Property prices continue to fall
While the decrease – just 1.3 percent overall – is small, a trend has become evident, the latest figures show.
The overall residential property price index for the August to October period fell by 1.3 percent when compared to the July to September period, the Statistics and Census Service (DSEC) says.
Prices for existing properties on the Macao peninsula fell by 1.5 percent. Those in Taipa and Coloane fared a little better – decreasing by 0.7 percent.
Meanwhile, the pre-sale prices of residential units stayed stable across the board.
When analysed by age, units in buildings aged between 11 and 20 years old saw the biggest decline: 5.4 percent. Those in even older buildings saw 0.8 percent dips, while prices for units in buildings less than five years old grew by 0.4 percent.
[See more: Macao residents can now buy more property in Shenzhen]
Units with a usable floor area of between 50 and 74.9 square metres experienced a marginal increase in value of 0.2 percent. Prices fell for units of all other sizes.
Last month, the government announced it would ease cooling measures implemented to curb property speculation more than a decade ago. The deregulation, set to start on 1 January, will see the 5 percent stamp duty for second homes axed.
Also last month, the government put its so-called sandwich-class housing scheme on hold due to lacklustre demand.
The scheme had been intended to help those who earned too much to buy a flat under Macao’s home-ownership scheme, but not enough to afford a flat in the private housing market, get onto the housing ladder.
