Further slump in property transactions

Statistics from the Financial Services Bureau (DSF) have indicated a drop of 39.9 percent in the number of transactions involving residential buildings in Macau in the first half of this year, compared to the same period in 2013. This has occurred alongside a continued increase in housing prices.
Between January and June this year, a total of 4,256 residential property transactions took place. Amongst these transactions, 3,403 of the properties are in Macau, 698 in Taipa and 155 in Coloane.
The number of transactions was far higher in the first half of last year; 5,791 in Macau, 769 in Taipa and 532 in Coloane made a total of 7,092 transactions.
On the other hand, housing prices are still on an upward trend. The average price per square meter in the first half of 2014 rose 20.6 percent, from MOP84,126 per square meter last year to MOP101,466 per square meter this year.
The figures also showed that the number of property transactions in the Outer Harbour and Praia Grande reclamation area reached the top of the chart. There were 603 property transactions conducted in the first half of 2014 in the area. The average price for the area reached MOP184,724 per square meter.
Next on the chart are the figures recorded for Central Taipa, where 512 transactions were conducted at an average price of MOP102, 951 per square meter.
Looking back to the beginning of 2014, the number of transactions sat at a total of 758 in January, with an average price of MOP84,156 per square meter.