Real estate news on Macau

Written on June 17, 2006 by a2zMacau

Home rents in Macau could rise by as much as 20 per cent during the
year because of increased demand from new residents coupled with a
stand still housing supply, warns a property company.

Midland Surveyors (Macau) said the local market was heating up with
more than 10,000 outsiders expected to take up hotel, restaurant and
financial services jobs in the city this year. It added that rents in
some high quality new developments popular with expatriates had risen
49 per cent year on year by April.

When several large hotel and casino resorts open in the second half of this year, a three-bedroom, one-living room flat in popular areas could command 6,000 to 10,000 patacas a month, with rent returns poised to climb to 7 per cent, the company says.

Macau recorded 20,022 real estate sales and purchase contracts in 2005,
a year-on-year rise of 7.5 per cent, according to data from the
government's Statistics and Census Service (SCS). The total value of
sales in the year was16 billion patacas (US$ 2 billion). Sales of
residential flats accounted for around two thirds of all property deals
in the year. The total value of mortgages approved in 2005 reached MOP
17.13 billion, a 10.1 per cent dip over the previous year.

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