192bn ($1.918bn) provided; while residential apartments were funded to the tune of SR1.3bn ($347bn); followed by residential lands at SR546m ($145.6m).
According to the update, there were 50,496 mortgage loans worth SR29.5bn ($7.867bn) offered by the end of 2018; 30,833 amounting to SR21.025bn ($5.607bn) by the end of 2017, and 22,259 worth SR17.096bn ($4.599bn) by the end of 2016.