The Macau Light Rail Transit (LRT) system’s East Line is to be extended to connect the city’s Border Gate to Qing Mao Port in Macau, thanks to solid support from China’s central government, which has agreed to lease land to Macau to enable the LRT extension. The line’s original design will be modified and tenders for the project could open as soon as this month.
Projects such as the East Line help both Macau residents and visitors to the territory to get around easily. Such infrastructure is an important bulwark of economic and social development, significantly improving business operations and productivity, enhancing competitiveness and market development, attracting high-tech industries, and improving people’s living environment.
The extension of the LRT’s East Line to Qing Mao Port and the opening of other lines will greatly improve the system’s overall coverage, encouraging more residents and tourists to choose it as a means of transport. The East Line will have a total length of 7.7 kilometres, and its six stations will all be under ground. It will connect the Border Gate, cross Urban Zone Area A, and directly link to the Taipa Line. The LRT’s Taipa Line will facilitate direct access to Macau’s major gateways, such as the Border Gate, the Taipa Ferry Terminal and Macau International Airport, and the Hengqin Line will provide access to Hengqin Port, connecting with the mainland’s high-speed rail network.
The East Line will ease vehicle traffic from Macau’s Northeastern areas to Urban Zone Area A, Cotai and other parts of the city during peak hours, reduce the traffic burden between Macau and Taipa, free up bus capacity for use on other routes, and improve road conditions overall. With the construction of the East Line, the waterway between Urban Zone Area A and the Macau Peninsula will be filled, and the problem of sewage odour that has plagued residents of the city’s northeast for many years will be solved.
Urban Zone Area A will be home to 32,000 residential units – of which about 24,000 will be economic housing and 4,000 social housing – and a total population of around 96,000. The area is located around the central green corridor and the LRT in the city’s north, meeting the needs of middle-aged and elderly people for convenient travel, leisure and sports. It will include comprehensive community infrastructure such as schools, alongside medical, healthcare, sports and cultural facilities, social service centres and business areas. Urban Zone Area A will boast three LRT stations serving almost all of the district’s residential areas. Its roads will also have bus lanes to ease traffic congestion.
Although Macau’s property market has been affected by the Covid-19 epidemic, with values down 13.3% year on year, the rollout of new, large-scale infrastructure such as the LRT’s East Line will pave the way for population growth in the future, ensuring significant ongoing demand for housing.
Budgets have been discussed during a review of the new housing law, and funds will continue to be deployed. Estimates are around MOP5,000 per square foot of saleable area and about MOP4,000 per square foot of gross floor area, which will affect Macau housing prices per square foot more broadly.
Our company, Bela Vista Property Services, believes that as long as the Covid situation continues to improve and visitors from all over the world are permitted to come to Macau, the territory’s economy will slowly recover, and the property market will pick up alongside it.
Bela Vista Property Services Limited
Nestled in historic Macau, The Fountainside is a freehold, low-density residential property located in the city’s prestigious Penha Hill district, which in colonial times was home to Portuguese nobility. The project has been thoughtfully designed to incorporate modern amenities such as private garages, landscaped gardens, gym facilities and an eco-friendly rooftop.
Macau’s real estate prices have been high in the past several years, and even amid the Covid-19 pandemic, the prices of new and secondary market properties have not dropped much. The territory’s government has maintained property market cooling measures in recent years, and has put in place preferential policies favouring first-time homebuyers. Consequently, properties priced below MOP8 million (approximately US$989,770) have become more popular. The prices of small and medium-sized units are relatively affordable and the purchase threshold is relatively low.
Nowadays, most young people live in small-family arrangements without their parents, and the number of single individuals living alone is gradually increasing. As a result, demand for small and medium-sized residential units has increased year by year, and transaction levels are fairly high.
Amid these dynamics and in order to meet Macau’s demand for smaller homes, The Fountainside’s developer has converted two duplex units with a total area of 5,933 square feet into three smaller units and added two car-parking spaces at the property. The units were reconfigured in the second quarter of this year and marketing is expected to begin in the fourth quarter. Many inquiries from prospective buyers have been received, demonstrating increased demand for residential properties among Macau residents looking to improve their quality of life.
The three brand new standard units range from studios to two-room apartments of 500-1,400 square feet. Their simple, elegant and generous design principles, fully considering factors of economy and utility, cater to the needs of all residents, providing quality surroundings in which to live. Storage space is discreetly integrated into the living spaces of each residence, and all units boast private balconies, and bathrooms and kitchens featuring fixtures and fittings crafted by top European brands.
