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Property | Market Watch


Average transaction value of residential properties as per record of stamp duty Value (MOP thousand)


6,000 5,000 4,000 3,000 2,000 1,000 0


Total number of buyers in residential transactions in the  rst four months of 2011:


10,653 Proportion of buyers Non-Residents Jan Feb Mar Apr May Jun 2010


* Notes: 1. The data includes transactions of residential units exempted from stamp duty. 2. The data covers residential units with stamp duty paid during the reporting month.


Average transaction price of residential units per square metre


60,000 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0


Total value of residential transactions in the  rst


four months of 2011: MOP


32,658 Proportion of buyers Non-Residents Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Oct Nov Dec


Jan Feb Mar Apr 2011


* Notes: 1. The data includes transactions of residential units exempted from stamp duty. 2. The data covers residential units with stamp duty bill issued during the reporting month. 3. Some residential units may not be included in the data made available by the Financial Services Bureau for privacy reasons.


33% 67% Residents After four strong months, the prop-


erty market has been  at since late April, when the new duty was announced, says Ricacorp executive director Jane Liu. “Generally speaking, property owners still have con dence in Macau’s economy and therefore they did not substantially reduce selling prices.” The latest of cial data still does not


hint at any drop in the number of deals. In April, 3,485 homes were sold, 58 per- cent more than a year before, accord- ing to the Statistics and Census Service. Together they fetched MOP19.2 billion (US$2.4 million), 211 percent more than in April 2010. The number of


transactions in the


primary market reached 2,544, about 129 percent more than a year before, with a value of MOP17.4 billion, about 265 per- cent more. Sales of homes in the Green Island, SoHo Residences and One Oasis bumped up the numbers. The Financial Services Bureau says the average price per square metre of res-


JULY 2011


idential space was MOP50,512 in April, 28 percent more than a year before and 4 percent more than in March.


May showers However, Ms Liu says property


that in May transaction volumes were


“nearly 80 percent” lower than in May 2010. Of cial  gures will be made pub- lic early this month. Ms Liu says the government caught


the market by surprise when it took the unusual step of asking the Legislative As- sembly to approve the new duty using an emergency procedure. “Thus, the turno- ver is believed to have plunged again” in June, she says. The duty should be “comparatively


more signi cant for short-term speculators, despite currently a number of  nancially- empowered speculators being able to hold properties for two years before selling them out”, Ms Liu says. “In contrast, the policy has little impact on long-term inves- tors, and property prices will still rise.”


Gregory Ku, the managing director


of Jones Lang LaSalle Macau, agrees. In an opinion article in the South China Morning Post last month, Mr Ku said the duty would have little effect on prices, in part because holding costs are low in Macau owing to low interest rates. This makes investors more willing to hold on to their properties, hoping for further capital gains as the economy grows and the transport infrastructure improves. Mr Ku said demand for homes in


Macau comes mainly from residents. He said owner-occupiers and long-term in- vestors were expected to continue to be the driving force in the market. ”And giv- en the limited supply of properties antici- pated in the months to come, home prices are expected to continue to hold  rm – with good potential for the longer term.” The


government says this will


change in the coming years, as more than 35,000 new  ats are to be built by 2015, of which 22,500 will be public housing.


Jul Aug Sep Oct Nov Dec


Jan Feb Mar Apr 2011


17% 83% Residents


Source: Financial Services Bureau


Source: DSEC


Source: DSEC


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