Property sales soar to quarterly record
      Author:anonymous     Source: http://www.macaudailytimes.com.mo     Release Time:2/18/2011 9:40:14 AM     View Times:10687

After a significant slowdown in the third quarter, real estate sales have soared in the final three months of 2010. According to official data from the Statistics and Census Service (DSEC), the value of residential units transacted almost doubled (up by 94.7 percent) to MOP 16 billion.
This figure is a new quarterly record high, easily overtaking the second quarter of 2010, where residential transactions reached MOP 13.78 billion. The new record is, for instance, higher than the figure for the whole of 2004, MOP 10.53 billion.
During the last quarter, 5,084 residential units changed hands, up by 39.3 percent quarter-to-quarter. The number of units sold under Intermediate Transfer of Title – which means the unit is yet to be completed – grew even faster, by 59.9 percent, to 1,567.
Units sold under Intermediate Transfer of Title already account for almost one-third (30.8 percent) of the total. In addition, the transaction value surged by 1.5 times quarter-to-quarter to MOP 9.96 billion.
On Wednesday, the Legislative Assembly approved the draft law to abolish the 0.5 percent stamp duty for intermediate transfer of real estate, one of the 10 measures announced by secretary for Transport and Public Works, Lau Si Io, late last year to curb speculation in Macau. Instead, the property transfer tax is directly imposed on speculators, essentially doubling the costs of transactions “by real estate speculators”.
Price doubles

The average transaction price of residential units also reached a new record high, MOP 33,397 per square metre of usable area, up 10.1 percent quarter-to-quarter. This index almost doubled (up 95.2 percent) in less than two years, since the first quarter of 2009, when it dropped to MOP 17,112.
The increase was mostly felt in Taipa, where the average price increased by 34.8 percent from the first quarter to MOP 39,876. “A lot of new units were sold at higher prices” in the island, DSEC explained.
Meanwhile, the average price of residential units in both the Macau peninsula (MOP 29,664) and in Coloane went up slightly by 0.5 percent. But the average price of units in Coloane is still the highest, at MOP 64,398 per square metre, likely due to transactions of units at luxury property One Oasis.
The average price of residential units under Intermediate Transfer of Title stood at MOP 49,298 per square metre, up by 8.7 percent from the preceding quarter.
During the last three months of 2010, a total of 8,818 building units – residential, industrial and office – were sold, up by 51.0 percent. Its value topped MOP 19.37 billion, an increase of 83.3 percent quarter-to-quarter.

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