The Fountainside sets a new standard for low-density luxury housing in Macau, with high-quality building materials, cutting-edge construction technology and a visible commitment to providing a distinguished and elegant living environment for residents.
The Fountainside’s unique architectural features blend classical European and modern styles. Emphasizing sustainability and environmentally-friendly design, and in line with the cultural conservation policies of Macau’s government, The Fountainside retains the Portuguese colonial-style exterior walls of the site’s original buildings.
Macau’s real estate market is recovering this year, giving The Fountainside considerable potential for appreciation. With its unique market positioning and prime location, coupled with a lack of new residential units in the area, The Fountainside is ideal for homebuyers looking for exceptional quality and lasting value.
For sales and marketing enquiries, please contact:
Bela Vista Property Services Limited
Tel: +853 2888 8822
Bela Vista Property Services noticed in March that one of our tenant was deciding to upgrade their home to our Simplex Suites at The Waterside, planning to start moving in early May.
The luxury four-bedroom suites, which boast ensuite bathrooms, each offer a generous 4,740 square feet of space on a single level. They are located on the higher floors of the development, with adjoining balconies boasting stunning views across Nam Van Lake and Penha Hill.
The Simplex Suites are designed with intelligence and the ultimate attention to detail, providing spacious living areas and outstandingly-equipped kitchens as ideal homes both for those who enjoy simply having the luxury of space and for those with larger families.
Our Standard Unit has been home to our tenant for a dozen years, but our Simplex Units offer more than double the amount of space, making them a tempting prospect for those seeking more generously proportioned dwellings. And for those for whom increased rent may be a consideration, the circumstances of the pandemic have prompted us to take the initiative to draw up tailored rental plans to ease the burden. Our tenant’s take-up rate of this specially designed offer has demonstrated tenant’s ongoing confidence and trust in our team.
In order to provide the ultimate in personal service, our entire team has been working intensively on detailed inspections of units, including all doors and windows, pipes and all other equipment to ensure that all electrical appliances are operating as they should, and arranging maintenance, repairs and replacements where required.
We have also invested considerable resources in maintaining all units in top-quality condition. All of our rental apartments come furnished with everything our tenants may require, from premium-quality mattresses, linens and towels to top-of-the-range kitchen appliances, cutlery and utensils.
We are proud to have provided our tenants with luxury accommodation since 2009, and we are keen to prepare for new arrivals. The Waterside is ideal for those seeking a luxurious lifestyle, and we consistently ensure that our guests enjoy the best possible experience during their tenancies in our rental apartments.
We can and will do everything possible to make our tenants’ stays exceed their highest expectations. Reach out to us if this sounds like the kind of lifestyle you desire. All of us at The Waterside look forward to welcoming you!
The Waterside https://watersidemacau.com
During the recent lunar new year period, the Macao Government Tourism Office (MGTO) held a series of Chinese New Year activities, such as parades and fireworks activities, as part of its drive to continue promoting Macau as a tourist destination, cooperate with local stakeholders in the tourism industry, and expand the sources of inbound visitors.
According to the MGTO, the number of travellers visiting Macau reached 33,208 on 25 February, making that day the fourth-biggest by single-day arrivals so far this year. Since 30,739 visitors were recorded on 13 January, visitation levels have recovered to around 30,000 daily. From 18-24 February, a total of 171,288 travellers visited Macau, with the average daily visitor count being 24,470 – an increase of 9.2% compared with January’s average of 22,401.
This year, the MGTO will continue to cooperate with airlines, e-commerce platforms and online travel agencies, taking a phased approach to facilitating discounts on airline tickets and hotel accommodation for mainland Chinese tourists throughout the year under the new slogan “Experience Macau • Enjoy Your Benefits”. The agency hopes to attract more tourists to Macau through the preferential programmes set up to leverage this slogan, extend tourists’ stays in Macau, stimulate consumption, and promote the recovery of the territory’s tourism-driven economy.
As the only part of China exempt from quarantine requirements, Macau has uniquely attractive advantages in terms of the leisure travel, shopping and entertainment opportunities it offers. In some provinces and cities on the Chinese mainland, the pandemic has made a resurgence, and visitors arriving at the Zhuhai-Macao land border must still show proof of a negative Covid test performed within the previous 48 hours. The number of daily border crossings from the Chinese mainland at the Macau-Zhuhai frontier is capped at 30,000 amid an increased willingness among mainland Chinese tourists to travel abroad.
