Information from the Statistics and Census Service (DSEC) indicated that a total of 4,416 building units and parking spaces were purchased and sold in 2023 as per Stamp Duty record, a decrease of 2.8% year-on-year. The total value of transactions was MOP23.23 billion, down by 5.9%. Purchase and sale of residential units went up by 70 year-on-year to 2,879 units, and the total transaction value swelled by 1.8% to MOP18.30 billion. The transaction values of existing residential units (2,722 units) and pre-sale residential units (157 units) amounted to MOP17.42 billion and MOP882 million respectively. In comparison with 2019, the volume and value of residential units transacted declined by 65.2% and 64.2% respectively.

In 2023, the overall average price per square metre of usable area of residential units was MOP93,500, down by 0.3% year-on-year; the average price of those in the Macao Peninsula (MOP89,956) dropped by 3.4%, whereas the prices of those in Taipa (MOP97,367) and Coloane (MOP107,512) went up by 5.6% and 1.3% respectively. The average price of existing residential units (MOP92,348) dipped by 0.1% year-on-year, while that of pre-sale residential units (MOP122,848) decreased by 21.0%. As regards non-residential units, the average price per square metre of office units increased by 5.4% to MOP89,035, whereas that of industrial units went down by 1.9% to MOP47,238.

When compared to 2019, the average prices of residential units, office units and industrial units decreased by 13.0%, 17.9% and 14.1% respectively.

A drop in transactions of existing residential units and a rise in transactions of pre-sale residential units in the fourth quarter

Analysed by quarter, purchase and sale of residential units dropped by 103 quarter-on-quarter to 525 units in the fourth quarter of 2023. The total transaction value fell by 29.7% to MOP2.86 billion. Existing residential units transacted totalled 439, a decrease of 170 units quarter-on-quarter; the transaction value slid by 38.2% to MOP2.43 billion. On the other hand, number of pre-sale residential units transacted rose by 67 quarter-on-quarter to 86, accounting for 54.8% of the annual transaction volume of    pre-sale residential units. The transaction value stood at MOP424 million, up by 226.6% quarter-on-quarter.

The overall average price of residential units was MOP89,259 in the fourth quarter, down by 1.6% quarter-on-quarter. The average price of existing residential units decreased by 3.6% quarter-on-quarter to MOP86,417. The transacted units were mainly in Baixa da Taipa (68 units), NATAP (47 units) and Areia Preta & Iao Hon (43 units), and the respective average prices per square metre were MOP94,217, MOP96,381 and MOP86,346. Meanwhile, the average price per square metre of pre-sale residential units dipped by 23.8% quarter-on-quarter to MOP108,645.

The average prices of office units (MOP75,454) and industrial units (MOP44,985) went down by 10.2% and 9.2% respectively quarter-on-quarter.

New residential construction consisted mainly of small units

As regards construction in the private sector, there were 6,415 residential units in the design stage, 2,286 under construction and 322 under inspection as at the end of 2023. During the year, a total of 183 residential units were issued the licence of use, all of which were located in the Macao Peninsula. Meanwhile, 437 residential units were issued the construction permit, and 436 of them were situated in the Macao Peninsula.

In the fourth quarter, 14 residential units were issued the licence of use, of which 64.3% were studio flats and 28.6% were one-bedroom units. Besides, 380 residential units were issued the construction permit, with studio flats and one-bedroom units accounting for 85.3% and 10.0% of the total respectively.