(MENAFN)The Saudi Central Bank (SAMA)declared that, in November 2020, the total value of mortgage loans offered by Saudi banks reached to SR15.27 billion (USD4.07 billion), up 79 percent in comparison with the same period in 2019.
Villa loans accounted for 81 percent of the mortgages, while the total amount of contracts in the month was 30,017.
The enormous improvement in command for mortgages is part of the Saudi government"s goal to improve home ownership in the Kingdom to 70 percent as part of the Vision 2030 targets, up from 50 percent in 2018.
"The lending space in the Saudi banking sector has been rife with continued growth in mortgage financing throughout the coronavirus disease (COVID-19) environment," stated Khalil Ibrahim Al-Sedais, office managing partner for KPMG in Riyadh.
MENAFN03012021000045011369ID1101375988
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.