Compared with other jurisdictions in the region, Macau remains relatively safe and very liveable. The real estate market in Macau has always been solid, and since the pandemic began, housing prices have changed little. Due to rigid demand in the market – especially among first-time buyers, young people and prospective buyers looking simply to move – most property owners are waiting for the pandemic to subside before offering their properties for sale, so Covid-related bargains will remain in short supply.
During this period, Macau should maintain its pandemic management measures. Unnecessary travel to high-risk areas and related flows of people should be curtailed. People who travel frequently between Zhuhai and Macau, for instance, should maintain a personal policy that restricts them to point-to-point activity, travelling between their workplaces and places of residence. People should take adequate safety precautions when using public transport, continue using effective personal protection measures such as masks and good hygiene practices, maintain social distancing, avoid participating in group activities, and ensure they and their families get fully vaccinated.
By working together, Macau’s residents can ensure the health and safety of their city is protected, enabling the territory as a whole to better weather the pandemic.
Property management is at the forefront of Covid preventing infections, and has become a high-risk industry. Bela Vista Property Services protects the safety of owners, users and management teams alike. The company has formulated detailed, efficient guidelines for health protection and is responsible for coordinating and handling infection prevention efforts by various teams. The purpose is to ensure that the properties managed by Bela Vista Properties meet stringent health and safety requirements. Under the company’s governance, responsibilities are effectively delegated to various teams and frontline employees. These measures are regularly reviewed and adjusted responsively to adapt to developments to maximise the degree of infection protection and prevention.
- Support for employees
Providing high standards of disease prevention and monitoring for frontline staff are at the heart of our pandemic control measures. Employees working in frontline roles are in constant contact with other people, exposed to higher health risks and required to undertake additional cleaning work. Employees have encountered varying degrees of difficulty and pressure. The company has provided a platform for interacting with employees to ensure that its entire team is performing accordingly. During the most severe Covid outbreaks in Macau, the territory’s borders were closed, so the company immediately provided accommodation for employees to enable them to stay safely in Macau.
- Purchasing and upgrading equipment
The company is committed to being the staunchest possible ally when it comes to protecting employees’ health and safety. It has purchased temperatures sensors and induction disinfection equipment as part of its measures to greatly reduce close contact between people. In addition, it has introduced disinfection and deep purification equipment to assist in the cleaning and disinfection of sofas, banquettes and office chairs, helping employees to perform their duties and improving their work efficiency. During this critical time, Bela Vista Property has also committed to carrying out large-scale internal optimization projects at The Waterside, including the replacement of floors, sofas, curtains and refrigerators, and providing residents with air-conditioner cleaning and pest control services to ensure they can enjoy a clean living environment.
- Infection prevention code for employees
The company has ramped up employee self-protection measures, enhanced Covid awareness and hygiene capacity, and has strictly enforced the wearing of masks at work, frequent hand washing, regular disinfection, temperature monitoring and entry registration. It has put measures in place for immediate action in the event of any abnormalities. The company accepts all Covid tests, in accordance with government regulations, and has implemented home isolation and observation measures for returnees to Macau. It has increased the frequency of disinfectant spraying in public areas and the regular disinfection of fittings and fixtures with which people frequently come into direct contact, such as door handles, handrails, elevator buttons, tables and seats in public areas. It has ensured supplies of essential items such as gloves, masks and disinfectants to cope with continued demand.
- Other operational adaptations
The company has enabled data-driven visitor logs, and visitors must undergo temperature checks, show valid health codes, and register basic personal information when entering or visiting properties in case future follow-up is required. When clients overseas wish to view The Waterside as potential long-stay accommodation but are in quarantine and unable to visit the property in person, the company provides video viewings.
Finally, the company’s measures to respond to a range of needs arising from the pandemic include new regulations and policies to support staff. In this most difficult time, safeguarding the physical and mental wellbeing of customers and colleagues, remaining mindful and conscientious, and maintaining a spirit of teamwork are a top priority.
Lilau Square is a city block at the northern foot of Colina da Penha (Penha Hill), encompassing Largo do Lilau and a number of streets on its periphery. In 2005, Lilau Square and the historic architecture in this area of central Macau area were included on UNESCO’s World Heritage List.
Chinese settled in the area around present-day Lilau Square many centuries ago. It was also one of the first areas in Macau to be settled by the Portuguese, who gave it the name by which it is remains known, meaning “mountain spring” in Portuguese. It was home to a freshwater spring – at the time the main source of potable water in Macau – and Ming Dynasty legend has it that an old lady had a well built there to collect its water.
