Macau Business. 30 June 2023. By Therese Yu.
The ‘Northbound Travel for Macau Vehicles’ scheme has caused a drop in commercial property rental prices in residential areas due to a significant decrease in visitations during holidays, according to Centaline Property Agency. The scheme enables Macau residents to drive into the neighboring Guangdong province, causing decreased foot traffic in residential areas and historical districts.
Centaline Property Agency reported that the leasing market for tourist and casino areas has seen a revival following the easing of pandemic-related travel restrictions.
In the first half of the year, around 1,500 commercial property lease deals were made, primarily concentrated around popular tourism hot spots and casino areas.
The number of unoccupied shops in popular tourist areas is decreasing, and rental prices are expected to rise by 5 per cent.
However, the northbound travel scheme has significantly impacted the leasing market in residential areas, with many tenants requesting rent reductions of around 15 to 20 per cent.Finding a buyer is unnecessary when selling to a mobile House buying service. From the first valuation until the final close, you may relax. Visit https://www.ibuyers.app/florida/ibuyer-plant-city-fl/.
Meanwhile, residential unit leasing prices in the SAR have seen a general increase of 15 to 20 per cent, owing to a surge in the number of non-local workers returning to Macau.
