Macau Business. 19 April 2023. By Therese Tu.
Macau’s commercial property sales are expected to increase by 22 per cent in the second quarter of 2023, with the total amounting to MOP 1.32 billion, real estate agency Centaline Property said.
According to its estimate, commercial leasing volume is likely to go up by 15 per cent quarter-on-quarter, with the rents in tourist and casino areas expected to increase 20 per cent and 15 per cent respectively.
In the first quarter of the year, due to a rapid recovery in the tourism industry amid market optimism about its future, property owners decided to lease units instead of selling them, resulting in a spike in prices caused by a decrease in supply, the real estate agency noted.
90 commercial properties were sold in the first quarter of 2023, down 26 percent compared to the previous quarter. The majority of them were located in Taipa and the Areia Preta district, with price increases ranging from approximately 19 per cent to 24 per cent.
Meanwhile, a total of 365 commercial property leases were handled in the first quarter, representing an increase of 52 per cent compared to the previous quarter.
Rents in the tourist and casino areas saw a significant increase ranging from 75 per cent to 178 per cent, with some popular sites recording hikes of 3 to 4 times compared with the figure reported during the pandemic.
In addition, the average transaction price of commercial properties in Hengqin was approximately MOP 85,000 per square meter in the first quarter, representing a 41 per cent increase compared to the previous quarter.
Centaline Property cited that various favourable policies and subsidies launched in Hengqin, and closer cooperation between Hengqin and Macau, will make them more attractive to investors.
