One of Macao’s leading realtors has said that the local property market is now operating “in an unfavourable environment.”
In remarks to media that were cited by Macau Post Daily, the head of the Association of Property Agents and Realty Developers of Macau, Ung Choi Kun, called on the government to restore public and investor confidence in the real estate sector.
He was speaking in response to figures from the Financial Services Bureau, which show that there were a paltry 3,057 property transactions in Macao last year.
[See more: Average property prices plummet despite a sales rebound]
Describing the property sector as “the underlying foundation of economic development,” Ung said a healthy property market was needed to promote economic diversification and urban renewal.
The number of transactions for 2024 is less than half the 7,745 transactions recorded in 2019 – the last full year before the Covid-19 pandemic struck. The figure for 2024 is also a woefully long way off the boom years of 2010 (15,777 transactions) and 2011 (15,469 transactions).
In spite of local government stimulus measures – including the lifting of several curbs on the market last April – Macao’s property market has remained in a downward spiral of falling prices.
