Saudi Press

Saudi Arabia and the world
Saturday, Jul 05, 2025

Saudi banks’ mortgages jump to $170bn in Q2: Housing Minister

Saudi banks’ mortgages jump to $170bn in Q2: Housing Minister

Mortgage loans provided to retail and corporate clients by Saudi Arabia’s commercial banks jumped in the second quarter to SR638 billion ($170 billion) from SR211 billion in 2017, said Majid Al-Hogail, the Kingdom’s housing minister.
Speaking at the Euromoney Saudi Arabia Conference in Riyadh on Sept. 7, he said that his ministry is trying to push the Kingdom to the top of the world in terms of mortgage contribution to the gross domestic product.

“I am happy that the mortgage quantitative numbers jumped from SR211 billion in 2017 to SR638 billion now. We are trying to bring Saudi top of the world in terms of the mortgage contribution to GDP,” he said.

He added: “Mortgage housing makes governments less involved, but we continue smartly by providing for the needs of Saudi beneficiaries.”

The minister noted that the Saudi Real Estate Refinance Co. will play a crucial role in ensuring liquidity and transparency in the Kingdom’s real estate sector.

“SRC was established in 2017, and we had to build its credibility. We wanted to make sure to get rated big by rating agencies like Moody’s. We are now going international. We expect it in the first half of 2023 to become global, and we are currently working closely with the Finance Ministry,” he further said.

Earlier in September, SRC’s assets hit SR20 billion after it completed a deal with Alinma Bank to acquire one of its real estate financing portfolios.

The minister added that the COVID-19 pandemic negatively affected the real estate sector in Saudi Arabia due to supply chain challenges. He, however, made it clear that the Kingdom tackled the supply chain issues effectively.

COVID-19 supply chain challenges impacted Saudi Arabia and the globe. But, the government ensured that Saudi Arabia received materials faster than any other country as there are lots of agreements locally and internationally,” said Al-Hogail.

He added: “We do not have a significant delay in projects, but that is a challenge we continue working on.”

The Vision 2030 housing program witnessed a significant increase over the past four years from 47 percent to 60 percent, according to the Ministry of Housing.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
×