Macao saw 253 residential property transactions in October, according to stamp duty data published by the Finance Bureau. This represents an increase of 31 percent in comparison to the 193 sales made in September.
By area, Taipa experienced the most growth, with its 57 transactions representing an increase of roughly 46 percent month-on-month. Meanwhile, the Macao peninsula recorded 183 transactions in October, a growth of around 54 percent. Coloane, on the other hand, logged only 13 sales, a drop of nearly 63 percent in comparison to the previous month.
When compared with September, October’s overall residential property price per square metre was worse off, falling to an average of 79,641 patacas, a decrease of 9.2 percent.
[See more: The aggregate value of property transactions in the third quarter falls by 30 percent]
Both Macao and Taipa saw their average property prices per square metre rise between September and October, with the peninsula’s figures growing by around 8.4 percent, from 68,197 patacas to 73,933 patacas. Prices in Taipa surged to 84,231 patacas, a month-on-month growth of almost 20 percent.
Prices in Coloane, however, plummeted by almost 11 percent, from 121,190 patacas to 108,305 patacas.
Recent figures from the third quarter revealed that commercial and residential property transactions over the period had plummeted by almost 30 percent quarter-on-quarter, to 6.53 billion patacas. However, there is cautious optimism, with local economists telling media that they were confident the slashing of interest rates in Macao in September would have a positive effect on the real estate sector and the city’s economy.
