Real estate group: 2023 was the worst year for market in 40 years

The year 2023 was the lowest point and the most difficult year for the development of the real estate market in 40 years, according to the Real Estate Joint Chamber of Commerce.

In a Chinese New Year reception yesterday, the chairman of the group, Ung Choi Kin, said that according to the group’s statistics, there are nearly 700 empty shops in the Macau Peninsula, and that there have been only about 500 real estate transactions in the past two months.

According to the chairman, if government policies remain unchanged, it is expected that the real estate market “will not have a good year.”

He called on the government to study the opening of investment residence and property purchase residence, introduce investors to revitalize the real estate market, and suggested that the stamp duty be completely abolished to boost investment confidence, as cited in a TDM report.

The association also believed that moderate diversification of the economy requires good use of land, increased population and talent support. He also suggested studying the possibility of international university students staying in Macau for employment.

Moreover, Ung also proposed that the government consider renting social housing to young people to live in, so as to save money  and then buy a property; while the development targets of the private real estate market should be foreign investors, who rent or buy properties in the SAR. Staff Reporter