JLL predicts residential rents to rise by up to 10 per cent in 2023 Link copied
General market recovery expected this year, however real estate executive warns ‘situation will not improve overnight’.
Residential rents are expected to rise 5 to 10 per cent this year, according to a report from real estate agent Jones Lang LaSalle (JLL) cited in local media.
Last year, rents fell by 12.8 per cent, mainly due to unemployment and the departure of thousands of non-resident workers, the report said.
Mark Wong, JLL’s general manager for Macao and Zhuhai, said that a general recovery in the market is expected in 2023.
Wong warned, however, that the employment situation “will not improve overnight” and that
interest rates “are likely to remain at a high level in the short term”.
JLL estimates that home values fell by 10.1 per cent in 2022 and that home prices will only
return to an upward trajectory next year or later, because of the shortage of new residential supply “in the short and medium term”.
JLL added that the housing supply will be “dominated by public housing”, citing the Macau New Neighbourhood, in Hengqin as an example.
Another JLL executive, Oliver Tong, called on the government to cancel the measures to control the real estate market that were implemented from 2018 and also adjust the housing policy.