Mortgages for second-hand homes plunge to 15-year low

June Chen

The number of mortgages for second-hand homes in Hong Kong fell by 17.6 percent year-on-year to 16,536 in 2024, marking a new low in nearly 15 years, according to data from Centaline Property Agency.

However, the number rose 8.8 percent month-on-month to 1,281 in December, halting a four-month straight drop.

And as some mega projects launched last month, home mortgages surged by more than 50 percent month-on-month to 3,086 in December, and almost 40 percent of them were new home transactions.

Centaline said the recovery was thanks to interest rate cuts in late 2024 and predicted the number of second-hand home mortgages would continue to grow in the first quarter of this year.

Overall, the number of mortgages across all sectors in Hong Kong fell to 47,917 in 2024, a 25-year low since record-keeping began in 2000.

In other primary market news, Gateway. Square Mile in Mong Kok, developed by Henderson Land (0012), released a new price list for 25 flats, with discounted prices starting from HK$4.65 million, or HK$17,934 for a square foot.

The project will put 10 one-bedroom units on sale next Monday and buyers who purchase designated homes from January 27 to February 28 can get a Chinese New Year red packet worth HK$12,000 to HK$16,000.

In Ho Man Tin, In One Above, co-developed by Chinachem and MTR Corporation (0066), will put some south-facing completed three-bedroom flats up for sale after the Chinese New Year.

And in Yuen Long, Hava, developed by Kerry Properties (0683), has uploaded its sales brochure yesterday to offer a total of 594 flats.

The first round of sales is expected to kick off shortly after the Lunar New Year.