Realtor expects Macau transaction to rise to 500-level

As the March real property viewing frequency has been on the rise, the market is seen to be heating up and the number of transactions is expected to increase to at least 500, Ho Siu Hang, senior director of Centaline Macau and Hengqin was quoted as saying in an interview.
According to the data released by the Financial Services Bureau, the city recorded 354 real property transactions in February, a decrease of 116 transactions compared with the figure from January. The Macau Peninsula saw 265 transactions, Taipa had 66 and Coloane had 23.
With an average usable area of 65 square meters or about 700 square feet, the average property price in February was MOP94,205 per square meters, or MOP8,752 per square feet.
Ho said he not only expects the number of transactions will rise in March, but also foresees that it will rise to 1,000 in April. He saw a rising trajectory of property prices, when a comparison between those from January and March was conducted. The prices from the two months differ by about 5%.
On the prospects of Macau’s real property market, Ho complimented the government’s efforts in actively solving various problems. These efforts, according to him, have given the public confidence. Meanwhile, the level of deposits has not fallen drastically and prospective purchasers have halted their purchase plans for a year due to the first outbreak last year. Additionally, the demand for real property in Macau is solid.
With these factors combined, Ho believes that buyers will be invigorated and start making purchases again. He would not be surprised to see a V-shape bounce-back in the number of property transactions.
In terms of shops, Ho foresees the number of transactions in May will return to about 60% of that observed pre-Covid. It may even rise to 80% in August, he said. AL