Mortgage finance jumps 3 times in the first quarter of 2019 compared to the same period last year.
In the first quarter of 2019, the mortgage finance contracts for individuals jumped to three times the number of contracts compared to the same period last year. During this quarter, they reached 31,462 financing contracts with a total value of approximately 15 billion SR, achieving 221% growth in the number of contracts Compared with the same quarter of the last year 2018, and about 133% in the volume of financing for the same period last year.
A recent report issued by the Saudi Arabian Monetary Agency (SAMA) revealed that the performance of real estate finance for individuals during the first quarter of 2019 has achieved a new high, the highest in several months. The total amount of financing in the first quarter of 2017 is equal to the number of contracts achieved in the first three quarters From 2018, three times the number of contracts in the first quarter of 2018, more than double the amount of funding for the first quarter of the same year.
The number of new residential mortgage contracts granted by all financing institutions (commercial banks and finance companies) for individuals reached 12,148 during March 2019, that achieved 206% growth compared to March 2018. The total value of the contracts reached 5, 5 billion SR, an increased rate of 114% compared to last March 2018.
The SAMA indicated in its previous reports that the total number of residential mortgage contracts for individuals in 2016 amounted to 22,259 contracts worth 17,096 billion SR, and in 2017 about 30,833 contracts valued at 21,025 billion SR. In 2018, the total number of contracts reached 50,496 contracts worth 29.5 billion SR.