Property transaction value drops 24% in 2025

The property market showed a decline in value in 2025 despite a modest rise in transaction volume, according to data from the Statistics and Census Service (DSEC).

A total of 5,567 building units and parking spaces were bought and sold based on stamp duty records, marking a 7.1% year-on-year increase in transactions. However, the total transaction value dropped sharply by 23.9% to MOP21.35 billion, reflecting softer pricing conditions across the residential and commercial segments.

Residential property performance weakened in 2025, with 3,245 units transacted, down by 135 units from the previous year.

The total residential transaction value also fell 24.6% to MOP15.33 billion. Average residential prices declined 16.7% year-on-year to MOP70,935 per square metre, with decreases recorded across major districts including the Macao Peninsula, Taipa and Coloane.

The fourth quarter of 2025 showed further cooling momentum. Residential transactions dropped to 735 units, a decline of 220 units from the previous quarter, while transaction value fell 27.5% to MOP3.34 billion.

Average residential prices slipped 8.3% quarter-on-quarter, partly driven by reduced pre-sale activity following earlier launches of new housing projects.

Non-residential property also experienced downward pressure. Office unit prices fell 17.6% year-on-year to MOP57,490 per square metre, while industrial unit prices declined 13.6% to MOP33,926.

Private construction activity remained active but showed signs of future supply. At the end of 2025, 5,993 residential units were in the design stage and 1,620 were under construction. Meanwhile, 1,068 residential units received occupation licences during the year, with the majority located in Taipa.

Recently, lawmaker Kevin Ho said that the property market appears to have passed its lowest point.

Speaking to reporters on the sidelines of a Legislative Assembly media spring luncheon last week, lawmaker and president of the Industry and Commerce Association of Macau Ho said the housing sector has begun to stabilize.

He said the market has moved past its sluggish phase but has yet to enter a period of rapid growth, adding that residential rents have largely stabilized and are beginning to edge higher.

He projected that average home prices could record an increase of about 5% this year.

Data from the Financial Services Bureau (DSF) showed that 384 residential property transactions were recorded in the first half of January, marking the highest level for the period since 2018.

Market activity more than tripled compared with the same period last year. LV