Home Mortgage Applications Plummet Across Kingdom

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Phnom Penh: The number of home mortgage credit applications fell sharply in the second quarter of the year, according to the Credit Bureau Cambodia (CBC) in its latest report published this week.

CBC’s Consumer Credit Index Q2 showed that mortgage applications fell 36 percent after a moderate 8 percent rise in the last quarter.

The CBC noted a slump in credit application across the board. Personal finance applications dropped this quarter by 18 percent and credit card applications fell by 9 percent.

Mortgage applications fell hardest in the Coastal region, with a sharp decreases of nearly 50 percent.

The total consumer credit outstanding balance reached $7.16 billion, nearly half of which constituted home mortgage loans.

The CBC noted consumer credit continued an upward trend despite its slumping performance in Q2. It also noted that Q2 applications tended to slump every year.

 

“Consumer Credit Performance continued to grow across all regions in the country, with both the number of consumer loan accounts being opened and the total balance of these accounts rising at a steady upwards trajectory,” said the CBC in a statement.

“This was despite a slump in consumer credit applications, a typical trend in Q2 over the past years, and, in fact, the percentage change in the amount of quarter-on-quarter Consumer Credit Application fell less steeply than at the same time last year,” it added.

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