Centaline Property (Macau) has anticipated that the housing market in Macau in 2021 will perform far better than this year, expecting residential sales to grow by 50%.
The real estate agency reviews the performance of Macau and Hengqin’s real estate market at the end of every quarter in addition to forecasting the situation for the next quarter.
Yesterday, the company held another quarterly press conference reviewing Macau’s housing market’s performance this year, and forecasting the situation for 2021.
During the press conference, John Ng, senior regional manager at Centaline Property (Macau), predicted that, in 2021, there will be an “explosive rebound” in terms of buyer demands for houses in the Macau SAR.
“Stepping into the new year, Macau’s housing market will further recover. The number of transactions may be big,” Ng predicted.
“[Many] demands have been accumulated in 2020, together with the conclusion of the US election and the Covid-19 vaccines’ adoption, with the many external uncertain factors being resolved, and without any other obstacles, we expect that the housing market will rebound rapidly. There is also a great chance that the number of transactions may increase by over 50%, reaching approximately 10,000,” said Ng.
The estimation of Centaline is based on this year’s market performance. According to Macau government statistics, in October and November, Macau recorded 551 and 574 house transactions, respectively. The real estate agency estimated approximately 500 transactions in December, 1,600 transactions in the entire fourth quarter and 3,400 transactions in the second half of this year.
If the estimation is accurate, then the number of transactions in the second half will be 10% more compared to those of the first half.
In addition, the statistics from the Monetary Authority of Macao show that resident deposits in October reached 667 billion patacas. Housing prices in the fourth quarter grew by 8%, according to Centaline, and the housing price in the last quarter of 2020 is approximately the same when compared year-on-year.
Earlier this year, the Macau government released the Draft of Urban Master Plan for Macau SAR (2020-2040), dividing the city into 18 areas.
Among the total 18 areas, Centaline is most optimistic for Eastern Area-1 regarding property development.
Easter Area-1 is connected to the western side of the Hong Kong-
Zhuhai-Macau Bridge’s artificial island and consists of a large part of Areia Preta area. The government proposes to develop Eastern Area-1 into the “door” to Macau.
The real estate agency voiced that once the government transforms this area into a commercial area, builds more walking systems, adds more green land and open space for the public, and improves living environment, housing prices at Eastern Area-1 might consequently grow.
No Comments