Residential property prices in Macao are continuing their downward trend, in spite of market curbs being lifted earlier this year. That’s according to official data showing the overall index dropped by a further 3.4 percent in the second quarter when compared with the first three months of the year.
The index for properties on Macao peninsula experienced a quarterly drop of 4.3 percent, while those in Taipa and Coloane saw a 0.1 percent rise.
Pre-sale residential units’ index grew by a quarterly 4.5 percent, however. When comparing the April to June period with March to May, that index rose by a significant 11.9 percent.
[See more: Everything you need to know about buying property in Macao]
The index for existing residential properties dropped across the board during the second quarter: by four percent in Macao peninsula, and by 0.2 percent in Taipa and Coloane.
On a year-on-year basis, the residential property price index in the second quarter decreased by some 13 percent. The peninsula’s index plummeted by 13.7 percent, while the figure for Taipa and Coloane decreased 10.6 percent.
Last month, a property expert from Jones Lang LaSalle (JLL) said his firm expected Macao’s property prices to fall by another five percent by the end of the year. He said that while scrapping cooling measures had led to an upswing in property sales, high interest rates and developers’ lowering their prices to spur transactions were keeping prices down.
