The Statistics and Census Service (DSEC) released the residential price index for 2016, which is calculated with 2011 as the base year. Information indicated that the residential price index climbed to its highest level in the second and third quarters of 2014, followed by a downward trend before regaining momentum in the second quarter of 2016. Yet, the annual average index for 2016 was still lower than that for 2015, while the rate of decline slowed down.
The overall residential price index was 219.3 in 2016, down by 3.4% year-on-year; the index for the Macao Peninsula (222.0) dropped by 3.9% and that for Taipa & Coloane (207.0) edged down by 0.4%. The index for existing residential units was 225.0 and that for pre-sale residential units was 200.8, down by 3.8% and 2.0% respectively. In terms of year of completion, indices for all groups of existing residential units registered decrease; the index for those built more than 20 years ago (222.8) fell by 3.6% and the index for those completed between 11 and 20 years ago (227.8) dropped by 2.0%. According to usable floor area, the index for units with a floor area of less than 50 square metres (221.7) had a bigger drop of 4.9%, while the indices for those with a floor area of 75 to 99.9 square metres (192.4) and those with a floor area of 100 square metres or more (199.6) fell by 3.2% simultaneously.
Analysed by quarter, the overall index as well as the indices for existing residentialunits and pre-sale residential units increased in every quarter since the second quarter of 2016. The quarter-to-quarter growth in the overall index was 6.9% in the second quarter, 2.8% in third quarter and 4.3% in fourth quarter of 2016.
In the fourth quarter of 2016, the overall index was 233.1, up by 10.3% year-on-year, with the indices for the Macao Peninsula (233.7) and Taipa & Coloane (230.1) rising by 7.8% and 23.2% respectively. The indices for existing residential units (236.7) and pre-sale residential units (229.3) rose by 9.2% and 23.9% respectively. The indices for residential units built between 6 and 10 years ago and for those with a usable floor area between 75 and 99.9 square metres increased more significantly by 14.3% and 15.1% respectively year-on-year.
DSEC compiles the residential price index on the basis of the methodologyproposed by the University of Macau in the study report of "Compilation of Residential Price Index of Macao" released in October 2016, using administrative records of application for payment of stamp duty provided by Financial Services Bureau. Starting from the first quarter of 2017, information on the residential price index will be regularly released in the quarterly brief report of "Private Construction and Real Estate Transactions".