The rebound in the local real estate market has taken a breather by 12.4 per cent and 12.6 per cent month-on-month, respectively
The local property market has headed south again. The number of transactions in residential flats in May dropped to 582 from 664 one month earlier. In terms of cost, a square metre of housing fetched 12.6 per cent cheaper than in April, the latest data released by the Financial Services Bureau (DSF) indicates.
According to DSF, despite the market perking up in April with the number of transactions jumping 61 per cent month-on-month, in May it fell 12.4 per cent month-on-month. On a year-on-year comparison, the number represents a decline of 21.5 per cent.
In addition to transactions, the average housing price in the month slid to MOP90,134 per square metre from MOP130,128 in April although the average total area of residential flats remained at 68 square metres.
Compared to the same period of last year, housing prices in the city in May also represent a year-on-year decrease of 14.4 per cent.
Homes in Taipa, in particular, recorded a month-on-month drop of 30.4 per cent per square metre, costing MOP96,729 compared to MOP139,080 in April and MOP101,424 one year ago. The number of transactions in the area fell from 168 in April to 101 in May.
Residential flats in Coloane remained the most expensive in May with each square metre valued at MOP109,918. Nevertheless, Coloane home prices still represented a drop of 5.98 per cent from April, or a decrease of 14.2 per cent from one year ago. The number of transactions in flats there also posted a sharp decline to 36 from 62 with the average size decreasing to 87 square metres from 91 square metres.
By contrast, properties on the Peninsula rose slightly by 2.73 per cent month-on-month to MOP85,652 per square metre from MOP83,371. Compared to May last year, housing prices on the Peninsula dropped by 17.5 per cent.
Taipa’s Pak On Bay most expensive
In terms of districts, properties in the district of the University and Pak On Bay in Taipa are the most expensive, costing MOP145,289 per square metre. However, the average size of these flats amounted to 182 square metres – the largest of all districts.
Meanwhile, real estate in Barca on the Peninsula cost the least, with each square metre valued at MOP58,580. However, the size of the properties were also relatively the smallest, occupying 45 square metres on average.
In terms of type, completed flats transacted in May were cheaper, as well as smaller, compared to those still under construction.
According to DSF data, properties that were still under construction cost MOP115,146 per square metre on average in May, whilst those completed only cost MOP84,199 per square metre.
Nevertheless, the size of flats still under construction is on average 80 square metres. Completed properties, meanwhile, occupy 66 square metres on average