Macau’s overall residential property price index for the March to May 2024 period decreased by 0.9 per cent to 219.9, compared to the previous reporting period.
According to the latest data released by the Statistics and Census Service (DSEC), the indices for the Macau Peninsula, as well as Taipa and Coloane during the same period dropped by 1.2 per cent and 0.1 per cent respectively, to 217.1 and 230.7.
In a year-on-year comparison, the overall residential property price index saw a significant decline of 12.5 per cent.
The measure was once as high as 268.3 in the same period in 2019 before the pandemic.
In April this year, Macau authorities announced the removal of major curbs with the objective of giving the ailing housing market a boost.
Earlier this month, local real estate agency Centaline Property said that developers appeared to have prioritised sales volumes over prices in the second quarter, resulting in discounts of 20 per cent to 30 per cent on new offerings.
In terms of overall transaction prices, the average price per square foot stood at about MOP7,000 (US$870) in the second quarter, with the figure expected to rise to about MOP7,897 next quarter – a drop of 10 per cent from the last year.
