Gov’t vows to adjust housing policy to align with actual circumstances

The Policy Research and Regional Development Bureau (DSEPDR) has committed to improving living conditions for Macau residents by proactively adapting housing policies to address their current needs.

In a written response to lawmaker Lei Chon U, DSEPDR director Cheong Chok Man emphasized that the authorities are implementing housing policies systematically, in accordance with the “Macau Special Administrative Region Study on Residential Housing Policy.”

In response to Lei’s inquiry about when the government will update its study on residential housing policy to promote the healthy development of the real estate market and meet residents’ housing needs, Cheong reaffirmed that the study is based on the relevant housing policy provisions of the “Second Five-Year Plan” for the city’s economic and social development.

It forecasts demand for various housing types based on current circumstances and serves as a foundation for future housing supply planning.

He further stated that “the relevant entities of the Special Administrative Region government have incorporated research and social realities into their annual policy implementation plans, and will continue to adjust policies as needed to ensure the basic housing conditions of Macau residents are safeguarded.”

Also citing this year’s Policy Address, he emphasized that housing policies will be reviewed and optimized, and various housing supply plans will be adjusted to better meet the needs of residents across different income levels.

“This aims to achieve a reasonable balance between market supply and demand, promoting the stable and healthy development of the real estate market,” the director noted.

Additionally, the lawmaker noted in his inquiry that the government had previously estimated future demand for housing units across five tiers in Macau in its housing policy study published in January 2022. However, the impact of the Covid-19 pandemic and uneven economic recovery have affected the real estate market’s development.

“In response to these market changes, the government has suspended the construction of public housing. As for subsidized housing, only a pilot program offering 250 units has been launched – significantly fewer than the projected demand of 5,400 units by 2025 outlined in the study,” he criticized.