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Macao's property transactions hit record low since 2002

(Xinhua)
Updated: 2009-02-17 17:19

Based on stamp duty records, 2,003 building units were sold and purchased in Macao in the fourth quarter of 2008, the lowest level since 2002 and down by 56.9 percent quarter-to-quarter, according to the figures released on Tuesday by the city's Statistics and Census Service (DSEC).

The value of these property transactions dropped significantly by 64.6 percent to 2.67 billion patacas ($338 million) in the period, and the majority (1,286 units) of the transactions were residential units and the respective value amounted to 2.15 billion patacas, dropping by 53.3 percent and 66.1 percent respectively quarter-to-quarter, the DSEC said.

In terms of transaction price, 53.7 percent (690 units) were sold for one million patacas or less and 18.6 percent (239 units) for over one million patacas to two million patacas, according to the DSEC figures.

For the whole of 2008, a total of 21,516 units were purchased and sold, down by 33.3 percent over 2007, while the average price of residential units rose by 12.5 percent year-on-year to 23,316 patacas.