Government of Macao Special Administrative Region Statistics and Census Service
PRIVATE SECTOR CONSTRUCTION AND
REAL ESTATE TRANSACTION 4th QUARTER/2008
No. 4
Official Statistics. Reproduction of these data is allowed provided the source is quoted.
Statistics and Census Service
17th floor, Dynasty Plaza, 411- 417 Alameda Dr. Carlos d’Assumpção, Macao Tel: 8399 5311 Fax: 2830 7825 Printed in February 2009
I. PRIVATE SECTOR CONSTRUCTION
In the fourth quarter of 2008, construction of 9 new buildings with a gross floor area of 27,293 m² has been started. Upon completion, these buildings will provide 21 units, 30 parking spaces for cars and 35 parking spaces for motorcycles. For the whole year of 2008, construction of 37 new buildings, with a gross floor area of 533,310 m², has been started to provide 2,046 building units.
The number of buildings completeda in the fourth quarter of 2008 totalled 16 and the gross floor area amounted to 227,411 m², providing altogether 946 units, of which 910 were residential units, including 424 two-bedroom and 483 three-bedroom apartments; in addition, 713 parking spaces for cars and 104 parking spaces for motorcycles were available. For 2008 as a whole, a total of 53 buildings with 584,147 m² gross floor area were completed, together providing 1,177 building units.
Table 1. Principal indicators of construction and completion of buildings
Construction of new buildings Completion of buildings
2007 2008 2007 2008 End-use
Annual Q4 Annual Q3 Q4 Annual Q4 Annual Q3 Q4
Number of buildings – total 73 17 37 14 9 76 14 53 22 16
Residential; residential and commercial 40 7 26 14 4 32 9 34 14 9
Commercial 6 - 1 - - 13 1 6 1 3
Office 1 - 1 - - 1 - 1 1 -
Industrial 7 2 1 - 1 1 - 2 - 1
Others 19 8 8 - 4 29 4 10 6 3
Gross floor area (m²) - total 2 199 805 537 903 533 310 377 424 27 293 1 926 247 592 856 584 147 236 341 227 411 Residential 573 461 38 025 323 188 278 468 1 171 265 266 164 302 147 482 8 968 120 262 Commercial 121 192 17 837 25 238 21 347 1 511 19 871 6 268 39 864 24 956 4 424
Office 38 456 - 23 688 - - 1 189 - 11 253 11 253 -
Industrial 40 298 7 656 5 695 - 1 304 9 518 - 11 619 - 3 280
Others 1 426 398 474 385 155 500 77 609 23 306 1 630 403 422 286 373 929 191 164 99 445 Number of units - total 4 390 343 2 046 1 729 21 2 051 1 173 1 177 61r 946
Residential 4 040 325 1 937 1 668 8 1 856 1 112 1 099 40 910
Commercial 135 10 92 59 5 148 54 47 10 22
Office 178 - 1 - - 13 - 2 2 -
Industrial 6 2 1 - 1 1 - 2 - 1
Others 31 6 15 2 7 33 7 27 9r 13
Parking spaces - total
For cars 7 920 1 619 2 412 1 776 30 4 918 1 769 1 476 424r 713
For motorcycles 1 007 54 494 26 35 2 791 675 675 269r 104
- Absolute value equals zero r Revised figures
aIncluding extended constructions.
II. REAL ESTATE TRANSACTION
1. REAL ESTATEb CONTRACTS MADE AND MORTGAGE
There were 1,395 cases of real estate sale and purchase contracts made in the fourth quarter of 2008, involving 1,719 units valued at MOP2.13 billion, down by 38.3% and 45.0% respectively over the preceding quarter. For 2008 as a whole, a total of 9,712 real estate sale and purchase contracts were made, with 12,890 units amounting to MOP14.36 billion, down by 33.3%, 32.5% and 24.0% respectively over 2007.
The total value of mortgage loans amounted to MOP2.42 billion, down sharply by 90.6% over the preceding quarter. For the whole year of 2008, the total value of mortgage loans fell by 40.5% over 2007 to MOP57.52 billion.
Table 2. Real estate transactions and mortgage
Mortgage credits Real estate transactions
Total Involving actual property transaction Year Quarter
Number of units
Value (MOP million)
Number of units
Value (MOP million)
Number of units
Value (MOP million)
2007 Annual 19 087 18 884 13 250 96 601 7 070 8 048
1 5 940 4 095 3 855 6 915 2 401 1 835 2 4 848 3 906 3 096 53 422 1 756 1 779 3 3 783 4 089 2 508 26 940 1 356 1 362 4 4 516 6 793 3 791 9 324 1 557 3 071
2008 Annual 12 890 14 360 11 847 57 523 4 740 6 110
1 4 364 4 238 4 097 23 870 1 587 2 065 2 4 022 4 114 3 988 5 446 1 616 1 987 3 2 785 3 876 2 584 25 790 968 1 348 4 1 719 2 131 1 178 2 418 569 710
2. TRANSACTION OF BUILDING UNITSc AS PER RECORD OF STAMP DUTYd 2.1. Transaction of building units
Based on Stamp Duty records, 2,003 building units were sold and purchased in the fourth quarter of 2008, the lowest level since 2002, down by 56.9% quarter-to-quarter; the respective value dropped significantly by 64.6% to MOP2.67 billion. Among these units, 37.4% (749 units valued at MOP1.53 billion) were new unitse that were within the property tax exemption period.
