Macao’s overall residential property price index for the first quarter of 2024 stood at 226.5, down 9 percent compared to the same period last year, according to the Statistics and Census Service (which is also known by its Portuguese initials DSEC).
Compared to the last quarter of 2023, the index is down 3.2 percent overall.
In a comparison of rolling three-month periods, the index from January to March is down 1.3 percent compared to the figure from December 2023 to February 2024. Analysed by age of building, the indices for residential units in buildings 5 years old or less, and for those buildings over 20 years old, decreased by 2.7 percent and 2.0 percent respectively.
[See more: Everything you need to know about buying property in Macao]
With respect to size, the indices for residential units with a usable floor area between 50 and 74.9 square metres and for those with a floor area of less than 50 square metres decreased by 1.9 percent and 1.1 percent respectively.
Responding to concerted lobbying from the homeowners and the property sector, authorities last month lifted several punitive stamp duties in an effort to revive the city’s lacklustre property market
However, realtors warn that while the number of transactions may rise in response to the move, it may be some time before prices recover.