Portuguese settlers were attracted to the sweet spring water gushing out of Lilau, and began building homes around the well. They also installed pipes to divert its water, and a faucet. During the colonial period, the phrase “One who drinks from Lilau never forgets Macao” became local lore, encapsulating the community’s attachment to the square.
The fountain in Lilau Square as it appears today was built during the 20th century, and the source of the spring water is actually located on the inclined alley Calçada do Lilau.
Lilau Square is situated in the southwestern part of Macau, close to the Inner Harbour. It boasts a typically Mediterranean atmosphere, examples of late-period Art Deco architecture, and two century-old banyan trees.
The square remains a somewhat traditional community with Portuguese roots that have endured to this day. It is a touchstone of Macanese culture and a treasure trove of Portuguese heritage, and many of the descendants of the Portuguese who were born and lived in the area became well known.
The fountain in Lilau Square inspired the name of The Fountainside, a low-density residential complex managed by Bela Vista Property Services, located close to the square and the Mandarin’s House – the residence of renowned 19th century thinker Zheng Guanyin.
The Fountainside’s original building dates from the 1950s. It was constructed in a characteristic Western architectural style, and its redevelopment was carried out with respect for the decorative features of that building and for the history of the area.
The development’s layout comprises essentially two parts. The first area – around the entrance/exit incorporated into the façade – has been preserved but reconfigured as four villas, offering residents a sense of the property’s heritage. The second part – around a newer residential entrance – is located on Rua da Penha, providing 38 standard units and two levels of basement parking, and incorporating modern living facilities to give the area an element of contemporary flair.
The neighbourhood is an historic one, meaning that most buildings lack elevators and other facilities. This has made The Fountainside popular among those who choose to reside locally and enjoy an enhanced living environment.
The Fountainside is a perfect sanctuary for unwinding in the tranquillity of a heritage enclave and immersing oneself in Macau’s discreet charm. It was awarded the Monomer Housing Design Award for Chinese Residential Projects in 2012 and 2014.
The development offers its residents an enviable ambience of quiet elegance that blends refined contemporary aesthetics with this rich history, and the dedicated services of a professional concierge team to cater to their every need.
As quality-of-life and living-space standards evolve and become steadily more refined, The Waterside at One Central Residences, Macau’s leading high-end serviced residence brand, has been further burnishing its enviable reputation by providing premium-quality services that cater to residents’ every need, continuously improving the residential environment to raise the bar when it comes to luxe living.
The Waterside’s core management team possesses more than 30 years of experience of property development, operation and management. Its members have created an unparalleled offering of resources and innovative services that set new standards of excellence, committing to the continuous enhancement of the brand in Macau as the last word in serviced residences.
The Waterside stands proudly on Macau Peninsula, enjoying a sweeping vista of the entrancing cityscape and Nam Van Lake, a sought-after waterfront address comprising 59 elegantly furnished suites for lease.
The Waterside is located in the heart of metropolitan Macau amid iconic landmarks and cultural and entertainment hotspots.
This coveted development is home to four types of units – duplexes, simplexes, sapphire units and standard units – each boasting views over the tranquil scenery of Nam Van Lake. The living environment offered by every dwelling at The Waterside is of impeccable quality, with even the smallest details considered and crafted to perfection.
Tailor-made rental plans meet the various requirements of all residents, making the units eminently well-suited to the needs of expatriates working in Macau and providing residents with a setting distinguished by exclusivity, convenience and luxury.
The Waterside’s community of long-stay residents, some of whom have called the development home for more than 10 years, attests to its continued appeal, even amid the Covid-19 pandemic, which Macau’s government displayed exemplary dexterity and decisiveness in rapidly containing and controlling.
New residents have also recently been attracted to The Waterside, many of whom are senior corporate executives joining the growing ranks of Macau’s business community, drawn to the development by the way in which they are afforded true VIP treatment in their new second home.
We take great pleasure and pride in welcoming further such arrivals as we continue our pursuit of unequalled excellence in luxury living.
The Waterside: https://watersidemacau.com/
Macau’s property market appears to have seen the worst of the Covid-19-related downturn, and developers are seizing the opportunity to sell new properties. The global low interest rate environment has brought buyers into the market, driving a rebound in residential transactions.
According to statistics released by Macau’s Financial Services Bureau in May, 677 residential transactions were concluded during that month, an increase of 85 sales from April. The average price per square metre of usable area was 103,758 patacas, relatively unchanged from April.
