Zhongyuan Mortgage: Based on the increase in favorable factors for the real estate market, it is expected that the Hong Kong property market and mortgage market will stabilize and improve this year.
This year, interest rates have peaked and are starting to fall, coupled with the implementation of a new fiscal budget to loosen the Hong Kong property market, reducing the entry barriers for potential buyers with different needs. It is expected to boost market confidence and regain momentum in the property market. With more positive factors for the property market, it is predicted that the Hong Kong property market and transactions will stabilize and improve this year.
Wang Meifeng, the Managing Director of Zhengyuan Mortgage, pointed out that the mortgage figures in January showed an increase compared to a low base. However, the mortgage volume is still at a low level. She expects that the interest rates for mortgages will peak and fall this year. In addition, the implementation of a new financial budget loosening measures for the Hong Kong property market will lower the entry threshold for potential buyers with different needs. This is expected to boost market confidence and revive the property market. With more favorable factors for the property market, it is expected that the Hong Kong property market and mortgage market will stabilize and improve this year.
Wang Meifeng also mentioned that after the "cooling measures" were introduced in the October policy address last year, it slightly stabilized the property market in Hong Kong and led to a comprehensive low-level rebound in mortgage figures in January.
According to the latest residential mortgage statistics from the Hong Kong Monetary Authority, the number of new mortgage applications in Hong Kong in January 2024 increased by 36.8% compared to the previous month, reaching 6,523 applications, mainly driven by an increase in the trading of second-hand properties. The number of new mortgage approvals in January increased by 21.8% to 4,869, with the amount increasing by 15.1% to 21.1 billion HK dollars. The number of new mortgage drawdowns in January rebounded by 27.9% to 3,403, with the amount also increasing by 29.8% to 16.1 billion HK dollars.
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