Around 90% of local young people believe that the price of private housing in Macau is extortionate, whilst 40% have been disgruntled with the government’s housing policy, a survey conducted by Macao New Chinese Youth Association reports.
In the report, 80% of respondents said they have either bought a home or plan to do so. Yet 70% said that they are not able to afford the current housing price which is out of reach.
From 2005 to 2020, the average price per square meter for a local apartment surged almost 10 times from MOP11,621 to MOP106,000.
“The salary growth continues to lag far behind that of private housing prices,” the association concluded in another report published last month.
To help young people navigate the city’s high-priced housing market, the association is calling on the government to expedite the public consultation regarding “sandwich class” public housing — which targets middle-class residents whose income exceeds the maximum limit capped for social or economic public housing, but also does not suffice to purchase a private apartment.
From October 13 to December 11, the consultation period has been underway to gather public opinion over the definition of “sandwich class” and eligibilities for applying for the status, such as citizenship, age limit, monthly income.
The government should expedite the process of drafting relevant legislation and the construction of “sandwich class” housing after reaching consensus in the consultation period, the association urged.
The survey polled 702 local young people aged 18 to 44 in November this year. Staff Reporter
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