Macao’s overall residential property price index dropped by 3.8 percent between 2022 and 2023, the latest figures from Statistics and Census Service (DSEC) reveal.
The index reached its five year peak in the third quarter of 2020, at 269. Since then, it’s plummeted by almost 10 percent – to 244.5 in the fourth quarter of 2023.
Last year, existing residential units and pre-sale residential units dropped by 3.4 and 4.0 percent respectively, when compared with the year prior.
For the October to December period, Taipa and Coloane’s index went down by 3.2 percent in comparison to the September to November period while Macao peninsula’s index remained flat.
Real estate company Jones Lang LaSalle (JLL) predicted further residential property price drops this year, due to a lack of buyer confidence. Macao’s property market recorded fewer than 250 transactions in the first 11 months of last year, according to the company – a year-on-year drop of 27 percent.
JLL has said that interest rate hikes, the global economic slowdown and slowing economic recovery in mainland China were all contributing to Macao’s sluggish property market – as well as that of the broader Greater Bay Area.