According to the data, there were 487 residential property transactions in Macau Peninsula, 153 in Taipa and 37 in Coloane in May, an increase of 60, 16 and 9, respectively, from April. The average price per square meter of usable area in Macau Peninsula was 101,668 patacas – up 3.5% – in Taipa it was 104,974 patacas – down 6.8% – and in Coloane it was unchanged from April at 118,572 patacas.
According to an analysis of buyers’ status, in May, there were 676 residential transactions involving local natural persons, 563 – or 83.28% – of whom were first-time buyers. On the day of purchase, there were 100 buyers who already owned one unit, accounting for 14.79% of all purchasers, and 13 owned more than one unit, accounting for 1.93%.
Since May, developers have launched new properties in the Sai Van district, a relatively old area that is close to schools, a factor that appeals to many parents. One developer set prices at a level close to those in the secondary market, with small, two-bedroom units selling for around 7 million patacas, and the average price per square foot starting at 7,000 patacas – a level quite attractive compared with prices set by other developers – which the market welcomed. Because the developer launched only around 20 two- and three-bedroom units in the first round, the original sales period was set for three days, but all units had been sold by the end of the second day.
Two other developers have been selling new properties larger than 1,000 square feet in the Sai Van area, priced at more than 6,000 patacas and 8,000 per square feet, respectively, offering large, two- and three-bedroom units larger than 1,300 square feet. Some are located on high floors on the front side of the building, boasting views of Nam Van Lake.
Buyers in a certain market segment have always favoured luxury homes, and some have been finding properties such as duplexes and villas with prices ranging from more than 10 million to tens of billions of patacas. Developers in the same district have launched villas that have attracted the attention of any buyers.
Another new property near the reservoir has attracted buyers by requiring downpayments of only 10%. Developers converted studio units into one- and two- bedroom units, and marketed them in a promotion under which buyers who completed payment within 540 days were offered a rebate of 24 months of “rent”. Buyers of larger units could select a period of up to five years to complete payment. Thanks to the low price threshold, more than 20 units were sold during the promotion period, most to first-home buyers and to buyers selling their existing homes.
Due to a limited supply of new buildings in the construction pipeline in the next two years, developers are generally selling only dozens of residential units at a time and are not rushing to cash out. This, coupled with various offers and price considerations, will speed up sales.
Bela Vista Property Services recommends that buyers who are interested buying property and taking advantage of the current offers and scope for bargaining should ensure they have sufficient downpayments and prepare to pay government stamp duty and handling fees equivalent to 5% of property prices. By assessing property supply, buyers can enter the market more quickly in order not to miss opportunities.
Macau saw a strong uptick in its residential property market in March, with an increase of 52% in the number of transactions from February.
During the month, 541 residential properties were transacted at an average price of MOP98,554 per useable square metre – an increase of 187 properties on the total of 354 recorded sold in February, according to the territory’s Financial Services Bureau. The average price per useable square metre was also almost 5% higher than the MOP94,205 average in February.
The Macau Peninsula saw 412 residential transactions, an increase of 147, and Tapia saw 107 transactions, a rise of 41. There were 22 transactions in Coloane, a decrease of one from the previous month.
The average price per square meter of saleable area on the Macau Peninsula was MOP95,146, a 5.7% increase from MOP89,979 in February. The average price in Taipa was MOP104,813, 3% higher than February’s figure of MOP101,678. Meanwhile, in Coloane, the average was MOP107,903, a dip of 3.6% from the average of MOP111,955 recorded in February.
Two-bedroom units priced below MOP8 million were sold primarily for owner occupation. Purchasing decisions were based mainly on the ages of properties and their proximity to retail outlets, services, facilities and infrastructure.
The surge in sales activity comes amid the steady global rollout of COVID-19 vaccines. Countries across the globe have taken measures to stimulate their economies, major central banks have lowered interest rates, hot money is flowing, and banks are seeking destinations for their funds. Some banks in Macau recently introduced P-3.68% discounts on mortgages, offering mortgage interest rates as low as 1.57%. This has greatly reduced the burden on mortgagees, stimulating buyer appetite in the property market and generating a significant boost in demand in the secondary market, in particular.
The number of tourist arrivals in Macau has also gradually increased. The territory’s economy rebounded in April and, with signs of a sustained recovery in progress, residents’ demand for property is on the rise. This has been reflected in increased numbers of property viewings. Some owners are waiting for a further strengthening of the property market before selling their units, even though supply in the secondary market is constrained and prices have largely stabilised, leaving little scope for buyers to negotiate lower prices.
