Residential prices still on the decrease

The overall residential property price index for September to November 2022 decreased by 0.2% over the previous period (August – October 2022), at 249.8, recent data from the Statistics and Census Service (DSEC) shows.

Realtors have been indicating real estate prices will remain low despite the expectation of better tourism prospects, as easing of Covid measures have limited effect on the real estate market.

The index for Taipa & Coloane (248.1) fell by 1.2% while that for the Macau Peninsula (250.2) stayed flat over the previous period.

The index for existing residential units (267.5) went down by 0.1% from the previous period; the index for those in Taipa & Coloane (297.9) dipped by 0.8%, while the index for those in the Macau Peninsula (259.8) held steady.

Analyzed by age of building, the index for residential units of buildings between 6 and 10 years old decreased by 1.8%, whereas the index for those between 11 and 20 years old grew by 0.7%. Meanwhile, the index for pre-sale residential units (287.0) dropped by 2.8%.

In comparison with September – November 2021, the overall residential property price index fell by 6.3%, with the indices for Taipa & Coloane and the Macau Peninsula dropping by 7.4% and 6.1% respectively.

Recently, realtor Centaline Macau predicted that the property market will recover slowly in 2023 even with the lifting of Covid-19 restrictions in this part of the world.

The realtor expects improvements to be seen only as early as the second quarter of the year. Staff Reporter