The city’s property market expects a slow third quarter as no stimuli have yet emerged to turn around the weakened transactions seen so far, and the average home price may even track a slight decrease when compared to the previous quarter, estate agencies Ricacorp (Macau) Properties Ltd. and Midland Realty (Macau) predict. The average home price here for the third quarter may level off or drop 2-3 percent from the previous quarter, while monthly transactions amount to about just 400 cases, Ricacorp Macau and Midland Macau told Business Daily. “In the coming months we don’t see any support policies [for home purchase] here,” said senior regional director of Ricacorp Macau Jennifer Un, adding that home transactions may remain weak in the third quarter. “There haven’t been any new home projects launched for sale here to stimulate the transaction atmosphere; and the recent big fluctuations in the [China] stock market have also imposed some negative psychological impact upon buyers,” she added. In the second quarter of this year, the average home price was MOP95,565 per square metre, up 7.2 per cent from the previous quarter but still a drop of 16 per cent compared to a year ago, according to data from the Financial Services Bureau (DSF). The Bureau has also recorded a total of 1,848 home transactions in the second quarter, some 500 fewer than a year ago. Some of the high-end, big-scale residences here have already seen their average prices drop by at least 20 per cent from their peak level last year as owners have found it easier to sell their units at a discounted price, Ms. Un and Midland Macau’s chief executive Ronald Cheung said. “For some of the big-scale residences in ZAPE district [on the Macau Peninsula] and Taipa, such as Nova Park, their average price has already dropped by 20 per cent or more,” said Mr. Cheung. “Some even show a 30 per cent drop when compared to last year. The drop does not really represent a panicky sell-off by homeowners but it’s true it’s been easier to sell their flats at a discounted price.” “For the rest of this year, I think a monthly 400 to 500 home transactions are still achievable,” Ms. Un remarked. Macau saw a monthly average of about 444 home transactions from September to December last year, DSF data shows. “We’ll see how the market reacts or if more purchase sentiment is stimulated if Windsor Arch [a high-end residence near Macau Jockey Club in Taipa] can secure an occupation permit by the fourth quarter,” she said.
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