(MENAFN) According to central bank data, residential mortgage financing in Saudi Arabia increased by over a quarter in the first six months of the year.
SAMA reported that Saudi banks and financial institutions borrowed SR79 billion for residential mortgages in the first six months of the current year, increased from SR62.1 billion, compared to the previous year same time of span.
The mortgages worth in the second three months fell to SR31.1 billion riyals from SR49 billion in the January-March period as the supply of new properties dropped amid changes to the building code.
Arab News quoted Mohamed AlKhars, a member of the housing program advisory board and the chairman of Innovest Property Co. as saying that “The number of contracts increased in the first half, but temporarily decreased in the past three months, but due to the reorganization of property evaluation by the Real Estate Fund, and the application of the new Saudi building code with the temporary ambiguity until it is well understood, and the lack of supply of ready housing units.”
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