Residential property prices in Macau fell to their lowest level in 14 years in the third quarter, with weak demand and low buyer confidence outweighing the authorities’ efforts to revive the property market. Average housing prices fell again last month.
According to data from the Financial Services Bureau (DSF), the price per square metre fell by 5.9 percent year-on-year to 75,655 patacas.
The decline was mainly driven by real estate market developments in Coloane, where prices plummeted by 40.4 percent to 72,180 patacas per square metre.
In contrast, price increases were recorded in the Macau Peninsula and Taipa. In the Peninsula, prices rose by 8.7 percent, while in Taipa they advanced by 14.5 percent.
Despite the price drop, the number of transactions increased. In September, 247 housing purchase and sale transactions were carried out, representing a 28 percent increase compared to the same month last year, according to DSF data.
Cars parked in front of a residential high-rise in Nam Van last night. – Photo: Carl Leong
