The heads of two local real estate associations have urged the government to consider relaxing restrictions on the investment residency program to help revitalise Macao’s ailing property market, which has seen transactions drop by 65 percent since 2019.
In separate interviews with local media, the president of the Macao General Association of Real Estate, Chong Sio Kin, and the President of the Macau Association of Property Agents and Realty Developers, Ung Choi Kun, expressed similar sentiments regarding the market.
Both were of the opinion that the government needed to liberalise the investment residency scheme to help stimulate the local real estate sector. “The investor mood of Macao is subpar,” said Ung. He said the revival of the scheme “can revitalise the real estate market.”
[See more: Latest figures show just how far Macao’s property market has shrunk]
Meanwhile, Chong noted that the government could consider allowing applicants in the scheme to invest in stores and office buildings, and that it could follow Hong Kong’s lead by setting an investment cap of 30 million patacas. He also called on the authorities to completely do away with market cooling measures.
During the interviews, the two men drew attention to the challenging conditions of the property market, with Chong describing the year ahead as “tough.” Ung highlighted the weak local demand, saying there with were only about 500 sales over the past two months
According to government data for 2023, sales volume dropped by 2.8 percent year-on-year, while the value of property fell by 64 percent in comparison to 2019.
