A total of 2,542 building units and parking spaces were purchased and sold in the third quarter of 2020 as per the Stamp Duty record, a decrease of 3.6% quarter-to-quarter.
However, the total value of transactions rose by 1.6% to MOP14.94 billion, according to the Statistics and Census Service. The purchase and sale of residential units decreased by 70 quarter-to-quarter to 1,901 units, and the total value fell by 0.7% to MOP12.60 billion.
The number of existing residential units transacted decreased by 73 to 1,605, amounting to MOP10.05 billion, down by 4.7%. The transaction volume of pre-sale residential units went up by 3 quarter-to-quarter to 296 units, and the transaction value grew by 18.8% to MOP2.55 billion.
In a report issued earlier by real estate agency JLL, the primary market was quiet in the first quarter of 2020 with no new launches as developers waited until second quarter to launch their new projects.
To attract the interest of potential buyers, developers offered various kinds of incentives, such as discounted prices, stamp duty refunds, special offers of car parking spaces, five-year completion periods and “occupation before completion benefits.”
Regarding construction in the private sector, there were 9,001 residential units in the design stage, 3,325 under construction and 1,121 under inspection at the end of the third quarter. LV
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