66 Property
2008 –plummeting from 2,059 trans-
Graph 1 Average transaction value of residential properties
actions in the beginning of the year
to 316 transactions at the end - sales
Value (10^3 MOP) figures in 2009 only went up – surg-
3000
ing from 172 transactions in January
2500
to 2,003 transactions in December.
2000
Halting the slide
1500
The growing transaction volume in
1000
the housing market has halted the
500
downward spiral of home values in
Macau. The average value of residen-
0
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
tial units rose by 6.1 percent quarter-
2008 2009
on-quarter to MOP25,631 per square
metre during the last three months of
2009. The figure is the highest since
records began.
Graph 2 Average transaction price of residential units per m2
In terms of location, properties in
the NAPE and Praia Grande districts
Value (MOP)
30000
remain the most sought after, with
the average value of homes located in
25000
these areas standing at MOP49,271 in
20000 2009 – way above the median value.
In the fourth quarter of 2009, the
15000
value of housing loans was MOP9.07
10000 billion, bringing the aggregate
value for the whole year of 2009 to
5000
MOP52.01 billion, down by 9.6 per-
0
cent year-on-year.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008 2009
Construction decline
More than 3,000 residential units
Source: DSeC
were added to local supply in 2009,
representing a three-fold increase
from the previous year.
Graph 3. Proportion of buyers:
However, the construction of new
buildings has declined slightly from
10%
Total number of buyers
1,937 in 2008 to 1,429 in 2009.
in residential transactions
The housing market’s healthy
Non-Residents
90% in 2009:
statistics have translated into upbeat
Residents
sentiment among homebuyers and in-
15,460
vestors. According to many property
agents, home-sellers have raised their
asking price across the board in recent
months as they anticipate the market
to further heat up later this year.
Graph 4. Proportion of buyers:
Huge offer
The rosy outlook is also supported by
developers. A new waterfront high-
18%
Total value of residential
end residential building in the Inner
transactions in 2009:
Harbour is expected to fetch high
Non-Residents
82%
prices upon its launch. An agent fa-
Residents
21,517
miliar with the situation told Macau
Business that a US-based institutional
(10^6 MOP)
investor recently offered to buy the
whole block for US$2 billion.
But the developer turned down
the offer because it is confident that
home values will continue to rise
in 2010.
March 2010
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