Average price of Macao's residential units down 17.9 %

The average transaction price of Macao's residential units decreased by 17.9 percent quarter-to-quarter to 36,345 patacas (4,543 U.S. dollars) per square meter of usable area in the third quarter of 2011, according to the figures released on Thursday by the city's Statistics and Census Service (DSEC). The figures indicated that residential unit price of Macao Peninsula, Taipa Island and Coloane decreased by 16.3 percent, 10.1 percent and 11.7 percent respectively quarter-to-quarter to 35,416 patacas, 38,162 patacas and 61,893 patacas. In the third quarter of 2011, a total of 2,262 cases of real estate sale and purchase contracts were made, down by 35.8 percent quarter-to-quarter, and the number of units dropped by 29.5 percent to 3,032. Meanwhile, there were 1,884 cases of residential mortgage contracts signed, a decrease of 24.4 percent quarter-to-quarter. The DSEC explained that the purchase and sale of property decreased significantly in the third quarter of 2011 on account of the measures introduced by the SAR government to curb the soaring property prices. In the third quarter of 2011, gross floor area of buildings completed stood at 18,066 square meters, altogether providing 122 units (107 are residential units), 73 parking spaces for cars and 38 parking spaces for motorcycles, according to the DSEC.