Approved mortgage loans rise to 57%

New approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) both increased month-on-month in March, with a rise of 56.5% up to MOP1.91 billion for the new RMLs approved by Macau banks and a rise of 61.5% month-on-month up to MOP2.52 billion for the new CRELs. Data from the Monetary Authority of Macau shows that the monthly average of new RMLs approved is lower than the previous period, with only MOP1.53 billion between January and March 2023 compared to MOP1.9 billion between December and February, a decline of 19.6%.