There were 105 residential properties sold in Macao during the first half of March, up by 14 percent in comparison to the 92 transactions that were recorded in the latter half of February. That’s according to the latest stamp duty data from the Finance Bureau.
By area, Taipa experienced the greatest growth in transactions between these two periods, from 15 sales to 26. The increase on the peninsula was considerably less, with sales rising from 72 to 77.
In contrast, Coloane saw its property transaction numbers dip from 5 units in the second half of February to 2 units in the first half of March.
Across the islands and peninsula, residential property prices per square metre in the initial half of March averaged 69,343 patacas, a drop of 10 percent against the 77,257 patacas recorded in the second half of February.
District prices were equally downcast, with Taipa’s average amounting to 67,669 patacas, a drop of 26.5 percent in comparison to the 92,115 patacas clocked in the last half of February.
[See more: Macao’s property sales fell 35 percent from January to February]
Meanwhile, the peninsula’s average price hit 70,765 patacas, marking a decrease of 1.34 percent when compared to the 71,719 patacas logged previously. Coloane had no average price per square metre listed.
The current sales data marks a reversal of the downward trend that had been recorded in the previous period between the second half of January and the first half of February, which saw sales plummet from 145 units to 84 units.
Within the local real estate sector, fears continue to abound over the industry’s prospects, with the chairman of the Association of Property Agents and Realty Developers of Macau, Ung Choi Kun, pointing out in February that the market was “in an unfavourable environment.” Ung urged the authorities to take steps to restore investors’ confidence.
Similarly, the head of the Macau Real Estate Development Association, Peter Lok Wai Tak, said his market forecast was “not optimistic” due to a variety of factors including a weakening global economy and tensions between China and the US.
In spite of these projections, some other local realtors, including Jimmy Lo of Centaline, believe that the central government’s multiple-entry permit initiative for Zhuhai and Hengqin residents and interest rate cuts will ultimately benefit Macao’s property sector.
