Macao’s property market continues to remain in the doldrums, according to the latest data from the Statistics and Census Service (known by its Portuguese initials DSEC).
Figures indicate that the overall residential property price index for June to August fell by 13.6 percent compared to the same period last year, to stand at 214.5. The indices for the Macao Peninsula and Taipa and Coloane registered respective decreases of 13.9 percent and 12.1 percent.
Compared to the previous three-month period of May to July 2024, the overall index decreased by 0.9 percent, while the indices for the Macao Peninsula (211.3) and Taipa and Coloane (227.3) fell by 1 percent and 0.2 percent respectively.
Analysed by age of building, the indices for residential units of buildings of 5 years old or less and for those over 20 years old fell by 1.7 percent and 1.4 percent respectively, compared to the previous three months, whereas the index for those between 6 and 10 years old grew by 0.8 percent. Meanwhile, the index for pre-sale residential units (273.2) decreased by 0.1 percent.
[See more: Macao’s residential property transactions and average prices fall again]
In terms of size, the indices for residential units with a usable floor area between 50 and 74.9 square metres and for those with a floor area of less than 50 square metres respectively decreased by 1.2 percent and 0.3 percent from the previous period.
The index for those with a floor area of 100 square metres and over increased by 0.6 percent.
Despite the subdued figures, some realtors remain optimistic. According to Pun Chi Meng, general manager of the local branch of Centaline Property, Macao’s real-estate sector can be expected to recover in the fourth quarter.
Pun said the total number of transactions had the potential to hit the 1,000 mark this quarter, adding that further interest rate cuts by US and Macao banks would have a positive effect.
