The removal of three major cooling measures last weekend has sparked a rapidly growing property boom in Macau’s market, especially among first-time home buyers.
Developers have seized the opportunity to offload inventory by slashing prices and boosting discounts significantly, according to realtor Centaline.
In just a few days after the measures were lifted, about 50 transactions were recorded in the high-end residential market.
Nova Grand in was particularly popular, with over 20 units sold after offering a 27% discount and MOP100 off each parking space valued over MOP1.5 million. The developer of “Tiffany House” next to Golden Lotus Square sold around 16 units by lowering prices by 68% to about MOP5,000 per square foot, with units with parking going for around MOP6,000.
In Coloane, Grand Oasis introduced balcony flats and has already sold over 10 units by allowing buyers to swap a MOP1.5 million parking space for MOP300,000. The relaxation of cooling measures also drove interest in Beco de São Roque, where two-bedroom flats start from MOP3 million.
Enquiries have risen across districts since sentiment improved, Centaline noted.
The realtor added that transactions are expected to pick up significantly, although prices may not experience a dramatic surge immediately, as developers focus on offloading inventory through heavy discounts in the short-term. The current robust activity in Macau’s property market signals a rebound after years of sluggish demand dominated by owner-occupiers.
Last week, the SAR government scrapped the housing market cooling measures amid calls from the property sector as demand continues to weaken
This comes after several calls from associations to adjust the measures regulating real estate demand in Macau, as well as the tax measures in these regulations, which are a decade old.
The government has abolished the special stamp duty, additional stamp duty, and stamp duty on acquisition, as well as easing mortgage lending restrictions, increasing the maximum loan-to-value ratio to 70% for Macau residents and 90% for affordable housing purchases. Staff Reporter
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