19 Hrs
Source:
الاقتصادية
Saudi mortgage financing drops 8% in July
New residential mortgage financing for individuals in Saudi Arabia declined by 8% in July, reaching approximately 5.9 billion Riyals compared to the same period last year. This decrease is attributed to rising interest rates and a slowdown in demand for real estate products, with financing for residential villas dropping by 10% to 3.7 billion Riyals, maintaining a larger share of the total financing at 63%. Financing for residential apartments also fell by 5%, totaling 1.8 billion Riyals, while land financing amounted to 335 million Riyals, down by 10%. The property balancing decisions launched by the Crown Prince aim to regulate the real estate market by providing land at reasonable prices and fixing rents for five years, part of efforts to enhance stability in the Kingdom’s real estate sector.
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