The capital and rental values of high-end residential properties fell as much as 5.3 percent last year, and are expected to drop a further 5 percent this year, according to Jones Lang LaSalle (JLL) forecast yesterday.
During a property market review press conference held by the global real-estate firm’s local office at the Finance and IT (FIT) Centre, JLL Macau Senior Director of Capital Markets Jeff Wong Chi Wai said that the significant 27.2 percent year-on-year fall in home deals last year was due to external economic uncertainty, and that the total 7,547 transactions registered in the first 11 months last year were mainly first-time buyers.
Wong said that the easing of home purchases in Zhuhai, the local government’s re-opening of applications for, and the loosening of the income cap eligibility for subsidised home ownership scheme (HOS) flats and the proposed neighbourhood residential projects in Hengqin would be factors affecting housing demand in the private sector in the short- and medium-term in Macau.
JLL Macau Managing Director Gregory Ku Ka Hou (second from right) speaks as the local office’s senior director of Capital Markets Jeff Wong Chi Wai (second from left) the head of Leasing Oliver Tong Wai Lok (right) and the director of Valuation Advisory Services Mark Wong Ka Leong (left) look on during yesterday’s press conference at FIT Centre.
