Price of residential units surges 22 pct in 2014

The average price of residential units increased 22 percent year-on-year in 2014, reaching MOP99,795 per square meter, as revealed in data released by the Statistics and Census Service (DSEC).
The average price per square meter in the Macau peninsula reached MOP95,576; while in Taipa it amounted to MOP106,316 and in Coloane prices reached MOP122,697, up 19.8 percent, 29.6 percent and 20 percent respectively.
The average price per square meter of pre-sale residential units (MOP156,164) and existing residential units (MOP85,219) rose 48.1% and 28.8% respectively. Furthermore, the average price of office units and industrial units was set at MOP121,112 and MOP54,250 respectively per square meter, up 62.5% and 60.9% year-on-year.
DSEC revealed that both the volume and value of real estate transactions in 2014 recorded a year-on-year decline. A total of 13,230 building units and parking spaces were purchased and sold at MOP83,69 billion for the whole year of 2014, according to Stamp Duty records, representing a decrease of 31.2 percent and 12.9 percent respectively year-on-year.
The purchase and sale of residential units totaled 7,625 at MOP49.80 billion, down 36.7 percent and 27 percent respectively.
In the fourth quarter of 2014, a total of 2,156 building units and parking spaces were purchased and sold at MOP13.81 billion, down 29.8 percent and 24.9 percent respectively quarter-to-quarter. Purchase and sale of residential units totaled 1,414 (including 197 pre-sale residential units) at MOP8.57 billion, down 20.1% and 24.9% respectively.
DSEC said that the average price of residential units stood at MOP94,788 per square meter in the fourth quarter, down by 5.2 percent quarter-to-quarter.
The average price of pre-sale residential units rose slightly by 1.8% quarter-to-quarter to MOP146,608 per square meter, with the average price of those in Taipa rising 10.0%, while the average price of those in the Macau peninsula and Coloane dropping by 5.9% and 3.2% respectively.
The average price of office units and industrial units was MOP123,601 and MOP55,075 per square meter, representing a decrease by 6.6% and 8.8% respectively quarter-to-quarter.
Regarding construction in the private sector, the gross floor area of construction of new buildings in the fourth quarter totaled 322,000 square meters, providing a total of 899 units and 808 parking spaces for cars upon completion, DSEC said. For the whole year of 2014, the gross floor area for construction of new buildings totaled 2.24 million square meters, providing 1,900 units (1,744 of them are residential units) and 6,497 parking spaces for cars upon completion.