Statistics | Mortgage lending drops 38.4 percent year-on-year

New approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) declined in May, according to statistics that were released yesterday by the Monetary Authority of Macau. With regards to outstanding balances, RMLs and CRELs both witnessed increases. Throughout the month of May, new RMLs approved by local banks decreased by 14.5 percent month-to-month to MOP3.7 billion. Of this percentage, 96.3 percent was extended to residents. In terms of value, new RMLs allocated to residents and non-residents decreased by 13 percent and 41.8 percent respectively. When compared with the same period in 2014, new approvals of RMLs witnessed a decrease of 38.4 percent.
The Monetary Authority of Macau statistics also mention that new CRELs dropped by 55.4 percent month-to-month to MOP4.1 billion, of which 88.4 percent was granted to residents. In terms of value, new CRELs to residents and non-residents decreased by 53.6 percent and 65.6 percent respectively. New approvals of CRELs dropped by 26.4 percent per annum.