Residential Mortgage Survey Results for March 2024

The Hong Kong Monetary Authority (HKMA) has released the results of the residential mortgage survey for March 2024. The survey reveals a significant increase in mortgage applications, with a month-on-month growth of 70.1% to reach 8,622 applications. Mortgage loans approved in March also saw an uptick of 6.2% compared to February, amounting to HK$19.1 billion. Among these loans, those financing primary market transactions increased by 27% to HK$6.8 billion, while loans for secondary market transactions decreased by 2.7% to HK$9.3 billion. Mortgage loans for refinancing experienced a slight decline of 2.3% to HK$3 billion. Mortgage loans drawn down during March increased by 3.8% compared to the previous month, reaching HK$11.8 billion. The outstanding value of mortgage loans remained virtually unchanged at HK$1,853.4 billion at the end of March. The survey also indicates that the mortgage delinquency ratio and rescheduled loan ratio remained steady at 0.09% and nearly 0%, respectively. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/04/20240430-8/