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Real estate market dampens in Q1

Both transactions and prices of real estate declined

A total of 3,337 building units and parking spaces were transacted and sold as per Stamp Duty record during the first three months of this year, down 35 per cent quarter-to-quarter according to the latest data released by the Statistics and Census Bureau (DSEC) yesterday.
The aforementioned transactions generated some MOP17.93 billion (US$2.24 billion) to post a drop of 38.9 per cent quarter-to-quarter.
For residential units, the number of transactions in the first quarter decreased by some 1,262 units to 2,313, generating MOP13.61 billion, down 41.8 per cent.
Of the total of residential transactions, the performance of pre-sale residential units experienced that greatest decline of 69.3 per cent quarter-to-quarter, for 306.
The total value generated by pre-sale transactions plummeted 68.5 per cent to MOP3.08 billion.
On the other hand, a total of 2,007 transactions were recorded for the purchase and sale of existing residential units, amounting to MOP10.54 billion, posting decreases of 22.1 per cent and 22.5 per cent, respectively.
During the first quarter of this year, DSEC data shows an increase of 4.7 per cent and 2.4 per cent quarter-to-quarter for the average price per square metre of usable area of pre-sale residential units (MOP129,439) and existing residential units (MOP83,333), respectively.
Meanwhile, the price for pre-sale units dropped 4.4 per cent to MOP90,858 per square metre.
In geographical terms, the unit price on the Macau Peninsula increased by 4.1 per cent in the first quarter when compared to the previous quarter, at MOP85,893 per square metre.
However, a different scenario unfolded for prices in Taipa and Coloane, with prices hitting MOP97,117 and MOP121,921, down 8.7 per cent and 0.9 per cent, respectively.
For industrial units, the price increased 9.3 per cent quarter-to-quarter to MOP56,248 per square metre.
The price of office units, meanwhile, dropped 3.7 per cent to MOP104,394.
DSEC data also revealed that 4,077 properties were involved in the 4,058 signed real estate purchase and sales contracts, indicating a decline of 4.2 per cent quarter-to-quarter. While a total of 4,246 properties were involved in the 3,665 mortgage contracts signed, down 27 per cent.
Regarding construction in the private sector, some 381,000 square metres of gross floor area of new building were created in the first quarter, providing 2,964 units, of which 2,890 were residential units and 1,752 were parking spaces for cars.
Meanwhile, 254,000 square metres of gross floor area of existing buildings provided 551 units, with 513 units for residential usage and 720 parking spaces.