Meridians: Hong Kong's mortgage for new properties in February increased by over 70% month-on-month, with the number of mortgages for existing properties and new properties expected to stabilize within the year.

mReferral Mortgage Brokerage Services' Vice President, Cao Deming, stated that the number of new property mortgage applications in Hong Kong increased by over 70% month-on-month in February, driven by the gradual reopening of sales centers for new developments such as The Leo, One Square and Park Yoho Genoa II. The government has fully withdrawn cooling measures, relaxed loan-to-value ratios, and suspended stress tests. Developers have also actively launched new projects for sale, leading to a decrease in market caution. Homebuyers and investors are expected to enter the market at a faster pace, and it is anticipated that the number of new property and new development property mortgages in Hong Kong will stabilize within the year. According to the latest data from mReferral Mortgage Brokerage Services' research department and the Land Registry, the number of new property mortgages in Hong Kong in February 2024 was 3598, a decrease of 508 (12.4%) compared to January's 4106. The number of new development property mortgages in that month was 166, an increase of 69 (71.1%) compared to January's 97. In comparison with the same period last year, the number of new property mortgages in February 2024 decreased by 2140 (37.3%) compared to February 2023's 5738, while the number of new development property mortgages increased by 89 (115.6%) compared to February 2023's 77. In the first two months of the year, there were 7704 new property mortgages in Hong Kong, a decrease of 3958 (33.9%) compared to the same period last year, reaching a record low for the first two months of the year since 2001. The number of new development property mortgages in the first two months of this year was 263, a decrease of 23 (8%) compared to the same period last year, also reaching a record low for the first two months in nearly 12 years. In terms of market share for new property mortgages, Bank of China (Hong Kong) has held the top spot for seven consecutive months with 31.5% market share, followed by HSBC with 16.1%, Hang Seng Bank with 13.3%, ICBC Asia with 12.8%, and Bank of East Asia with 5.3%. For new development property mortgages, HSBC regained the top spot with 25.9% market share, followed by Bank of China (Hong Kong) with 25.3%, Hang Seng Bank with 10.2%, Bank of East Asia with 2.4%, and Standard Chartered Bank (Hong Kong), ICBC Asia, and Bank of Communications with 1.2% market share each.