Luxury property may be on the up but invest with care
Written on June 12, 2006 by admin
A wave of luxury housing projects are springing up in Macau, leading market analysts to wonder aloud whether there will be an over supply of property in this sector. When an earlier housing bubble burst in the early 1990s it left Macau with a glut of poor-quality and (even worse from an investor's point of view) empty buildings.
In those days, few developers were brave enough to build properties with anything other than the bare minimum standard required for the general market. The end result was a plethora of ugly social housing-style blocks many of which still blight Nape.
Now luxury property is on the rise with a vengeance. As the economy continues to grow vigorously, the previous lack of high quality property represents a significant gap in the market and a good opportunity for developers. Many investors from Hong Kong and the Mainland are buying up market properties in Macau on a speculative basis, expecting the demand to rise as thousands of overseas professionals arrive in Macau between now and 2008.
They also reckon that locals who benefit from the economic boom brought by the casinos will also trade up their properties in the next few years.
Source: Macau Business
Technorati Tags: macau
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