2 in 10
If I were to buy a house in Macau I would certainly refrain from it after hearing from non-other-than the Chief Executive that residents “should look and see if it is worth investing in property” at this stage.
Chui Sai On actually repeated this statement throughout the debate yesterday at the Legislative Assembly making it sound like a slogan meant to have a cooling effect on the real estate market.
For me, it worked. No matter how bullish realtors’ forecasts are (up 30 percent or more for the coming year), I will not invest in property in Macau now because I take Dr Chui’s words very seriously, and I read it as if a bubble is on the way.
You know, because it is indeed the prospect of a bubble bursting that would deter me from buying a 10 million pataca apartment near the Red Market, with 3 rooms, without much of a view, or even a 2 million parking lot downtown.
According to Chui Sai On, 8 in 10 residents live in a property they own. Like lawmaker Au Kam Sam put it yesterday: “If that’s the case, what’s the issue with housing, then?” Who’s complaining? I guess, another way to look at it - 2 in 10.
One. The occasional expat or resident who’s leasing an apartment in a very unregulated market where landlords may increase rents as they wish, three- or four-times the official inflation rates – which by the way can’t be but a joke.
Two. Young adults who can afford neither the sky-high rents nor the exorbitant mortgages and keep living with
Ma & Pa waiting for…what? the bubble? So they can leave the crowded family house and get married or whatever they want to do with their life independently.
The good news, guys, is that the real estate bubble is on its way. Chief’s word.
Responsible Right of Expression — In the interest of freedom of expression, coupled with a true sense of responsibility to encourage community dialogue, the Macau Daily Times offers its readers the opportunity to express their opinions on new-related matters through this website. All opinions are welcome. However, we reserve the right to remove comments that are deemed to be obscene, or are merely insults written under the cloak of anonymity. MDT
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