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FinancialNews
31-08-21
Saudis mortgages in July increase after short slump in June
(MENAFN)According to official data, in July, more Saudis are taking new mortgages after a short decline in June, still, in the January-June period of 2021, the total banks’ lending to the real estate sector is still higher in comparison to the previous year as the hits of the pandemic dropped.
Saudi central bank (SAMA) data declared that in July, Saudi new residential real estate financing contracts stood at more than 18,000 valued at SR8.4 billion for individuals, increased from a month ago but declined from 2020 same time span.
The data further declared that the stoppage in the summer months of 2021 for new mortgage have no effect on the overall development of 2021, with total real estate loans to business and individuals in the second quarter increased by 40 percent from a year ago, reaching SR503 billion.
the reason behind the increase in mortgage lending is attributed to raising demand for homes and continuation of governmental support being given to citizens through local banks, stated Khaled Al-Mobayed CEO of Menassat Reality Co., a Riyadh-based real estate developer.
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