Hong-Kong based real estate agency Centaline (Macau) Property Agency Ltd. says the city’s property market is rebounding, both in terms of transactions and housing prices.
The trend has been reflected in the number of housing transactions in September, which rose by nearly 25 per cent year-on-year, as well as in the increased housing prices for two consecutive quarters, with an accumulative increase of 20 per cent, said Jacky Shek Po Tak, senior director of Centaline Macau.
The property agency held a press briefing yesterday presenting the company’s review on the property markets in Macau and Hengqin during the third quarter of the year.
According to the property agent, the increase in housing transactions was due to the recent sales opening of the city’s new luxury Sky Oasis residences in Cotai.
“The developer kicked off the sales of the project by selling smaller resident units, with a selling price of some HK$9,000 (US$1,160) per square foot while 128 units were sold in two days during its first batch of sales last week,” the senior director noted.
He estimated that the opening of sales for new housing units in the city would also help boost transactions in the local second-hand housing property market.
Housing prices rise
Meanwhile, the real estate firm published its latest Centa-Macau Climatic Index yesterday, which reached 57.14 for the third quarter of this year. The index suggests property prices will tend to go up in the future when higher than 50 points.
“It is expected that the housing market will perform even better in this quarter than the third quarter based on the current property market situation in the city with increasing property prices,” the senior director predicted.
“Property developers will monitor the sales performance to see whether to launch new property units in order to meet market demand”, he said.
The property agent estimated that about six to eight property developers would launch sales for new residential apartments in the following two months.
Hengqin market
Meanwhile, the agency said its business performance in Hengqin was positive for September, said a director of Centaline Macau, Roy Ho Siu Hang. “Up until now, our office in Hengqin has profited about HK$50 million from commission income,” he claimed.
The property agency is planning to expand its business in the Hengqin market to seize business opportunities from the policy allowing Macau-licensed cars entering Hengqin as well as from the [future] opening of the Hong Kong-Zhuhai-Macau Bridge, the director revealed.
“Hengqin has a strong potential to see increases in housing prices while its rental is getting expensive, too, at around HK$30 per square foot,” Mr. Ho said.
Meanwhile, the property agency predicted that investors in Zhuhai might switch to Macau following the Zhuhai Government imposing restrictions on property purchases in the Zhuhai city area earlier this month.
