Property prices across the eleven cities that constitute the Greater Bay Area (GBA) could continue to fall, according to data from real estate company Jones Lang LaSalle (JLL).
JLL’s 2023 GBA Residential Guide says the property markets within the GBA were slow to recover on the whole, although the nine GBA cities in the Chinese mainland did show signs of a marginal bounce back.
When it comes to Macao, however, there are clear signs of a downward trend. Data from the Statistics and Census Service (DSEC) indicates that compared to the previous three-month period of July to September, Macao’s overall residential property price index decreased by 1.3% between August and October of this year.
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In its assessment of the state of Macao’s property market this year, JLL said that “interest rate hikes, global economic slowdown and slowing economic recovery in mainland China weigh on Macau’s property market” with investors continuing to “adopt a wait-and-see attitude.”
Hong Kong did not fare much better, with the report noting that there was an acceleration in the fall of home prices, as well as declining monthly residential sales.
The guide mentioned that the local governments of the various GBA cities continued to adjust their property market policies this year. Last month, Macao announced it would ease cooling measures implemented more than a decade ago, axing a 5 percent stamp duty for second homes.