The Financial Services Bureau (DSF) has announced that only 3,057 residential real-estate transactions were recorded last year – and Ung Choi Kun, who heads the Association of Property Agents and Realty Developers of Macau, told reporters yesterday that “the industry is now in an unfavourable environment”, with the number of transactions dropping from their peak nine years ago to just 20 percent last year, adding he hoped that the government would create more favourable conditions to restore the confidence of the public and investors in Macau.
According to the Statistics and Census Bureau (DSEC), the average index of overall residential property prices for the whole of 2024 stood at 215.8, a decrease of 11.7 percent year on year, while the spot index of 232.7 and uncompleted residential property index of 268.7 have dropped by 11.3 percent and 6.1 percent, respectively.
“The real-estate industry, as the underlying foundation of economic development, addresses the spatial demand of various industries while also fostering development of carriers… In particular, the ‘1+4’* diversified industries, as well as traditional small- and medium-sized enterprises (SMEs), need to rely on the support of real estate in order to achieve sustainable development,” said Ung, who described the role of the real-estate industry as an important force in promoting the city’s economic diversification and urban renewal.
The Association of Property Agents and Realty Developers of Macau held yesterday a media luncheon at Gourmet House in Zape.
Ung said in a speech that the number of old buildings of 40 to 50 years and above in Macau has been on the rise, which “not only affects the aesthetics of the city, but also has an impact on, and even poses hidden dangers to the safety and comfort of the living environment”, suggesting to the government that land should be put up for public auction to tie in with the construction of replacement flats for residents of the city’s old quarters in need of redevelopment.
In addition, Ung also urged the government to pay more attention to the rising default rate of non-performing loans of banks in the financial sector; draw in investors and outstanding young talents needed by various diversified industries by opening up the “Policy on Granting Macau Stay Permits to Non-local Graduates of Tertiary Institutions”; promote the in-depth integration of the “1+4” industries with the real-estate sector; set up a hi-tech industry incubation centre to assist in the development of small- and medium-sized enterprises (SMEs); and create a landmark complex to provide quality space for the development of employment and various industries.
* According to previous statements by the local government, the “1+4” strategy aims to reinforce Macau’s function as “One Centre” for integrated tourism and leisure, officially known as the World Centre of Tourism and Leisure, while facilitating the development of four emerging industries: big health; modern financial services; high-tech; and conventions, exhibitions, sports, and the commercial and trade industries.
Association of Property Agents and Realty Developers of Macau Chairperson Ung Choi Kun, a former lawmaker, speaks to the media on the sidelines of yesterday’s media luncheon at Gourmet House in Zape. – Photo: MPDG
