Mortgage loans up 15.1%

February 29, 2024

The value of residential mortgage loans approved in January was $21.1 billion, a 15.1% rise compared with December 2023, the Monetary Authority announced today.


Mortgage loans financing primary market transactions rose 20.9% to $6.3 billion, while those financing secondary market transactions increased 26.6% to $11.3 billion.


Loans for refinancing fell 15.9% to $3.6 billion.


Mortgage loans drawn down during the month increased 29.8% to $16.1 billion.


The number of mortgage applications in January increased 36.8% month-on-month to 6,523.


The outstanding value of mortgage loans remained virtually unchanged, standing at $1.8542 trillion at the end of January.

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