Number of second-hand private residential mortgages to return to 7,000

As the property market improves this year, demand for second-hand existing mortgages is expected to increase significantly in the second quarter of 2023 to reach the 7,000 level again.

In March 2023, 4,436 private residential mortgages were registered, an increase of 976 month-on-month. Of these, 1,172 were registered in the primary market, 1,905 in the secondary market and 1,161 were remortgages/re-mortgages.

In March, 51 private residential mortgages were registered, a decrease of 9 cases month-on-month. Projects with a high number of registrations: ONE INNOVALE Phase 3, etc.

In the first quarter of 2023, there were only 313 sales, a 12-year low since the first quarter of 2011.

Expectations for the second quarter are that the number of second-hand private residential mortgages will return to the 7,000 level

New sales in the first quarter of 2023 were good, and it is expected that uncompleted mortgages will bounce back from a low level in the second quarter.

In March, 2,533 mortgage contracts for Home Ownership Scheme (HOS), Sandwich Class Housing Scheme (SCHS) and Tenants Purchase Scheme (TPS) were registered, an increase of 673 cases month-on-month.

Registrations were mainly in Yue Nga Court (HOS 2022), as the number was boosted by the intake of new HOS flats to take out mortgages.

In March 2023, 7,278 mortgage contracts (excluding uncompleted flats) were registered.

BOC undertook 1,971 contracts (27.1%), HSBC 1,799 (24.7%), Hang Seng 1,314 (18.1%) and Standard Chartered 181 (2.5%).