Residential mortgage loans increase 6.6 percent

New approvals of residential mortgage loans (RMLs) rose in November 2018, according to the latest data from the Monetary Authority of Macao, while approvals for commercial real estate loans (CRELs) decreased. With regard to the outstanding balance, both RMLs and CRELs witnessed monthly increases.

New RMLs approved by Macau banks increased by 6.6 percent month-to-month in November to MOP3.6 billion, of which the resident component accounted for 99 percent of the total, rising 6.9 percent to MOP3.6 billion.

The monthly average of new RMLs approved between September and November 2018 was MOP5.5 billion, down by 18.4 percent from the previous period, August to October 2018.

Meanwhile, new CRELs dropped 11.6 percent month-to-month to MOP2.8 billion. Within this total, new CRELs to residents, which accounted for 94.1 percent of the total, decreased by 11.7 percent to MOP2.7 billion.

The monthly average of new CRELs approved between September and November 2018 was MOP3.1 billion, down by 42.7 percent when compared with the previous period of August to October 2018.

As at the end of November 2018, the outstanding value of RMLs stood at MOP212.3 billion, up by 0.2 percent from a month earlier or 12.3 percent from a year ago. When compared with the previous month, outstanding RMLs to residents rose by 0.2 percent, whereas those to non-residents decreased by 0.3 percent.

The outstanding value of CRELs was MOP192.4 billion, up by 1.6 percent month-to-month or 7.7 percent from a year earlier, with the resident component increasing 1.8 percent.