Centaline: Oriental Pearl prices to jump 10 pct

Housing prices in the Oriental Pearl district on the Macau Peninsula may register an increase of 5 to 10 per cent during September and October, according to a note released by local property realtor, Centaline (Macau) Property Agency Ltd.
The real estate agency says three-bedroom units in the area are popular among local buyers who purchase the units for self-use whilst most of the two-bedroom units are bought by investors.
The realtor further explained that the increased popularity of home units in the area is due to lower housing prices, claiming prices there were MOP7,300 (US$912.5) to MOP7,600 per square foot.
In addition, the leasing market in the district is active, said Centaline.
‘Due to the geographic advantages of the Oriental Pearl district – located in a central point as it’s in the middle of Macau Northern District, Taipa and Zhuhai, coupled with its auxiliary facilities, properties there attracted many tenants,’ the agency wrote in the note.
It said the rents in the district amounted to MOP13.5 per square foot on average at the moment, while the leasing market there is primarily supported by local residents and expats working in casinos.