Property market active as transaction volume doubles

According to the stamp duty record, the number and value of property and parking spaces sold in Macau during the second quarter of this year has nearly doubled compared to the first.

The number of properties sold increased 94.2% compared to the first quarter, while the value of the assets grew 90.1% quarter-to-quarter, according to the latest data released by the Statistics and Census Service.

In the second quarter, some 3,593 building units and parking spaces were traded, with a combined monetary value of 20.05 billion patacas.

A total of 2,725 units were traded at the total value of MOP16.9 billion (up 103.2%), of which MOP13.76 billion (up 113.8%) went to the 2,375 finished units. Some 368 pre- sale units emerged onto the market, generating 67% more value to MOP3.14 billion.

In terms of square meter of usable area, the overall average price, MOP110,263,  of residential units increased by 7.5%. Those on the Macau peninsula (MOP109,987) and Coloane (MOP128,871) rose by 11.4% and 1.6% respectively, while those in Taipa (MOP101,515) dropped 3.4%.

The average price per square meter of usable area of existing residential units (MOP105,575) rose by 9.7%, led by a 13.7% increase in premium residential units five years old or younger.

Most of the purchased units were in the New Land of Areia Preta (NATAP), numbering 785 units. Meanwhile, 247 units were in Central Taipa and 179 in other parts of Areia Preta and Iao Hon. The average prices per square meter were MOP146,481, MOP98,455 and MOP91,401 respectively.

For pre-sale residential units, the average price per square meter grew by 3.2% quarter-to-quarter to MOP136,022. There were 235 units purchased in Coloane, 44 in Móng Há and Reservoir and 36 in central Taipa, while their respective average prices per square meter were MOP131,981, MOP156,766 and MOP140,931.

Industrial units are on the rise, seeing their values rise 7.5%. Commercial property prices edged up 0.4% to MOP102,390 per square meter.

In the second quarter, 2,445 transaction contracts concerning 44.5% more premises were signed. Meanwhile, 2,516 mortgage contracts involving 62.2% more units were signed.

In the private sector, 8,176 residential units were being designed, 7,377 under construction and 302 under inspection. During the quarter, construction permits were issued for 96 residential units, while license of use were issued for 69 residential units. AL