There’s more worrisome news for the property sector, with a further decline in the overall residential property price index, according to the latest data from the Statistics and Census Service.
The figures show that the scrolling index for the period from May to July decreased by 1.1 percent, compared to the previous three-month period of April to June, and stood at 216.4.
The indices for the Macao Peninsula (213.5) and Taipa and Coloane (227.8) fell by 1 percent and 1.6 percent respectively.
While the index for pre-sale residential units (273.6) showed a fractional rise of 0.1 percent, the index for existing residential units (232.9) went down by 1.6 percent. Analysed by age of building, the indices for those over 20 years old, and for those between 6 and 10 years old, dropped by 3.5 percent and 3.4 percent respectively.
[See more: Everything you need to know about buying property in Macao]
Meanwhile, the price indices for residential units of all usable floor areas declined compared to the previous period. The indices for those with a floor area between 75 and 99.9 square metres, and for those with an area between 50 and 74.9 square metres, fell by 2.1 percent and 1.7 percent respectively.
In a year-on-year comparison, the overall residential property price index, compared to the period from May to July 2023, has declined by 13.6 percent. The indices for the Macao Peninsula and Taipa and Coloane registered respective decreases of 14.2 percent and 11.5 percent.
Some market watchers expect Macao’s property prices to fall by another five percent by the end of the year. While the scrapping of market curbs has led to an upswing in property sales, high interest rates and discounts from developers to spur transactions are keeping prices down.
