By: Bedour Al Raee
Riyadh – Mubasher: Residential mortgage provided by banks and real estate finance companies in Saudi Arabia soared 160%, or SAR 27.12 billion, to SAR 44 billion during the first eight months of 2019.
Mortgage provided by banks to Saudis reached SAR 40.7 billion from January to the end of August, while real estate finance companies granted SAR 3.11 billion in mortgage in the GCC country, according to the Saudi Arabian Monetary Authority (SAMA).
In August, residential mortgage in the kingdom decreased to SAR 5.235 billion, compared to SAR 7.2 billion in July.
Meanwhile, finance provided to Saudis to buy new houses surged 217%, or SAR 3.58 billion, year-on-year in August, from SAR 1.65 billion in the year-ago period, SAMA’s data showed.
Translated by: Muhammad Abdul-Wakeel
