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    Home»Markets»Hong Kong's Mortgage Market Sees Uptick in November 2024
    Hong Kong's Mortgage Market Sees Uptick in November 2024
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    Hong Kong's Mortgage Market Sees Uptick in November 2024

    By Crypto EditorDecember 31, 2024No Comments2 Mins Read
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    Zach Anderson
    Dec 31, 2024 08:48

    Hong Kong Financial Authority experiences a 9.7% enhance in mortgage purposes for November 2024, with loans permitted reaching HK$24.2 billion.

    Hong Kong's Mortgage Market Sees Uptick in November 2024

    The Hong Kong Financial Authority (HKMA) has launched its residential mortgage survey outcomes for November 2024, revealing vital shifts within the metropolis’s mortgage panorama. The variety of mortgage purposes rose by 9.7% from the earlier month, totaling 7,995 purposes, in response to the Hong Kong Financial Authority.

    Mortgage Loans Surge

    In November, the entire worth of permitted mortgage loans surged by 27.7% in comparison with October, reaching HK$24.2 billion. This enhance was pushed by substantial development in loans for each major and secondary market transactions. Mortgage loans for major market transactions climbed by a formidable 46.2% to HK$7.9 billion, whereas these for secondary market transactions rose by 20.3% to HK$13.7 billion. Moreover, loans for refinancing skilled a 20.1% development, amounting to HK$2.6 billion.

    Mortgage Drawdowns and Pricing Tendencies

    Regardless of the uptick in approvals, mortgage loans drawn down in November decreased by 5.2% from October, totaling HK$10.6 billion. A notable pattern was noticed within the pricing of recent mortgage loans. The proportion of loans priced just about the Hong Kong Interbank Supplied Charge (HIBOR) elevated from 89.2% in October to 92.2% in November. Conversely, loans priced just about greatest lending charges noticed a decline from 3.6% to 2.6% over the identical interval.

    Excellent Loans and Delinquency

    The overall excellent worth of mortgage loans skilled a slight decline of 0.1%, ending November at HK$1,871 billion. The mortgage delinquency ratio remained low at 0.11%, whereas the rescheduled mortgage ratio stayed practically unchanged at 0%.

    The HKMA’s report signifies a strong efficiency in Hong Kong’s mortgage market regardless of a minor dip in mortgage drawdowns, reflecting ongoing confidence within the metropolis’s actual property sector.

    Picture supply: Shutterstock




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