The number of negative-equity mortgages in Hong Kong more than tripled in September, a sign of continued weakness in the city’s property market.

The estimated number of residential mortgage loans that are in negative equity increased to more than 11,100 cases as of the end of September, from 3,341 cases in June, according to statistics from the Hong Kong Monetary Authority on Tuesday. The values of such loans also tripled to HK$59.3 billion ($7.6 million) in the same period.

The negative-equity loans account for about 3% of the outstanding value of mortgage loans as of end September, according to HKMA statistics. Banks may struggle with losses and foreclosures, and delinquencies could cause credit costs next year, according to Bloomberg Intelligence analysts Francis Chan and Patrick Wong.

Hong Kong authorities are accelerating efforts to reverse its prolonged property downturn. Among measures, Chief Executive John Lee announced in last week’s policy address that the city will half extra stamp duties targeting non-local buyers and residents who already own a home. Still, experts said that the impact of these new policies will be limited amid a high interest-rate environment and economic concerns.