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FinancialNews


  • 02-05-21

    Saudi Arabian banks mark 31,826 mortgages in March

    (MENAFN)The country’s central bank stated that Saudi Arabian banks marked 31,826 mortgages in March 2021 valued at a record SR16.95 billion (USD4.5 billion), considered an improvement of 56 percent from the same period in last year.

    According to data from the Saudi Arabian Monetary Authority (SAMA), lending for houses increased 57 percent year over year to SR13.68 billion, mortgages for apartments improved 23 percent to SR2.57 billion, as financing for land obtained 14 percent to SR697 million (USD185.84 million).

    Saudi Arabia set a target to stand at 70 percent home ownership by 2030. In 2017, the Ministry of Housing and the Real Estate Development Fund inaugurated Sakani to pave the way that plan through a program of house building, plot allocation and financing support.

    According to SPA, the Sakani stated that it had cam on at its goal of 60 percent home ownership in 2020, SPA reported. Over 834,000 Saudi citizens advantaged from the program, and it created 62,000 housing units directly and supplied a further 141,000 through partnerships, it added.

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