The value of residential mortgage loans approved in Hong Kong reached $19 billion in October, reflecting a 9.5% increase from September, according to the Hong Kong Monetary Authority.

Mortgage applications surged 46.5% month-on-month, totaling 7,289 submissions.

However, loans for primary market transactions decreased by 2.4% to $5.4 billion, while financing for the secondary market rose by 14% to $11.4 billion. Additionally, refinancing loans increased by 21.2%, reaching $2.2 billion.

Despite the overall rise in approved loans, the amount of mortgage loans drawn down fell by 26.9% compared to September’s $11.2 billion. The total outstanding value of mortgage loans remained stable at approximately $1.8 trillion.