New residential mortgages soar 20pct

New residential mortgage loans (RMLs) approved by local banks increased by 20.2 percent month-to-month to MOP4.4 billion, according to data provided by the Monetary Authority of Macao.

New RMLs to residents, accounting for 98 percent of the total, rose by 21.4 percent to MOP4.3 billion, while the non-resident component decreased by 20 percent to MOP88.4 million.

The monthly average of new RMLs approved between November 2018 and January 2019 was MOP3.9 billion, up by 9.8 percent from the previous period.

New RMLs collateralized by uncompleted units (i.e. equitable mortgages) rose by 10.8 percent month-to-month to MOP1.3 billion; of which, the equitable mortgages extended to residents accounted for 97.1 percent of the total.

As at end-January 2019, the outstanding value of RMLs was MOP217.9 billion, slightly up by 1 percent from a month earlier or 14.9 percent from a year ago.

Meanwhile, new commercial real estate loans (CRELs) rose 3.8 percent month-to-month to MOP5.8 billion.

Within this total, new CRELs to residents, which occupied 99.7 percent of the total, increased by 4.5 percent to MOP5.7 billion.

On the other hand, new CRELs to non-residents dropped 67 percent to MOP17 million. The monthly average of new CRELs approved between November 2018 and January 2019 was MOP4.7 billion, up by 22.2 percent. LV