以Cao Deming said that the cooling effect has not continued, and the pace of developers' new releases has slowed down in recent months, resulting in a decline in trading volume for both primary and secondary property markets. In addition, the lack of large-scale new projects further contributed to the decline in the number of mortgage transactions for existing buildings and pre-sale properties in August.
According to the latest data from the Mortgage Referral Research Department and the Hong Kong Land Registry, the number of mortgage transactions for existing buildings in Hong Kong in August 2024 was 4,893, a decrease of 1,048 (17.6%) from July 2024, marking a 2-month decline and a 3-month low. The number of mortgage transactions for pre-sale properties in the same month was 279, a decrease of 279 (50%) from July 2024, marking a 2-month decline and a 4-month low.
Compared to the same period last year, the number of mortgage transactions for existing buildings in August 2024 decreased by 2,543 (34.2%) compared to August 2023, while the number of mortgage transactions for pre-sale properties increased by 74 (36.1%) compared to August 2023.
In the first 8 months of this year, the number of mortgage transactions for existing buildings recorded 35,364, a decrease of 20,129 (36.3%) compared to the same period last year, marking a record low for the first 8 months since 2001. The number of mortgage transactions for pre-sale properties in the same period was 2,490, an increase of 1,355 (119.4%) compared to the same period last year.
Cao Deming, Executive Vice President of Mortgage Referral, said that the cooling effect has not continued, and the pace of developers' new releases has slowed down in recent months, resulting in a decline in trading volume for both primary and secondary property markets. In addition, the lack of large-scale new projects further contributed to the decline in the number of mortgage transactions for existing buildings and pre-sale properties in August.
In terms of market share for mortgage transactions for existing buildings, Hang Seng Bank ranks first with a market share of 30.8%, followed by Bank of China (Hong Kong) with a market share of 19.2%. Hang Seng Bank ranks third with a market share of 11.1%, while Bank of East Asia rises to fourth place with a market share of 5.2%. Industrial and Commercial Bank of China (Asia) falls to fifth place with a market share of 4.9%.
In terms of market share for mortgage transactions for pre-sale properties, Hang Seng Bank ranks first with a market share of 35.5% for the fifth consecutive time. Bank of China (Hong Kong) remains in second place with a market share of 14.3%. Bank of East Asia ranks third with a market share of 10.8%. Industrial and Commercial Bank of China (Asia) rises to fourth place with a market share of 9.7%, while Hang Seng Bank falls to fifth place with a market share of 7.9%.
In August 2024, the market share of the four major banks in the real estate market decreased from 65.2% in the previous month to 63.7%. Cao Deming stated that banks continue to be conservative in their mortgage business and have gradually reduced mortgage rebates. Currently, there are still a small number of small and medium-sized banks that are striving for mortgage business and introducing preferential mortgage plans to attract specific high-quality or large-size customers.
