Demand for commercial spaces in Old Taipa rebounding: Centaline

Demand for commercial rental spaces in Old Taipa is gradually rebounding as rent prices are recovering up to 80% of pre-Covid levels.

According to Centaline Property, there are about 553 properties in Old Taipa, where the current vacancy rate is less than 3%.

The realtor observed that vacant shops located along streets such as Rua Correia da Silva and Rua dos Clérigos are now difficult to find, and so businesses are now turning to the less busy streets in the district. 

The Old Taipa district is popular among tourists, whether looking for food, historic stories or instagrammable spots.

“Coupled with the rise of online platforms in recent years, the streets and alleys of the Old Taipa have become [popular] check-in spots.”

“At present, less than 20% of the properties in the district are for self-use, and nearly 80% of the properties are for investment and rental,” the realtor added.

In terms of rent, before the pandemic, the monthly rent of shops located along Rua Correia da Silva and Rua dos Clérigos stood at about MOP150,000 to MOP200,000.

Centaline noted that at present, the rent has recovered by 70 to 80%. “It is hard to find a shop on the main street. It used to be high, effectively increasing the value of shops in the whole area, so recently more investors are considering shops in this area,” said the property firm.

The government has been recently called on to refine the environment in Old Taipa to improve the experience for tourists.

The streets and alleys in the districts are mostly packed with people during weekends and major travel seasons. However, due to the need for preservation of the historic buildings and landscape, these streets and alleys cannot be widened.