53
Graph 1 average transaction value of residential properties
Total number of buyers
in residential transactions
Value (10^3 MOP)
3000
in January 2009: 230
2500
Graph 3. proportion of buyers:
2000
1500
14%
1000
Non-Residents
500
86%
Residents
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2008 2009
Graph 2 average transaction price of residential units per m2
Total value of
residential
Value (MOP)
30000
transactions in
299 (10^6 MOP)
25000
January 2009:
20000
Graph 4. proportion of buyers:
Value of residential units sold
15000
as per record of stamp duty:
10000
27%
5000
Non-Residents
73%
0
Residents
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008
Source: DSEC
luxury properties in Macau. in January – a sharp departure from the several months ago but nothing more has
Official data shows that the average past when foreign investors accounted for been heard from the government since.
transaction price of residential units with more than half of the aggregate transac- As a result, some potential homebuyers
a floor area of more than 150 square me- tion value in Macau’s property market. are still hesitant to enter the market even
tres, which largely belong to the category Without the influx of investor cash, though they have savings in the bank.
of high-end properties, has plummeted many analysts believe that it will take a Meanwhile, the third quarter of this
from MOP53,768 per square metre in the longer time for the local market to reach year may prove to be a critical time for
fourth quarter of 2007, to MOP26,500 in another peak. the property sector. According to Chong
the same period of 2008, a drop of more Sio Kin, president of the Association of
than 50 percent. Lack of details Real Estate Developers, mortgage loans
On the other hand, the value of mass made before the third quarter of last year
market properties has fallen by a much While the property sector readjusts (i.e. before the global financial crisis)
narrower margin and the average price after last year’s consolidation, market con- may see their value decrease if the banks
of residential units with floor areas un- fidence is crucial. However, many real es- concerned choose to re-assess the value
der 50 square metres, has even increased tate agents and property developers point of the mortgaged properties after one
by about 9 percent over the same period out that although the government has al- year.
of time. ready announced a string of proposals to If this does happen, it will lead to
At the moment the local property stimulate the market, it is yet to come up negative equity and further destabilise
market is mainly being propped up by with concrete details, thereby adding un- the market. But if the re-assessed value
local homebuyers, which made up 86 certainties to the sector’s outlook. does not drop significantly, it is gener-
percent and 73 percent of sales volume The mortgage loan interest rebate ally believed that the market will have an
and total transaction value respectively scheme, for example, was announced easier ride uphill.
april 2009
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