Real Estate Fewer flats sold during Q1

A total of 3,337 building units and parking spaces were sold as per Stamp Duty record in the first quarter of 2017, while the total value of transactions was MOP17.93 billion, down by 35 percent and 38.9 percent respectively quarter-to-quarter. According to information from the Statistics and Census Service (DSEC), purchase and sale of residential units during the quarter totalled 2,313, a decrease of 1,262 units; the total value amounted to MOP13.61 billion, down by 41.8 percent. One of the most significant drops (69 percent) was registered in the pre-sale residential units. In total, 306 pre-sales were made, with a total value of MOP3.08 billion. Meanwhile, purchase and sale of existing residential units totalled 2,007, amounting to MOP10.54 billion, down by 22.1 percent and 22.5 percent respectively.

In terms of average price in the first quarter of 2017, the average price per square meter of usable area of pre-sale residential units was MOP129,439, and that of existing residential units was MOP83,333, up by 4.7 percent and 2.4 percent quarter-to-quarter respectively. However, DSEC says that “due to a sharp decrease in transactions of higher-priced pre-sale units, the overall average price of residential units fell by 4.4 percent quarter-to-quarter to MOP90,858.”

The average price of residential units in the Macau Peninsula increased by 4 percent quarter-to-quarter to MOP85,893 per square meter, while the prices of those in Taipa (MOP97,117) and Coloane (MOP121,921) dropped by 8.7 percent and 0.9 percent respectively.

Regarding the private sector, the gross floor area of construction of new buildings totalled 381 thousand square meters, providing 2,964 units (with 2,890 residential units) and 1,752 parking spaces for cars upon completion. Meanwhile, the gross floor area of buildings completed totalled 254 thousand square meters, altogether providing 551 units (with 513 residential units) and 720 parking spaces for cars.