RIYADH: More Saudis have taken out new mortgages in August after a slight pick up in lending witnessed in July, official data showed.
Saudi new residential real estate financing contracts reached over 27,000 worth SR13.3 billion ($3.5 billion) for individuals in August, up from a month ago and also from the same month last year, according to the Saudi Central Bank data.
Total contracts reached 22,121 worth SR10.12 billion in August of 2020.
Saudi banks lent SR98.4 billion for residential mortgages in the first eight months of 2021 while financial institutions lent SR2.6 billion.
Saudi financial institutions and banks lent SR79.9 billion in the first eight months of the year for villas, while SR16.6 billion were lent for apartments.
Financing for residential villas amounted to 78 percent of the total financing at a value of SR10.34 billion during August compared to SR6.7 billion in July.
Residential apartments amounted to18 percent at about SR2.46 billion during August compared to SR1.5 billion in July.