Macau’s property prices continued their amazing surge, after double-digit annual prices rises in recent years.
In 2013, residential property prices in Macau skyrocketed about 50% from a year earlier, according to local property experts.
In February 2014, the average house price reached a new high of US$1,052 per square foot (sq. ft.), up by 7.4% from the previous month, based on figures from Macau Property Opportunities Fund. Likewise, the average price of flats under construction reached a record US$1,664 per sq. ft..
- In Carat, an upmarket housing project located in the NAPE area near the Macau Cultural Centre, flats are priced between US$1,600 and US$2,100 per sq. ft.
- In Residencia Macau, situated in the northern district near the future Hong Kong-Zhuhai-Macau Bridge, the average price of residential properties is US$1,300 per sq. ft.
- In Nova Park, a residential development located in Taipa, homes are sold for US$1,400 per sq. ft.
- In One Oasis, a luxury development situated near the Cotai Strip, property prices averaged US$1,600 per sq. ft. in March 2014, up by almost 40% compared to December 2013.
The luxury residential property market is thriving. In 2013, more than half of all homes sold were priced at least US$500,000.
Demand is soaring. In February 2014, there were about 1,292 homes sold in Macau. In fact, there is now a shortage of housing units. For an instance, in March 2014, more than 400,000 residents competed for just 1,900 affordable housing units offered by Macau’s public housing bureau.
The rental market remains strong. The tight supply of residential properties also causes residential rental values to surge. The average rent for an upmarket, three bedroom house stood at US$4,426 per month, the seventh highest in Asia, according to ECA International.
This article was republished with permission from Global Property Guide.