Hong Kong’s mortgage demand rose 36.8% in January

Loans for brand new and resale residential properties registered double-digit increases.

The number of residential mortgage applications in Hong Kong rose by 36.8% in January compared to the previous month, according to a survey by the Hong Kong Monetary Authority (HKMA).

A total of 6,523 mortgage applications were recorded in January.

Mortgage loans approved is HK$21.1b in January, a 15.1% increase compared to December.

Loans financing primary market transactions or brand-new homes rose by 20.9% to HK$6.3b compared to a month earlier.

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Loans financing secondary market transactions, or resold homes, rose by 26.6% to HK$11.3b.

Mortgage loans for refinancing, meanwhile, fellby 15.9% to HK$3.6b. 

Mortgage loans drawn down during January 2024 increased by 29.8% compared with December 2023 to HK$16.1b. 

The mortgage delinquency ratio remained unchanged at 0.08% and the rescheduled loan ratio remained unchanged at nearly 0%.