RESIDENTIAL PRICES JUMP 50PCT IN ONE YEAR

2014/11/18

From:Macau Business Daily

The price per square metre in Macau increased by half year-on-year during the third quarter of the year. Coloane is the most expensive area to live in the Special Administrative Region

The average price of residential units increased by half in the course of a year, the Statistics and Census Service (DSEC) data revealed yesterday. In the third quarter of 2013, the price per square metre was MOP66,936. However, this year it jumped to MOP100,024 per square metre, an increase of 49.4 percent.
Concurrently, however, there was a reduction in the number of transactions. Last year, during the third quarter, there were 1,908 residential transactions recorded but this year that number decreased to 1,769, a slight drop of 7.2 percent.
In spite of the reduction in the number of transactions the amount transacted was boosted by 35 percent from MOP8.4 billion to MOP11.4 billion in the year reviewed.
In terms of prices of residential units in Macau, the market for over MOP6 million was the most popular. In total, 658 units were sold for MOP6 million or more. The second most active market for residences ranged from MOP2 million to MOP3.9 million (503 units sold). Some 362 transactions ranged from MOP4 million to MOP5.9 million, while 246 deals closed for less than MOP2 million.
Coloane is the most expensive place to buy a residential unit in Macau, at an average MOP130,751 per square metre. Taipa follows, at MOP110.076 per square metre, while the Macau Peninsula has the cheapest houses, at an average MOP93,759 per square metre.
During the third quarter of the year, a total of 323 residential units had received construction approval. Of these, 63 included the construction of new buildings, while 32 were completed buildings.

Parking space transactions

Meanwhile, the market for parking spaces accounted for MOP1.6 billion involving a total of 875 transactions at the end of the third quarter of the year. This is an increase of 98.5 percent (MOP82 million) and 10.2 percent (794 transactions) year-on-year, respectively.
The industrial market registered the highest year-on-year increase in terms of value, excluding residences, jumping from MOP0.42 billion to MOP1.08 billion, which represents a 154.9 percent jump. As for the number of transactions, there was a 53.8 percent year-on-year rise from 39 to 60
Also. in the third quarter of this year commercial transactions rose 7.7 percent year-on-year from 273 to 294 transactions and 14.5 percent in the amount involved from MOP2.8 billion to MOP3.2 billion.
Office transactions registered a contrary trend, as the number of deals fell 65.8 percent from 149 to 51, with the amount diving 39.5 percent from MOP0.9 billion to MOP0.548 billion.

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