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Non-residents rally to real estate 02/13/15

Macau property retains its allure. More than five times more mortgage loans were approved for non-residents from December 2013 to December 2014.

Macau banks granted new residential mortgage loans to non-residents to the value of MOP175.8 million in December 2014, representing a 551.6 per cent increase compared to that of the same period a year earlier.

The latest statistics released yesterday by the Monetary Authority of Macau (AMCM) show that Macau residents still took out bigger loans, totalling MOP3.54 billion in the last month of 2014, up only by 19 per cent from that of the previous year.
Overall, new residential mortgage loans approved by banks here grew by 23.8 per cent to MOP3.72 billion in December year-on-year. This figure also increased by 9.7 per cent from MOP3.39 billion in November 2014. While the majority of credit granted went towards Macau ID cardholders, it was the non-resident segment that marked the biggest increases.

Of the MOP3.72 billion recorded in new residential mortgage loans approved, the majority at MOP789.3 million was equitable mortgage collaterised by uncompleted units. This figure represents a 93 per cent increase compared to that of the month of November 2014, of MOP408.9 million, and a 456.6 per cent increase compared to that of December the previous year.

In addition, the value of gross outstanding residential mortgage loans increased by 29.3 per cent to MOP152.9 billion in December 2014, of which the majority at MOP143.9 billion related to residents, up 28.3 per cent year-on-year, while that of non-residents was MOP9 billion, up 46.4 per cent from that of a year earlier.

In the commercial segment of real estate loans, Macau banks granted credit to a total value of MOP6.3 billion in December last year, a 172.7 per cent increase compared to that of December 2013. Of these, it was non-residents who marked the biggest increase, up by 1,841.5 per cent year-on-year to MOP781.6 million. This was also a 374.5 per cent increase compared to that of the month of November the same year, when new commercial real estate loans approved by banks to non-residents totalled MOP174.7 million.

At the same time, gross commercial real estate loans outstanding in December totalled MOP122 billion, up 43.1 per cent from that of a year earlier. Of these, those of residents increased by a yearly 38.6 per cent to MOP110.1 million, accounting for the great majority of outstanding commercial loans, while that of non-residents totalled MOP11.9 billion, up 104.2 per cent from December 2013.

At the end of December 2014, the delinquency ratio for residential mortgage loans remained virtually unchanged from a month earlier at 0.07 per cent, while the ratio for commercial real estate loans was 0.05 per cent, up slightly from that of the end of December 2013.

Source http://macaubusinessdaily.com/Property/Non-residents-rally-real-estate

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