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Real Estate Rocketing

Real estate in the MSAR continues its upward trajectory. With total transactions increasing dramatically in January. Despite an astounding 60 per cent rise, however, the sector has started to moderate its performance compared to a hectic end to 2016.

Total housing transactions soared by 60.4 per cent year-on-year for the first month of the year while average housing prices recorded an increase of 22.8 per cent, the latest official data released by the Financial Services Bureau (DSF) reveals.
In January, a total of 645 home transactions were recorded, up 243 cases vis-a-vis the same month of 2016. Nevertheless, the number represents a notable decrease of 46.7 per cent from the 1,211 transactions of December 2016.
According to official data, the month-on-month slump in housing transactions was due to a high comparison base in December, the 1,211 sales of which were boosted by off-plan purchases in the month, accounting for 528 of the total.
Of the total transactions during the month of January, those for residential units on the Macau Peninsula accounted for 514, surging 70.8 per cent year-on-year, while those for Taipa property increased 66.7 per cent year-on-year to 115.
Nevertheless, compared to the numbers for December, both the Peninsula and Taipa saw housing transactions drop – by 15.9 per cent and 80.3 per cent, respectively.
The city, in fact, saw the opening of sales of a new residential development of Hong Kong-listed conglomerate Shun Tak Group, Nova Grand, in December, with its first batch of some 400 two-room and three-room units sold out in three days.
Total off-plan sales for January thus plunged 88.6 per cent month-on-month to 60. Yet the number, compared to 48 one year ago, went up by 25 per cent.
Meanwhile, transactions on completed units, amounting to 585, increased by 65.2 per cent year-on-year although declining 14.3 per cent month-on-month.

Home prices up
Average home prices in Macau amounted to MOP89,727 (US$11,216) per square metre compared to MOP73,066 per square metre one year ago. The amount, compared to the average cost of MOP103,805 per square metre one month ago, dropped by some 13.6 per cent.
By area, residential units in Coloane were the most expensive, costing MOP123,294 per square metre, a growth of 19.1 per cent year-on-year from MOP92,747 per square metre. The amount also rose by 1.2 per cent month-on-month as compared to MOP106,143 per square metre.
Average prices for home units in Taipa rose by 29.9 per cent year-on-year to MOP102,062 per square metre during the month, representing a decrease of 12.1 per cent as compared to MOP116,110 per square metre in December.
In addition, average housing prices for units on the Peninsula saw an increase on an annual basis yet a decrease on a monthly basis, up 21.2 per cent year-on-year and down 2.13 per cent month-on-month, amounting to MOP83,126 per square metre on average.
In terms of unit type, average prices for completed housing units reached MOP82,799 per square metre, an increase of 19.1 per cent year-on-year and a growth of 1.2 per cent month-on-month.
For off-plan sales, the cost per square metre amounted to some MOP133,173 last month, soaring 39.7 per cent year-on-year or 7.6 per cent month-on-month.