Residential property price index for January - March 2024
MACAU, May 8 - Information from the Statistics and Census Service (DSEC) indicated that the overall residential property price index was 226.5 in the first quarter of 2024, down by 3.2% quarter-on-quarter; the indices for the Macao Peninsula (225.3) and Taipa & Coloane (231.2) dropped by 3.5% and 1.8% respectively. The index for existing residential units (244.1) decreased by 3.3% from the previous quarter; the indices for those in the Macao Peninsula (234.6) and Taipa & Coloane (282.1) dipped by 3.1% and 3.6% respectively. Meanwhile, the index for pre-sale residential units (261.6) rose by 0.3% quarter-on-quarter.
In terms of three consecutive months, the overall residential property price index for January - March 2024 decreased by 1.3% over the previous period (December 2023 - February 2024). The index for the Macao Peninsula dropped by 1.7% while that for Taipa & Coloane increased by 0.4%.
The index for existing residential units went down by 1.4% from the previous period; the indices for those in the Macao Peninsula and Taipa & Coloane shrank by 1.6% and 0.9% respectively. Analysed by age of building, the indices for residential units of buildings of 5 years old or less and for those over 20 years old decreased by 2.7% and 2.0% respectively from the previous period, whereas the index for those between 11 and 20 years old climbed by 2.5%. Meanwhile, the index for pre-sale residential units rose by 2.4%.
With respect to usable floor area, the indices for residential units with a usable floor area between 50 and 74.9 square metres and for those with a floor area of less than 50 square metres decreased by 1.9% and 1.1% respectively from the previous period, while the index for those with a floor area between 75 and 99.9 square metres held steady. In terms of high-and low-rise buildings, the indices for residential units of buildings with seven storeys or less and for those with more than seven storeys dropped by 2.5% and 1.0% respectively.
In comparison with January - March 2023, the overall residential property price index fell by 9.0%, with the indices for the Macao Peninsula and Taipa & Coloane falling by 9.1% and 8.9% respectively.
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