Local property market saw home transactions rebound in November following housing prices plunging by double digits in the month, the latest official data released yesterday by the Financial Services Bureau (DSF) shows. In November, the city’s average housing prices fell by 18.4 per cent year-on-year to MOP74,771 (US$9,346) per square metre , compared to MOP91,731 per square metre one year ago. On a month-on-month basis, home prices also dropped by some 5.8 per cent from MOP79,344 in October. The decrease in the home prices drove a total of 515 transactions completed in the residential sector in November, which is up by 8.4 per cent year-on-year, or 34.5 per cent month-on-month. Of the total, 381 or 74 per cent were made for housing units on the Peninsula, while the other 79 and 55 were for houses in Taipa and Coloane, respectively. Average housing prices in Taipa registered the most notable decrease in November. During the month, a unit there cost around MOP76,189 per square metre, shrinking by 37.3 per cent compared to MOP121,607 per square metre one year ago. In addition, such prices declined by some 13.9 per cent from October’s MOP88,555. Asset values of residential units on the Peninsula also recorded a year-on-year decrease of 16.5 per cent, or a month-on-month drop of 8.9 per cent, costing approximately MOP67,898 per square metre on average. However, housing prices for property in Coloane were slightly up by 0.3 per cent year-on-year to MOP108,999 per square metre, which is a month-on-month decrease of 9.85 per cent. In terms of unit type, 443 of the total housing transactions were made on completed units, while the other 72 were off-plan sales. On average, home prices for completed units were cheaper than those that are still under construction. According to the DSF data, prices for completed units amounted to MOP68,605 in the month, which is down by 13.5 per cent compared to MOP79,355 one year ago. Those in Macau, accounting for most of the total, cost even below the average, at some MOP65,510 per square metre, which is a year-on-year decrease of 15.1 per cent. In addition, home prices for completed flats in Taipa dropped by some 16.3 per cent year-on-year to MOP75,205 per square metre. For off-plan sales, each square metre was sold at MOP106,944 in November, which is down by 22.5 per cent compared to MOP137,948 during the same period of last year. 53 transactions of the total off-plan sales were made for units in Coloane, where prices reached MOP107,481 per square metre. Meanwhile, uncompleted units in Macau Peninsula cost MOP104,122 per square metre, which is down by 16.1 per cent year-on-year.
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