b In the analysis, the term “Real Estate” is classified according to the type of registration. Every unit of a property is considered as a separate item of real estate if individually registered; otherwise, the whole property is counted as one.
c Including residential, commercial, office and industrial units, parking spaces, hotel and other units.
d In 2008, sale and purchase of building units based on Stamp Duty records included transaction of those residential units valued at MOP3,000,000 or less that, according to Article 14 of Law no. 7/2007, were exempt to pay Stamp Duty.
e New building: refers to building units entitled to property tax exemption as stipulated in a) and b) of Clause 1 of Article 9 of the Regulation on Urban Property Tax currently in force, as well as separate units completed for up to four years. According to the aforementioned Regulation, the followings are considered as new building: 1) In the Macao Peninsula, residential and/or commercial units completed for up to four years, and up to five years for industrial units. 2) In the Islands, residential and/or commercial units completed for up to six years, and up to ten years for industrial units.
PRIVATE SECTOR CONSTRUCTION AND No.4 DSEC 4th QUARTER/2008 REAL ESTATE TRANSACTION
The majority (1,286 units valued at MOP2.15 billion) of the transactions, based on Stamp Duty records, were residential units that accounted for 64.2% of the total number of building units; the number of residential units and value decreased by 53.3% and 66.1% respectively over the preceding quarter. In addition, there were 80 commercial units, 71 offices and 26 industrial units.
Among these residential units, 944 units were situated in the Macao Peninsula, 338 in Taipa and 4 in Coloane. Analysed by transaction price, number of residential units sold for over MOP4,000,000 totalled 131 (10.2% of the total); 226 units (17.6%) for over MOP2,000,000 to MOP4,000,000; 239 units (18.6%) for over MOP1,000,000 to MOP2,000,000; and 690 units (53.7%) for MOP1,000,000 or less.
For the whole year of 2008, a total of 21,516 units valued at MOP35.02 billion were purchased and sold, down by 33.3% and 28.6% respectively over 2007.
Table 3. Transaction of building units by end-use as per record of Stamp Duty
2007 2008 End-use
Annual Q4 Annual Q3r Q4
Number of units 32 250 7 034 21 516 4 648 2 003
Residential 21 628 4 830 13 686 2 754 1 286
Commercial 1 823 399 1 177 288 80
Office 1 109 146 510 148 71
Industrial 252 66 185 37 26
Others 7 438 1 593 5 958 1 421 540
New buildings - subtotal 12 461 2 815 9 445 2 239 749 Old buildings - subtotal 19 789 4 219 12 071 2 409 1 254
Value (MOP million) 49 081 13 271 35 025 7 540 2 672
Residential 42 058 11 594 29 778 6 333 2 146
Commercial 2 524 712 2 074 503 194
Office 1 892 220 959 289 118
Industrial 515 166 334 67 33
Others 2 092 579 1 879 348 181
New buildings - subtotal 33 750 9 354 23 430 5 151 1 532 Old buildings - subtotal 15 330 3 917 11 595 2 389 1 141 r Revised figures
In the fourth quarter of 2008, 600 units (30.0% of the total) were purchased and sold under Intermediate Transfer of Titlef with a total value of MOP1.23 billion, down by 69.7% and 73.7% over the previous quarter. The majority of the units were situated at the districts of Baixa da Taipa, NATAP and Doca do Lamau, sharing 69.5%, 10.8% and 10.7% respectively.
f Intermediate transfer of title is a real estate transaction whose full transfer of ownership has not been completed. For taxation purposes, payment of 0.5% of Stamp Duty gives legal effects to the respective transaction.
Graph 1. Transaction of building units as per record of Stamp Duty
r Revised figures
2.2. Average transaction price of building units Residential units
Downward prices of residential units carried on to the fourth quarter of 2008, with the average transaction price dropping by 21.5% quarter-to-quarter to MOP18,064 per square meter of usable area.
The average transaction price of those in the Macao Peninsula decreased by 32.5% to MOP15,517 per square meter; however, the average price of those in Taipa increased by 12.8% to MOP24,863 per square meter, upon higher percentage of the transactions was new building units. For the whole year of 2008, the average price of residential units rose by 12.5% year-on-year to MOP23,316.
