Mortgage loans statistics – May 2023
According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) both increased month-on-month in May 2023. With regard to the outstanding balances, RMLs dropped whereas CRELs remained virtually unchanged when compared with the previous month.
New lending approved
In May 2023, new RMLs approved by Macao banks rose by 69.2% month-on-month to MOP2.63 billion. Of which, new RMLs to residents, representing 99.1% of the total, grew by 70.2% to MOP2.61 billion; the non-resident component decreased by 0.5% to MOP22.85 million. The monthly average of new RMLs approved between March and May 2023 was MOP2.03 billion, up 30.0% from the previous period (February to April 2023).
New CRELs increased by 59.0% month-on-month to MOP3.76 billion. Within this total, new CRELs to residents, which occupied 90.8% of the total, rose by 52.3% to MOP3.41 billion; new CRELs to non-residents expanded to MOP347.63 million. The monthly average of new CRELs approved between March and May 2023 was MOP2.88 billion, up 34.2% when compared with the previous period (February to April 2023).
Outstanding balances
As at end-May 2023, the outstanding value of RMLs dropped by 0.6% month-on-month or 3.1% year-on-year to MOP233.9 billion, attributable to the repayment of loans with large denomination. Of which, the resident component made up 95.2% of the total. When compared with the previous month, outstanding RMLs to residents and non-residents fell by 0.5% and 2.3% respectively.
The outstanding value of CRELs was MOP161.6 billion, which remained virtually unchanged from the preceding month but rose by 0.4% from a year ago. Of which, the resident component made up 93.4% of the total. When compared with the previous month, outstanding CRELs to residents kept unchanged whereas those to non-residents dropped by 0.7%.
Delinquency ratios
At the end of May 2023, the delinquency ratio for RMLs stood at 0.7%, unchanged from a month ago but up 0.3 percentage points over a year earlier. The ratio for CRELs remained at 1.4% from the previous month, but up 0.7 percentage points from end-May 2022.
Residential mortgage loans refer to credit facilities provided by banks to individuals and enterprises that are collateralised by residential real estate in Macao. They include loans to finance purchase of residential properties and other purposes (such as refinancing loans, working capital and trade financing). Commercial real estate loans refer to credit facilities provided by banks to individuals and enterprises that are collateralised by commercial real estate in Macao. They include loans to construction companies and loans to finance property development and investment.