Information from the Statistics and Census Service (DSEC) indicated that Macao’s waning property transaction continued. Based on Stamp Duty records, 2,003 building units were sold and purchased in the fourth quarter of 2008, the lowest level since 2002, down by 56.9% quarter-to-quarter; the respective value dropped significantly by 64.6% to MOP2.67 billion. Among these transactions, 600 units that were worth MOP1.23 billion were purchased and sold under Intermediate Transfer of Title, down notably by 69.7% and 73.7% respectively. For the whole year of 2008, a total of 21,516 units valued at MOP35.02 billion were purchased and sold, down by 33.3% and 28.6% respectively over 2007. The majority (1,286 units) of the transactions, based on Stamp Duty records, were residential units and the respective value amounted to MOP2.15 billion, down by 53.3% and 66.1% respectively quarter-to-quarter. Among the residential units, 944 were situated in the Macao Peninsula and 338 in Taipa. In terms of transaction price, 53.7% (690 units) were sold for MOP1,000,000 or less and 18.6% (239 units) for over MOP1,000,000 to MOP2,000,000. Downward prices of residential units carried on to the fourth quarter of 2008, with the average transaction price dropping by 21.5% quarter-to-quarter to MOP18,064 per square meter of usable area. The average transaction price of those in the Macao Peninsula decreased by 32.5% to MOP15,517 per square meter; however, the average price of those in Taipa increased by 12.8% to MOP24,863 per square meter, upon higher percentage of the transactions was new building units. Meanwhile, the average price of residential units purchased and sold under Intermediate Transfer of Title was MOP29,502 per square meter, down by 9.0% over the previous quarter. The average price of office units amounted to MOP19,024 per square meter, down slightly by 0.8% over the preceding quarter; the average price of industrial units declined by 14.4% to MOP5,285 per square meter. For the whole year of 2008, the average price of residential units rose by 12.5% year-on-year to MOP23,316 and those under Intermediate Transfer of Title increased by 7.2% to MOP36,783. There were 1,395 cases of real estate sale and purchase contracts made in the fourth quarter of 2008, involving 1,719 units valued at MOP2.13 billion, down by 38.3% and 45.0% respectively over the preceding quarter. For 2008 as a whole, a total of 9,712 real estate sale and purchase contracts were made, with 12,890 units amounting to MOP14.36 billion, down by 33.3%, 32.5% and 24.0% respectively over 2007. The construction of 9 new buildings with a gross floor area of 27,293 square meters has been started in the fourth quarter of 2008. Upon completion, these buildings will provide 21 units, 30 parking spaces for cars and 35 parking spaces for motorcycles. Meanwhile, a total of 16 buildings with a gross floor area of 227,411 square meters were completed, providing altogether 946 units, 713 parking spaces for cars and 104 parking spaces for motorcycles. In 2008, 53 buildings with a gross floor area of 584,147 square meters were completed, providing a total of 1,177 units. In 2008, sale and purchase of building units based on Stamp Duty records included transaction of those residential units valued at MOP3,000,000 or less that, according to Article 14 of Law no. 7/2007, were exempt to pay Stamp Duty.
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