Property market sees steady Q3 activity amid new launches and investor interest

Lake Yoho rendering

The city’s property market saw a notable uptick in the third quarter of 2025, defying traditional seasonal slowdowns, according to Centaline Macau.

Although Q3 is typically affected by summer vacations and typhoon season, the launch of the large-scale development Lake YOHO in the Nam Van area drove market sentiment and transaction activity.

According to data from the Financial Services Bureau, total residential transactions reached approximately 756 units, representing an 8% quarter-on-quarter increase.

Centaline’s regional director of Residential Division Ng Chou San noted that the Lake YOHO launch had a substantial impact on Nam Van’s market, with July and August recording 291 and 235 transactions, respectively, and September estimated at around 230, bringing total Q3 transactions to 756 units.

Average prices per square meter were approximately MOP 78,000, slightly higher than Q2 but still down nearly 10% year-on-year.

According to the realtor, other new launches, such as Casa Matteo also saw strong early sales, benefiting from limited new supply in Nam Van over the past decade.

In the second-hand market, luxury properties including One Central and L’arc Macau recorded multiple transactions. Meanwhile, units in La Marina experienced price reductions below MOP3 million, placing downward pressure on nearby listings.

In Taipa, family-focused residential demand remained strong, with units in Nova City selling quickly, some at record lows.

Looking ahead to Q4, the completion of The Zenith is expected to attract buyers seeking ready units, while upcoming luxury rental offerings at One Penha Hill may further stimulate market activity.

Anticipated reductions in interest rates, following the U.S. Federal Reserve’s mid-month 0.25 percentage point cut and subsequent local adjustments, are likely to reinforce demand, particularly as “cheaper to buy than rent” conditions emerge.

Meanwhile, the realtors also noted that commercial property activity gained traction in Q3.

Centaline reported approximately 84 transactions, up 23.5% quarter-on-quarter and 6% year-on-year.

Investor interest focused on high-profile tourist areas, with notable deals on storefronts at Av. do Infante Dom Henrique and near Ruins of St. Paul yielding returns exceeding 4.5%. Leasing markets in tourist-heavy districts also remained robust, with nearly 120,000 sq ft leased to restaurants, clubs, retail outlets, and other commercial tenants.

District vacancy rates varied, with NAPE at 15.1%, Taipa at 2.5%, and Coloane/Hac Sa Beach around 7%.

Office markets, by contrast, declined further in Q3. Only 12 transactions were recorded, down 45% year-on-year, primarily in the Dynasty district at MOP3,300 per sq ft and Nam Van at MOP 4,000 per sq ft. Other areas saw minimal activity.

The industrial property sector experienced the steepest contraction, with only five transactions and average prices dropping roughly 35% year-on-year to MOP1,551 per sq ft.

Meanwhile, Zhuhai and Hengqin markets showed divergent trends.

Hengqin recorded 627 online signed contracts in Q3, down 56.5% year-on-year, accounting for around 10% of Zhuhai’s total. Office and other property types maintained activity due to policy incentives, while residential transactions remained constrained by limited supply.

Hengqin’s average price was approximately RMB20,289/sqm, reflecting the influence of non-residential property pricing.

Centaline forecasts that Q4 will see 24 new residential projects in Zhuhai, including two in Hengqin, providing roughly 397,200 sqm of supply.

Combined with easing property policies in Shenzhen and anticipated overseas capital inflows, transaction volumes in both Macau and Zhuhai are expected to maintain steady upward momentum, Centaline projected.

As interest rates ease and developers promote new projects, Centaline added that Q4 will see further gains in transaction volumes, though price stabilization may lag behind.