Residential prices up 0.9 pct in February

The property market slightly declined in February according to official data released by the Financial Services Bureau (DSF) yesterday, showing that property market transactions had dropped by a third, for a total of 268 deals, compared to the 402 transactions registered in the previous month.
The number of transactions in February also dropped 14.38 per cent (313 deals) year-on-year. The average price of a residence for the month was MOP73,733 (US$ 9,232) per square metre, up 0.9 per cent compared to the previous month. Residential prices showed a year-on-year decrease of 17.5 per cent for the month.
Homes under construction throughout February were priced at MOP94,468 per square metre, but posted a decrease in value of 0.92 per cent compared to January, when prices were MOP95,342 on average. This also amounted to a drop of 26.5 per cent (MOP128,541) year-on-year.
Prices for completed flats amounted to MOP70,712 per square metre in February 2016, indicating a month-on-month increase (MOP69,507) of 1.73 per cent, or a year-on-year decrease (MOP81,258) of 12.9 per cent.
Per district, data showed that homes located in Taipa were cheapest when compared to those in Macau and Coloane in February, with residential flats in Taipa occupying on average 81 square metres of gross floor area, the largest average for the islands, and costing MOP71,922 per square metre.
Flats in Macau averaged MOP72,299 per square metre, and occupied an average area of 63 square metres. Meanwhile, real estate in Coloane registered as the most expensive, where homes averaging 73 square metres cost MOP92,914 per square metre.