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Ricacorp expects up to 10 pct rise in residential prices

Hong Kong-based property agency Ricacorp (Macau) Properties Limited Wednesday forecasted that the average price of residential property in Macau will rise eight to 10 percent this year. Jane Liu Zee Ka, managing director of the local branch, made the forecast during a press conference at the company in Nam Van district. Representatives of the company […]

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UPDATED: 22 Dec 2023, 5:51 am

Hong Kong-based property agency Ricacorp (Macau) Properties Limited Wednesday forecasted that the average price of residential property in Macau will rise eight to 10 percent this year.

Jane Liu Zee Ka, managing director of the local branch, made the forecast during a press conference at the company in Nam Van district.

Representatives of the company including Liu jointly hosted the press conference to give their take on the local residential market this year and a wrap-up of last year’s market.

Asked by reporters about the company’s forecast of the price of residential flats this year, Liu said that she expected the average price to rise about eight to 10 percent.

“Regarding flats priced at about 10 million patacas or below they may rise about eight to 10 percent…for the flats priced at 20 million patacas or above the growth may not be the same as the flats priced at about 10 million patacas or below,” Liu said, adding she expected this year’s market “not to be so aggressive”.

“However, as some new property developments will be completed… as well as some new hotels that will start operating this year… and local residents are still earning good money the price of residential flats should rise,” she said, adding that more sales of residential flats should be recorded from April.

Liu added she expected about 8,500 residential flat sales to be recorded this year.

Liu also said that the total number of sales of residential units was 7,218 last year, the lowest for the last 10 years.

Franky Fong, chief associate director of the local branch, said he expected the residential rental market to rise about 10 percent on average this year.

(macaunews/macaupost)

UPDATED: 22 Dec 2023, 5:51 am

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