Real estate faces challenges amidst a 63% sales surge

In the second quarter of 2024, Macau’s real estate market surged, with 1,574 building units and parking spaces sold, totaling MOP9.31 billion.

This marks an increase of 63.1% in volume and 95.6% in value compared to the previous quarter.

According to data from the Statistics and Census Service (DSEC), Residential sales alone rose to 1,026 units, reflecting a 99.4% increase in transaction value, driven by demand for existing properties.

The average price per square meter for residential units climbed to MOP91,697, a 7.9% increase from the first quarter.

“Taipa saw the highest growth, with prices soaring by 20.9% to MOP107,601, attributed to a higher proportion of off-the-plan property transactions. Conversely, prices in the Macau Peninsula dipped slightly by 1.9%”, said DSEC.

Amid these developments, the rental market has also experienced upward pressure.

The average rent for residential units rose 1.7% to MOP135 per square meter, with Coloane leading the increase at 5.5%.

However, office rents fell 0.8%, indicating a potential softening in the commercial sector.

Despite these positive trends, challenges remain.

The construction sector is grappling with a limited supply of new residential units, with only 5,692 in the design stage and 2,210 under construction. Nadia Shaw