Saudi mortgage financing falls 8% in July
New residential mortgage financing for individuals in Saudi Arabia declined by 8% year-on-year in July, reaching approximately 5.9 billion SAR. This decrease is attributed to a 10% drop in funding allocated to residential villas, which account for 63% of the total, alongside a 5% decline in apartment financing, holding a 31% share. Land financing also saw a 10% reduction. This trend comes amid government efforts to regulate the real estate market, including measures to provide land at discounted prices and to fix rent prices for five years in Riyadh.
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