Residential property prices drop slightly

Homes are cheaper, but office space is more expensive, statistics bureau says

residential property Macao
Photo by Macau Photo Agency

In potentially good news for home buyers, the average price per square metre of usable area of residential units fell by 2.3 per cent year-on-year to MOP 105,064 in 2020.

The Statistics and Census Bureau (DSEC) has said that residential units’ average price per square metre of usable area in the peninsula (MOP 102,097), Taipa (MOP 107,771) and Coloane (MOP 120,240) dropped by 2.2 per cent, 2.7 per cent and 4.4 per cent respectively.

The average price of existing residential units (MOP 97,721) dipped by 3.2 per cent year-on-year, while the cost of pre-sale residential units (MOP 148,024) rose by 3.9 per cent.

The average price per square metre of office units rose by 2.4 per cent year-on-year to MOP 110,973, while industrial units’ cost dropped by 13 per cent to MOP 47,855.

In the fourth quarter of 2020, 8,705 residential units were in the design stage, 2,687 were under construction and 1,371 were being inspected by the authorities.

Last year, 2,365 residential units were granted their move-in permit, with studio flats and two-bedroom units accounting for 52 per cent and 25 per cent of the total respectively.

According to the Macau Post Daily, in 2020, 9,002 building units and parking spaces were sold, a decrease of 18.3 per cent year-on-year. According to stamp duty records, the value of property sales fell by 17.9 per cent year-on-year to MOP 51.1 billion. Residential units accounted for 72 per cent of all property sales.