‘Concert economy’ boosts real estate transactions in Old Taipa

Macau’s concert scene has had a significant impact on the local real estate market, according to Centaline Property.

The number of concerts held in Macau has increased significantly in recent years, with an average of three to five concerts per week.

This has resulted in a surge of inbound tourists, with over 1.3 million visitors recorded during the recent eight-day Spring Festival holiday, including a record-breaking 219,000 tourists on the third day of the Lunar New Year.

“The ‘concert economy’ has driven business for companies around the venues, especially in the Rua do Cunha business district,” the realtor said in a press release.

According to data from Centaline, the number of purchase and sale transactions in Taipa last year increased by nearly 60% year-on-year, totaling around MOP642 million.

Investors have been particularly active in the Rua do Cunha business district, drawn by rental returns of around 3% to 4%, and individual shops reaching up to 5%.

By the end of last year, several “six-digit” rental transactions, ranging from MOP100,000 to MOP300,000, were recorded in the area.

“Amid a series of favorable travel news, the number of tourists visiting Macau is expected to show an upward trend,” the realtor said.

Moreover, long-term prospects for the Rua do Cunha business district are optimistic, with the entry point for investments ranging from MOP30 million to MOP150 million. VC