Information from the Statistics and Census Service (DSEC) indicated that the property market of Macao moderated considerably in the third quarter of 2008. Sale and purchase of building units with stamp duty paid were 4,229 and the total value amounted to MOP7.07 billion, down significantly by 42.4% and 35.7% respectively over the previous quarter. Among these transactions, 1,980 units (46.8%) with a total value of MOP4.66 billion were purchased and sold under Intermediate Transfer of Title, down notably by 37.1% and 32.9% respectively. The majority (2,335 units or 55.2%) of these transactions were residential units and the respective value amounted to MOP5.86 billion, down by 42.7% and 36.3% respectively over the second quarter. Among the residential units, 1,976 were situated in the Macao Peninsula, 346 in Taipa and 13 in Coloane. In terms of the transaction price, number of residential units sold for over MOP4,000,000 totalled 522 (22.4% of the total); 402 units (17.2%) for over MOP2,000,000 to MOP4,000,000; 558 units (23.9%) for over MOP1,000,000 to MOP2,000,000; and 853 units (36.5%) for MOP1,000,000 or less. In the third quarter of 2008, the overall average transaction price of residential units dropped by 3.7% over the previous quarter to MOP23,819 per square meter of usable area; the average transaction price of those in Taipa decreased by 6.2% to MOP22,085 per square meter and the average price of those in the Macao Peninsula decreased by 5.1% to MOP23,911 per square meter. The average transaction price of office units amounted to MOP19,176 per square meter, down by 20.5% over the preceding quarter; however, the average price of industrial units rose by 4.3% to MOP6,176 per square meter. The average price of the residential units purchased and sold under Intermediate Transfer of Title was MOP32,430 per square meter, down by 13.0% over the previous quarter, more than the decrease of the overall average price, within which the average price of those in the Macao Peninsula decreased by 20.6% to MOP32,385 per square meter. There were 2,064 cases of real estate sale and purchase contracts made in the third quarter of 2008, involving 2,785 units and a total value of MOP3.88 billion, down by 30.8% and 5.8% respectively over the preceding quarter. The construction of 14 new buildings with a gross floor area of 377,424 m² has been started in the third quarter of 2008. Upon completion, these buildings will provide 1,729 units, 1,776 parking spaces for cars and 26 parking spaces for motorcycles. Meanwhile, a total of 22 buildings with a gross floor area of 236,341 m² were completed, providing altogether 62 units, 395 parking spaces for cars and 248 parking spaces for motorcycles.
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