Meridians: The number of new building mortgages in Hong Kong fell by more than 25% in November, with mortgages for uncompleted properties falling by over 60%.

According to the latest data from the mReferral Mortgage Brokerage Services referral research department and the Hong Kong Land Registry, in November 2025, the number of mortgage transactions for existing buildings was 4951, a decrease of 1711 transactions (25.7%) compared to October's 6662 transactions, reaching a new low in 7 months. The number of mortgage transactions for uncompleted properties in the same month was 232, a decrease of 367 transactions (61.3%) compared to October, marking a 2-month consecutive decline and reaching a new low in 19 months. Compared to the same period last year, the number of mortgage transactions for existing buildings in November 2025 increased by 1855 transactions (59.9%) compared to the same period in 2024, while the number of mortgage transactions for uncompleted properties decreased by 27 transactions (10.4%). In the comparison of the first 11 months of 2025, the number of mortgage transactions for existing buildings totaled 59,179 transactions, an increase of 12,843 transactions or 27.7% compared to the same period last year's 46,336 transactions. The number of mortgage transactions for uncompleted properties in the first 11 months of this year was 6,273, an increase of 2,408 transactions or 62.3% compared to the same period last year, reaching a new high for the first 11 months in nearly 5 years. Cao Deming, Vice President of mReferral Mortgage Brokerage Services, said that the recent slowdown in the property market, coupled with the lack of large new projects or buyers for new government-subsidized housing, has led to a decline in the number of mortgage transactions for existing buildings and uncompleted properties. Current interest rates have fallen to a relatively reasonable level, and property prices are gradually stabilizing. Residents' attitudes towards the future market have become more optimistic, accelerating the pace of homebuyers and investors entering the market. It is expected that property market transactions will steadily increase next year, leading to an increase in the number of mortgage transactions for existing buildings and uncompleted properties. In terms of market share for mortgage loans for existing buildings, BOC HONG KONG(02388) has maintained its position as the top ranking bank with a market share of 25.6%. HSBC ranks second with a market share of 21.4%, HANG SENG BANK(00011) is third with a market share of 9.9%, Standard Chartered Bank ranks fourth with a market share of 8.9%, and BANK OF E ASIA(00023) ranks fifth with a market share of 7.3%. In terms of market share for mortgage loans for uncompleted properties, BOC HONG KONG has regained the top spot with a market share of 28%. HSBC has dropped to second place with a market share of 22.4%, HANG SENG BANK ranks third with a market share of 14.7%, Standard Chartered Bank has risen to fourth place with a market share of 10.3%, and BANKCOMM has dropped to fifth place with a market share of 8.2%. In November 2025, the market share of the four major banks for existing buildings decreased by 8.4% from the previous month to 65.9%, reaching a new low in 6 months. Cao Deming stated that with the decrease in interest rates and stabilization of property prices, banks are maintaining a positive attitude towards mortgage business, introducing various mortgage plans and incentives to compete for mortgage business, providing positive support for the property market.