Macao’s overall residential property price index for the September to November period fell by 1.8 percent when compared to the August to October period, and by 5.7 percent year-on-year, according to the Statistics and Census Service (DSEC).
Since the same period in 2022, the indices for the Macao peninsula and combined Taipa and Coloane have dropped by 6.7 and 1.9 percent respectively.
The index for presale units has fallen by 3.6 percent since the August to October period.
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Decreases were felt across the board, regardless of size or age of unit, with smaller apartments in younger buildings experiencing the biggest drops.
Last month, the real estate company Jones Lang LaSalle (JLL) said that interest rate hikes, the global economic slowdown and slowing economic recovery in mainland China were weighing on Macao’s property market.
In November, Macao announced it would ease cooling measures implemented more than a decade ago – axing a 5 percent stamp duty for second homes – to help spur the market’s recovery.
