Housing market hits 15-month price high in February

[Photo; Ricaela Diputado]

The housing market in February saw a rebound in prices, reaching MOP77,713 per square meter, compared to its previous highest point in December 2024.

The chair, Ung Choi Kun of the Association of Property Agents and Realty Developers of Macau, affirmed the new record and described it as a “little spring.”

Newly built homes were the main factor driving the increase.

Meanwhile, the market for reselling existing homes and second-hand properties continued to perform poorly, so the recovery was only seen in the initial market, according to Macao Daily.

The Financial Services Bureau reported that a total of 494 flats were traded, with 483 purchased by residents. Close to 60% of buyers were first-time homeowners, more than 28 percent owned a single flat, and over 12% owned multiple flats.

Authorities have waived taxes on property transactions costing MOP6 million or less, making it cheaper to buy lower-priced properties.

This measure is intended to encourage more people to purchase homes and stimulate the housing market. It also allows buyers to borrow up to 80 percent of the property value through commercial banks.

Ip Kin Wa, chairman of the association, said these incentives are not sufficient and urged the government to reconsider its approach, warning that the current measures may lead to overcorrection.

According to the Statistics and Census Service, the housing price index for the period between November last year and January this year was 190.6 – a 6.66% drop year-on-year and a 28% decline from 2019 levels.