Analysed by year of building completion, the average transaction price was MOP28,176 per square meter for residential units completed in 2000 and after, a decrease of 10.8% over the preceding quarter.
The average price for those completed in 1990-1999 stood at MOP15,140 and the price for those completed in 1989 and before was MOP9,974, down by 12.4% and 23.5% respectively.
Analysed by size of the units, the average transaction price for residential units with an area of 100 to 149.9 square meters registered a notable decrease of 21.6% over the previous quarter to MOP25,274 per square meter. For those with an area of less than 50 square meters, the average price went down by 17.4% to MOP11,793 per square meter.
2 003 4 648
7 034
2 130 1 980
600 0
2 000 4 000 6 000 8 000 10 000 12 000
Q4 2006
Q1 2007
Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4
Total Intermediate transfer of title Number
r r r
PRIVATE SECTOR CONSTRUCTION AND No.4 DSEC 4th QUARTER/2008 REAL ESTATE TRANSACTION
Table 4. Average transaction price of residential units in selected districts
MOP/m2 2007 2008
Annual Q4 Annual Q1r Q2r Q3r Q4
Year of building completion Districtg
Overall 2000 and
after
1990 to 1999
1989 and before Macao 20 729 24 567 23 316 24 009 24 050 23 014 18 064 28 176 15 140 9 974 Macao Peninsula 18 740 19 373 21 815 20 163 24 308 22 999 15 517 27 121 14 063 9 974 Areia Preta e Iao Hon 10 705 11 828 13 915 12 121 15 649 14 453 10 879 ~ 12 626 7 333
NATAP 26 498 25 920 31 716 26 149 38 448 34 356 20 129 25 133 13 790 ~
Doca do Lamau 23 718 26 401 27 284 25 932 31 779 22 200 23 251 28 660 15 454 8 744 Horta e Costa e Ouvidor Arriaga 12 528 14 384 19 392 15 752 20 153 20 744 12 690 34 857 9 870 8 659
Barca 9 165 10 167 12 629 11 410 14 117 12 569 11 131 ~ 15 816 9 355
NAPE e Aterros da Baía da Praia Grande 45 799 47 061 36 730 38 968 36 605 33 118 28 194 36 724 17 773 ~ Barra / Manduco 8 600 9 021 11 464 10 527 12 079 11 551 12 081 15 072 9 137
Taipa 25 147 35 455 27 904 32 559 23 450 22 043 24 863 29 012 17 323 ~
Jardins do Oceano e Taipa Pequena 19 331 23 226 21 570 22 098 21 438 21 421 20 461 ~ 20 309 ~ Baixa da Taipa 23 828 27 518 26 776 30 235 23 703 21 631 24 739 28 026 15 279 ~
Coloane 15 707 17 170 20 527 16 938 21 442 25 982 16 103 ~ 16 103 ~
~ No figure provided r Revised figures
Graph 2. Average transaction price of residential units by unit size
r Revised figures
gThe division of districts is solely for statistical purposes.
27 386 53 768
26 500
34 594 32 228
25 274 16 685 20 141
19 971
11 793 14 285
10 810 5 000
15 000 25 000 35 000 45 000 55 000
Q4 2007
Q1 2008
Q2 Q3 Q4 MOP/m2
150 m and over2 100 - 149.9 m2 50 - 99.9 m2 less than 50 m2
r r r
With regard to the transaction of residential units under Intermediate Transfer of Title, the overall average transaction price amounted to MOP29,502 per square meter, down by 9.0% over the previous quarter. The average price of those residential units in the Macao Peninsula decreased by 6.0% to MOP30,439 per square meter, and the average price of those in Taipa went down by 10.7% to MOP29,423 per square meter. For the whole year of 2008, the average price of the residential units purchased and sold under Intermediate Transfer of Title rose by 7.2% year-on-year to MOP36,783.
Table 5. Average transaction price of residential units under Intermediate Transfer of Title
MOP/m2
2007 2008 District
Annual Q4 Annual Q3 Q4
Macao 34 304 42 530 36 783 32 430 29 502
Macao Peninsula 36 895 35 205 36 185 32 385 30 439
NATAP 35 528 34 374 38 473 38 843 31 063 Doca do Lamau 27 019 30 988 41 171 32 571 31 706 Horta e Costa e Ouvidor Arriaga 23 582 19 135 21 576 20 861 ~
Taipa 32 325 51 273 38 060 32 955 29 423
Baixa da Taipa 30 322 32 831 33 763 29 523 28 547
~ No figure provided
Industrial units and Office unitsh
In the fourth quarter of 2008, the average transaction price of industrial units was MOP5,285 per square meter, down by 14.4% over the preceding quarter.
