Policy support fuels recovery of prime properties: Centaline

[Photo: Ricaela Diputado]

Following the implementation of new government policies at the start of the year – exempting the first MOP6 million of a property purchase from stamp duty and raising the mortgage loan-to-value ratio to 80% – Macau’s property market saw a full rebound in purchasing power after the Lunar New Year.

According to data from the Financial Services Bureau (DSF), Macau recorded approximately 494 residential transactions in February, marking the highest monthly figure since 2021. Property prices have also rebounded, with the average price per square meter reaching around MOP77,713, representing a month-on-month increase of approximately 12.24%.

In a statement, Centaline Property’s senior regional sales director, Jimmy Lo, noted that signs of recovery had already emerged earlier in Hong Kong, where the property market experienced a significant rebound with both transaction volumes and prices rising.

Given the close correlation between the two markets, Macau is expected to follow a similar trajectory, with property prices anticipated to stabilize and recover within the year.

Buyer confidence has strengthened considerably amid improving market sentiment, particularly for high-quality blue-chip properties, which are being absorbed rapidly. Industry observers report that listings in prime locations with desirable views are becoming increasingly scarce.

In Taipa, the blue-chip development Nova City has seen rapid activity, with several two-bedroom units recently sold. Compared to last year, when similar units were still trading in the MOP400,000 per square meter range, transaction prices have generally returned to the MOP5 million level in recent months.

Among the recent sales, a mid-floor unit facing southeast with views of The Venetian Macao changed hands for approximately MOP5 million, while a high-floor unit with sea views sold for around MOP5.3 million.

On the peninsula, the luxury development One Central Macau has also performed well, recording approximately five transactions within a single month. Notably, two groups of buyers purchased adjoining units in pairs, reflecting strong confidence in high-quality properties situated in core urban areas.

The primary market has also shown robust activity, with new project launches in recent months receiving a strong buyer response. Across Macau, over 200 transactions were recorded in just two months. Among these, the new development Trust Cosmopolitan in the reservoir area sold approximately 160 units, demonstrating solid sales momentum.

Meanwhile, units priced between MOP4 million and MOP6 million at Pride Oceania and SOHO Residence have also transacted rapidly.

As secondary market activity picks up and blue-chip properties lead the recovery, market sentiment has undergone a notable shift. The cautious “wait-and-see for price drops” attitude prevalent at the start of the year has given way to concerns among potential buyers about “delaying purchases only to face higher prices.” This shift has significantly accelerated the pace of market entry.

With clear signs of a market rebound and high-quality listings rapidly diminishing, property analysts advise prospective buyers in need of housing to act decisively when they find a suitable unit, rather than waiting for the “perfect moment.” The current window of opportunity for securing properties at favorable prices may be closing, according to Lo.