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Realtor: Property market on upturn 10/29/15

Centaline (Macau) Property Agency, based on its own index analysing the housing prices of 14 residences in Macau, says the spiral in housing prices is coming to an end

The downward trend of the city’s housing prices is softening, Hong-Kong based realtor Centaline (Macau) Property Agency Ltd. say, claiming the property market is even showing signs of a rebound.

The property agency said yesterday that its Centa-Macau Climatic Index had reached 39.29 points for the third quarter of the year, suggesting the dropping rate of residential property prices had slowed, compared to 38.46 points and 16.67 points registered in the second and first quarter of the year, respectively.

The index, analysing transactions of some 14 major newer residences in the territory, shows housing prices’ tendency to increase if it reaches more than 50 points. On the contrary, when it registers below 50 points, it suggests a downward tendency.

The realtor perceives that the increase in the index points for two consecutive quarters shows home prices are stablising. But it also noted that the local property market is still groggy as the index points were below 50 for the first three quarters of the year.

In fact, agency director Jacky Shek Po Tak reckons the index could have reached higher points if there were no fluctuations in the stock market and scandals related to the city’s VIP gaming market, which have influenced the confidence of homebuyers.

‘Based on the Index, we can see housing prices are stably rebounding. We believe there is more room for home prices to increase, instead of continuing to drop. We anticipate the property market may bounce from the bottom,’ the agency predicts, adding the government’s special stamp duty charged to home sellers prevents housing prices registering sharp declines.

Town of two tales
The city’s Financial Services Bureau (DSF) has not yet released the average housing prices for September. However, the current available data of the government department shows the property market might actually be in downturn.

According to DSF, average housing prices for completed units in July and August were MOP77,568 per square metre, decreasing 6.47 per cent and 14 per cent compared to MOP82,936 and MOP91,100 for the second and first quarter of this year.

The government’s data is based on all transactions made on completed units for the months, while the index of Centaline covers transactions on newer projects, such as Vella de Mar, La Cite and La Baie Du Noble in Areia Preta; Nova Taipa Garden, One Grantai, Nova City, Prince Flower City and One Oasis in Taipa or Cotai; and The Praia, One Central, L’Arc, The Residencia Macau and Green Island on other parts of the Peninsula.

Source: http://macaubusinessdaily.com/Property/Realtor-Property-market-upturn

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