Table 6. Average transaction price of industrial units by year of building completion
MOP/m2 Year of building completion
Year Quarter Industrial units
From 1990 to 1999 1989 and before
2007 Annual 5 368 6 311 4 696
1 4 226 5 087 3 876
2 4 152 4 407 4 047
3 5 935 6 646 4 114
4 6 697 8 606 5 972
2008 Annual 5 794 6 093 5 659
1 5 715 6 011 5 661
2 5 919 6 447 5 690
3 6 176 6 479 5 948
4 5 285 5 460 5 043
hOnly covers office buildings with ten storeys or higher.
PRIVATE SECTOR CONSTRUCTION AND No.4 DSEC 4th QUARTER/2008 REAL ESTATE TRANSACTION
Meanwhile, the average transaction price of office units dropped slightly by 0.8% quarter-to-quarter to MOP19,024 per square meter. The average price of office units at the Baixa de Macau district amounted to MOP12,723 per square meter and that at the NAPE e Aterros da Baía da Praia Grande district was MOP17,050 per square meter.
Table 7. Average transaction price of office units in selected districts
MOP/m2
2007 2008 District
Annual Q4 Annual Q3 Q4
Macao 17 929 21 877 21 314 19 176 19 024
ZAPE 20 057 21 227 22 692 30 106 22 482
NAPE e Aterros da Baía da Praia Grande 16 762 23 283 20 315 17 202 17 050 Baixa de Macau 21 038 22 047 25 396 26 912 12 723
The following statistical tables are available for download from our website:
1. Construction of residential units started in the private sector by type of unit 2. Completion of residential units in the private sector by type of unit
3. Types of notarial deeds by institution 4. Real estate transactions by notarial deed 5. Real estate mortgages by notarial deed 6. Real estate transactions by end-use
7. Real estate transactions by location, value and type of real estate 8. Real estate transactions by value of real estate and mortgage status
9. Real estate transactions with mortgage credits and value of mortgage, by value of credit and type of real estate
10. Building units transactions with mortgage credits and value of mortgage, by value of credit and end-use of building units
11. Real estate transactions by value of real estate, legal nature and place of residence or headquarters of buyer and seller
12. Real estate mortgages by value of credit and type of real estate
13. Real estate mortgages by value of credit and end-use of building units
14. Real estate mortgages not involving real estate transactions by value of credit, location and type of real estate
15. Real estate mortgages by value of credit, legal nature and place of residence or headquarters of borrower
16. Average transaction price of residential units by district
16A. Average transaction price of residential units under intermediate transfer of title by district
16B. Average transaction price of residential units by district (not including intermediate transfer of title and those that have been scheduled for value re-evaluation)
17. Average transaction price of residential units by district and year of building completion 17A. Average transaction price of residential units under intermediate transfer of title by district and year
of building completion
17B. Average transaction price of residential units by district and year of building completion (not including intermediate transfer of title and those that have been scheduled for value re-evaluation) 18. Average transaction price of residential units by unit size
18A. Average transaction price of residential units under intermediate transfer of title by unit size
18B. Average transaction price of residential units by unit size (not including intermediate transfer of title and those that have been scheduled for value re-evaluation)
19. Average transaction price of industrial units by year of building completion
19A. Average transaction price of industrial units under intermediate transfer of title by year of building completion
19B. Average transaction price of industrial units by year of building completion (not including intermediate transfer of title and those that have been scheduled for value re-evaluation)
20. Average transaction price of office units by district
20A. Average transaction price of office units under intermediate transfer of title by district
20B. Average transaction price of office units by district (not including intermediate transfer of title and those that have been scheduled for value re-evaluation)
The following tables are available in the Monthly Bulletin of Statistics of DSEC Table 40 - Buildings completed – private sector
Table 41 - Units and area of buildings completed – private sector Table 42 - Buildings started – private sector
Table 43 - Units and area of buildings started – private sector
Table 44 - Units and gross floor area of buildings completed – private sector Table 45 - Units and gross floor area of buildings started – private sector Table 46 - Building units sold as per record of Stamp Duty
Table 47 - Value of building units sold as per record of Stamp Duty
Table 48 - Number of buyers of transacted building units by buyers' status according to Stamp Duty records Table 49 - Value of transacted building units by buyers' status according to Stamp Duty records
Table 53 - Deeds notarized by type
Table 54 - Transactions of real estate by declared value Table 55 - Mortgage loans by credit value
SOURCES – Lands, Public Works and Transport Bureau Finance Services Bureau
1st Notary Office, 2nd Notary Office, Notary Office of the Islands and private notary offices
ACCESS TO STATISTICAL INFORMATION
Further statistical information can be obtained from the Documentation and Information Centre of the Statistics and Census Service of Macao:
17th floor, Dynasty Plaza,
411-417 Alameda Dr. Carlos d´Assumpção, Macao
Tel. : 8399 5311 Fax : 2830 7825
E-mail: info@dsec.gov.mo Website: www.dsec.gov.mo
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