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Housing prices rise 12.6 per cent in April

The market has continued rebounding. The latest official data shows that both the number of transactions and prices in the local home market recorded month-on-month increases in April, of 61.9 per cent and 12.6 per cent, respectively

The local real estate market picked up further in April, with 664 transactions, representing an increase of 61.9 per cent on March. Meanwhile, these units sold at an average of MOP103,128 per square metre, up 12.6 per cent month-on-month.
According to the latest data released by the Financial Services Bureau (DSF), the number of transactions recorded in April, compared to the same period last year, jumped by 81.9 per cent. However, average housing prices were still cheaper than those of one year ago by more than a half.
Based on official DSF data, housing prices in Taipa were the most expensive during the month. Each square metre of home unit in the area cost MOP139,080 on average, which, compared to March, surged 55 per cent from MOP89,550 per square metre. However, the average size of these units had decreased to 75 square metres from 91 square metres one month ago. Although prices were higher while size was smaller, the number of transactions in the area still more than tripled to 168 from 53 in March.
Other areas
The number of transactions of housing units in Coloane also posted a month-on-month lift of 47.6 per cent, accounting for 62 of the total, with average housing prices at MOP116,907 per square metre, up 4.13 per cent year-on-year.
Housing prices on the Macau Peninsula, on the other hand, registered a slight decrease of 5 per cent month-on-month to MOP83,371 per square metre. The number of transactions grew to 434 from 315 with each unit on average occupying 62 square metres.
In terms of unit type, the cost of properties still under construction is higher than those completed by nearly 79 per cent. The DSF data indicated that each square metre of completed flats in the city was worth MOP79,630 during April. Uncompleted units, meanwhile, cost MOP142,524 per square metre, with those in Taipa even topping MOP183,239 per square metre.
Market predictions
Meanwhile, RicaCorp (Macau) Properties Limited claimed that the housing market in May was actually even more active than in April, predicting that housing prices will continue climbing but not declining.
‘It’s true that the housing market is picking up. The property market in May is even much more active than in April. Housing prices have [accumulatively] increased by between 5 and 8 per cent compared to the beginning of the year… There is no possibility that housing prices will post big drops,’ the property agency wrote in reviewing the property market of May in a press release.
In addition, the agency anticipates that the rental market in Taipa will heat up again in June as it believes that the number of non-resident workers in Taipa is increasing, following the opening of Galaxy Phase II and Broadway Macau, as well as the upcoming opening of Studio City and ongoing infrastructure there.
‘Housing prices are expected to climb again. All the data reveals that the adjustment in the housing market has passed,’ the real estate agency noted.