Saudi Arabia housing finance drops 41% in May

The value of new residential mortgage financing for individuals in Saudi Arabia decreased by 41% year-on-year in May, reaching approximately 4.4 billion Saudi riyals. This decline was driven by a 45% drop in villa financing, a 31% decrease in apartment financing, and a 37% fall in land financing. The downturn is attributed to rising interest rates and a slowdown in demand, amid government efforts to stimulate the real estate market through measures such as lifting bans on sales and subdivision, as well as providing plotted lands at lower prices.

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