Macau’s high-end residential triving

Written on June 7, 2006 by admin

June 7, 2006, JonesLangLasalle - Macau’s high-end residential market remained active in the first quarter of 2006 amid the robust economic growth and improving employment prospects, reports Jones Lang LaSalle in its latest Greater China Property Index.

Not just casinos: Macau

Macau’s economy grew by 8.9% during the fourth quarter of 2005, bringing the full-year growth to 6.7%. Gross fixed capital formation surged by 56.9%, expenditure by non-residents increased by 6.2% and gaming receipts rose by 8.3% year-on-year.

At an industry level, visitor arrivals in Macau in 2005 totalled 18.7 million, those from Mainland China, Hong Kong and Taiwan jumped by 9.8%, 11.2% and 15.2% respectively. Same-day visitors accounted for 51.8% of the total arrivals. Retail sales grew hand in hand with the flourishing tourism industry. Total retail sales in 2005 expanded by 16.8%, with tourist-oriented retailers posing the strongest growth. Strong economic growth would benefit the development of various property sectors.