Average home prices decline 12.5 per cent in July

The average price of homes and transactions declined in July 12.5 per cent year-on-year to MOP84,753 per square metre and 14.5 per cent to 529 cases, according to the latest data from the Financial Services Bureau (DSF) published yesterday.
For the overall home market in the territory the average price of a flat was MOP84,753 (US$10,617) per square metre, down 12.5 per cent from MOP96,828 (US$12,129) per square metre, when compared to a year ago. In terms of location, Taipa recorded the highest average price with MOP99,907 per square metre, a decrease of 7.6 per cent year-on-year from MOP108,095 per square metre. Meanwhile, Macau Peninsula recorded the lowest average price of MOP77,971 per square metre, down 15.7 per cent year-on-year from MOP92,540 per square metre. In terms of home transactions in Coloane the price declined 21.1 per cent year-on-year to MOP93,503 per square metre from MOP118,568 per square metre a year ago.
Coloane transactions up
In July, the overall number of transactions declined 14.5 per cent year-on-year to 529 cases from 619 cases, mainly driven by the cooling down of the market on the Macau Peninsula, where transactions dropped 20.2 per cent year-on-year to 399 from 500.
In Taipa, home transactions also decreased but at a slower rate of ‘only’ 4.2 per cent to 92 from 96.
In Coloane, however, there was a different trend, as square metre prices went down. On the island, the number of transactions soared 65 per cent year-on-year to a total of 38 transactions from 23.