Demand in the luxury housing market has been sluggish, but the overall improvement in market conditions is expected to boost activity in that segment. Prices per square metre in the secondary market for large, three-bedroom units with superior views and layouts offered at more than MOP8 million are lower than those of smaller properties, meaning that bank valuations are typically robust. But prices per square metre for units offered at less than MOP8 million are higher, suggesting that current valuations may be too low.
It is believed that as the number of COVID vaccinations continues to increase worldwide this year, tourist arrivals to Macau will rise sharply, and that the territory’s property market will enjoy growth outstripping its performance in 2020. Young Macau residents interested in buying homes are being encouraged to take advantage of various property purchase incentives and choose suitable units for themselves. And, as shown by the increase in property transactions in recent months, a clear upward trend is emerging, demonstrating that Macau residents remain confident in the market’s prospects.
Bela Vista Property Services Limited currently manages a real estate portfolio covering residential, commercial and cultural heritage projects with a total area of more than 1.5 million square feet. The company will continue to provide sales and leasing services that exceed our customer expectations.
The first batch of 100,000 doses of Sinopharm COVID-19 vaccines arrived in Macau on 6 February. It is believed that following the implementation of the vaccination programme, the health of local residents will be better protected and that society and the economy will recover in an orderly manner.
Macau residents were able to make appointments for vaccinations starting on 22 February. Measures such as the government’s purchase of insurance for vaccinators will help strengthen residents’ confidence in the inoculations, and in terms of controlling the pandemic, the higher the inoculation rate among residents, the better the security of Macau’s society.
It will take time for Macau’s population to be vaccinated, and it is expected that the territory’s economy will remain somewhat sluggish during the first quarter. It will be the end of the second quarter, at the earliest, before a recovery in the territory’s property market can begin to gain momentum.
The sudden outbreak of the pandemic last year resulted in unprecedented shocks to the global economy, from which Macau’s society and economy were not spared. Gambling revenue in the territory plummeted, and the unemployment rate has risen to a 10-year high. However, property prices in Macau have fallen only marginally, despite the fact that since the liberalisation of the gaming industry in Macau in 2002, property prices in the territory have mirrored rises and falls in gross gaming revenue.
One impact of the pandemic last year was a sharp drop in the numbers of inbound tourists, with the gaming, hotel, tourism and retail industries all suffering setbacks accordingly. However, property prices remained stable, breaking out of their customary lockstep with gambling revenues.
According to Macau’s Financial Services Bureau, the total number of residential transactions across the territory in 2020 was 6,394, a slump of 17.44% year on year. There were 4,674 in Macau itself, accounting for 73.1% of all transactions; 1,386 in Taipa, 21.68% of the total; and 334 in Coloane, accounting for 5.22% .
Territory-wide, the average property price per square foot of saleable area was MOP9,489, down 6.35% year on year. In Macau itself, the average property price was MOP 9,244, 5.82% lower; in Taipa it was MOP 9,807, down 5.83%; and in Coloane it was MOP10,553, a 12.11% drop.
Five factors underpin the stability of the territory’s property market. The first is a government starter-home plan designed to help people to buy their first apartments. The second is tight housing policy; all homebuyers apart from for first-time entrants to the market are required to make 50%-60% downpayments for property purchases – and generally, the loan ratio is not high, reflecting the health of the real estate market. The third stabilising factor is an insufficient supply of private properties in the market; at present, there are only uncompleted units available for sale, and no large uncompleted units will come to market this year or next. The fourth factor is high construction costs – arising from high land prices, high construction material costs and the like – which are certain to persist. The fifth and final factor is optimism about Macau’s prospects; the territory is very safe and liveable, and property owners and developers are reluctant to sell their assets at a discount.
Taken together, these market dynamics ensure that price reductions even for uncompleted units are unusual, and that only a few developers are willing to offer incentives to attract buyers.
At present, property owners are waiting for the market to recover, and would rather hold their assets than sell them at reduced prices. Buyers are awaiting apartments offered at below-market prices. The property market is therefore relatively inactive. Local residents have a certain level of purchasing power and will enter the market immediately once property values begin to rise.
After a year of the pandemic, many investors have witnessed the robust stability of Macau’s property market, which, after weathering the pandemic rather well, appears to have bottomed out. It is expected that investment activity in the territory’s real estate market this year will only increase.
Bela Vista Property Services Company Ltd. continues to track all market trends from the perspectives of both owners and buyers, safeguarding the interests of both sides, and providing Macau’s most professional and reliable property services.