Property group calls for measures to boost housing sales

Macau’s biggest property organisation has urged local authorities to review policies designed to rein in property speculation after three years of economic stagnation.

Ung Choi Kun, president of the Association of Property Agents and Realty Developers of Macau, told media on the sidelines of a Lunar New Year celebration that the housing sector had taken a battering from the Covid pandemic in the past three years, when building and sales of private real estate were few and far between.

Despite being hopeful about the housing market in 2023, the property tycoon said a rebound was highly unlikely in the short run.

According to Ung, in recent years, sales mostly involved residential buildings that were between 20 and 30 years of age. However, he said that sales were particularly worse last year when the city experienced multiple flare-ups of Covid infections.   

There were about 7,000 licensed property agents, each of them only made one sale or so on average last year, the president said.  

“A sustainably healthy housing market requires a balance between demand and supply,” said Ung. “I hope that the government would continue to optimise tax policies for flats, including the special stamp duty on flat reselling, and the loan-to-value ratio for first-time buyers.”

According to the Financial Services Bureau, less than 3,000 flats bought and sold last year, while over 7,700 were recorded in 2019.