Saudi mortgages jump in February bucking global property trepidation

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Mon, 2021-03-29 12:20

DUBAI: Residential mortgages in Saudi Arabia increased by almost a third in February from a year earlier, according to new data from the Saudi Central Bank (SAMA).
Around 26,800 new housing contracts were recorded in February 2021 – 28 percent more than February 2020 – reaching a value of more than SR14 billion ($3.7 billion).
Banks arranged 97 percent of these mortgage contracts, while the rest were handled by financing companies, SAMA said.

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