The Monetary Authority of Macao has released statistics showing a mixed picture for the city’s property loan activity in November 2025.
New approvals for residential mortgage loans increased month-on-month, but new commercial real estate loans saw a sharp decline. The total outstanding balances for both categories fell in comparison to the previous month.
New residential mortgages approved by Macao banks grew by 6.3 percent month-on-month in November 2025, reaching a total of 1.25 billion patacas (US$156.25 million). The three-month average of new mortgages, spanning September to November 2025, was 1.19 billion patacas (US$148.75 million), an increase of 13.7 percent over the preceding period.
Conversely, new commercial approvals dropped substantially, falling by 52 percent month-on-month to 406.17 million patacas (US$50.77 million). The three-month average for new such loans was 486.03 million patacas (US$60.75 million), a decrease of 33.5 percent from the August to October 2025 period.
[See more: Latest residential property price index shows 7.2 percent year-on-year drop]
As of the end of November 2025, the total outstanding value of residential loans had declined by 0.2 percent month-on-month and 5.2 percent year-on-year, standing at 207.77 billion patacas (US$25.97 billion).
The outstanding value of commercial loans was 140.45 billion patacas (US$17.56 billion), representing a decline of 0.4 percent from the previous month and 6.9 percent from a year earlier.
The delinquency ratio for residential loans saw a slight rise, increasing to 3.9 percent at the end of November 2025 from the preceding month, and was up by 0.4 percentage points year-on-year. The ratio for commercial property loans held steady month-on-month at 5.6 percent, but was 0.8 percentage points higher than at the end of November 2024.
