Macau (MNA) – During a conference on Wednesday, Jacky Shek Po Tak, the Director of Centaline (Macau) Property Agency Limited projects a 20 per cent increase for residential property prices in 2019.
The increase in prices is due to several indicators of strong economic growth in Macau, said the Director during a presentation.
Shek said the transaction volume for properties in 2018 was around the same as 2017, with a higher number of first-time mortgages compared to previous years.
The Macau SAR Government has eased mortgage loans for people aged 21 to 44 who are interested in buying their first home as of February 2018.
The measure will allow banks to grant mortgage loans of up to 90 per cent of the value of properties priced at less than MOP3.3 million (US$408,653) with the total loan not allowed to exceed MOP2.64 million.
First-time buyers had made up 82 per cent of the sales that took place in 2018, according to Shek.
This trend is expected to continue in 2019, said the Director, although many of the buyers had already taken a step to buying their first home as of 2018.
The property market for 2018 had faced headwinds as a consequence of the China-United States trade war, with a strong atmosphere of caution, which had affected the market despite the favourable outcome due to government policy.
The government may also consider implementing more measures that will impact the property market, according to Shek.
Rents are also expected to increase from 15 to 20 per cent in 2019.
Corporate property prices will be expected to increase from 10 to 15 per cent.
