Macao’s overall residential property price index stood at 222 during the period from February and April 2024, according to data from the Statistics and Census Service (also known by its Portuguese initials DSEC).
The tally is a decrease of 2 percent in comparison to the 226.5 that was registered during the previous rolling three-month period between January and March 2024.
The indices for the Macao peninsula, and Taipa and Coloane, dropped by 2.4 percent and 0.1 percent respectively compared to the previous period. When compared against the same period last year, the overall price index has dropped by 11.6 percent. Residential properties in the Macao Peninsula have fallen by 1.7 percent, while those in Taipa and Coloane have dipped by 0.4 percent.
[See more: First quarter residential property prices are down 9 percent compared to last year]
The index for existing residential units fell by 1.6 percent period-on-period and almost 11 percent year-on-year, reaching a total of around 240. For buildings five years old or less, the index fell by almost 4 percent against the previous period. Meanwhile, the index for buildings between 6 to 10 years of age fell by 0.5 percent, while those in the 11-to-20-year bracket saw the index dip by 2.2 percent.
The index for properties that have a floor area of 50 metre square or less fell by 1.4 percent, and by 1.5 percent for those between 50 to 74.9 metre squares.
The fall in property prices continues even after the government completely scrapped all of its real estate curbs in April. Realtors say that while reforms have helped to increase sales, the recovery of prices may take some time.
