Property Outlook In Macau: Sales Dip By 18.1 Per Cent Year-on-year

While that’s a concern, the silver lining is that the average transaction price of residential units rose by 1.25 per cent during 2020, up from the previous year’s 3.04 per cent fall.In an April 2021 Global Property Guide report about Macau’s housing market stabilisation, it was noted that house prices were up 1.25% during 2020. Credit: quoteddata.com

It is a sign of things to come in Macau’s residential property market. According to Gregory Ku Ka Ho, managing director at JLL Macau, the total number of residential property sales in Macau shrunk by 18.1 per cent year-on-year, indicating a “significant” contraction, reported Macao News. Based on the December 2020 news, 6,184 residential property sales transactions were captured, along with 886 presale transactions. Ku had hoped for the total number of residential sales transactions to be around 6,400 in 2020.Other findings also revealed that two-bedroom units in 20 to 30-year-old buildings were in huge demand with young, first-time buyers as they were eligible to apply for mortgages of up to 80 per cent to purchase a unit priced at no more than MOP 8 million .

However, in an April 2021 Global Property Guide report about Macau’s housing market stabilisation, it was noted that house prices were up 1.25% during 2020. While its housing market slowed sharply in the past two years, due to slower economic growth in Mainland China, as well as the civil unrest in Hong Kong, and Covid-19 pandemic which adversely impacted Macau’s gaming, tourism, and property sectors, there’s a silver lining as the market shows signs of improvement.

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