There’s more unwelcome news for Macao’s morbund property sector. Information from the Statistics and Census Service (known as the DSEC after its Portuguese initials) shows that the overall residential property price index was 211.0 in the third quarter of 2024, down by 3.6 percent when compared to the second.
The indices for the Macao Peninsula (206.7) and Taipa and Coloane (228.2) dropped by 4.1 percent and 1.4 percent respectively. The index for existing residential units (226.7) and pre-sale residential units (272.7) fell by 4.2 percent and 0.3 percent respectively.
In comparison with the third quarter of 2023, the overall residential property price index has plummeted by 13.2 percent, with the indices for the Macao Peninsula and Taipa and Coloane falling by 14.1 percent and 9.7 percent respectively.
[See more: Macao’s residential property transactions and average prices fall again]
Compared to the previous scrolling three-month period (June to August) the overall residential property price index decreased by 1.6 percent.
While some realtors say the local property sector can be expected to recover in the fourth quarter on the back of lower interest rates, little bounceback has been detected so far.
According to one estimate, the transaction rate in the third quarter was estimated to be around 760, which would be a drop of roughly 27 percent in comparison to the 1,028 flats that were sold in the second quarter of the year.
