78 macau property
A game of two halves
2008 will go down as a landmark year in Macau’s development. Not only did is see a
slowdown in the city’s remarkable growth, it saw business, and both the local and central
governments take stock of what needs to be done to secure future growth. Jones Lang
LaSalle’s report on the 2008 property market is a key indicator of what we can expect
by Jack Regan
G
LOOMy news has not been hard the decision by Beijing to restrict the picked up even though the number of ta-
to find recently and while the lat- movement of mainland visitors under bles remained pretty much the same.
est report charting the perform- the Individual Traveller Scheme, the
ance of Macau’s property market and number of visitors to Macau for the first Residential market
wider economy in 2008 continues that 11 months of 2008 was still high, at 27.6
trend, it does offer a perspective which million, a 13.4 percent year-on-year rise Again, the situation deteriorated as
hints at brighter times ahead. enabling the city to edge out Hong Kong the year wore on but Jones Lang LaSalle
The report, published last month by which had 26.7 million visitors over the point out that in the the first half of the
Jones Lang LaSalle, shows that despite a same period. year the residential market remained ro-
slowdown in the second half of the year, Gaming revenue also went down bust with the number of registered sales
the city still managed to power ahead in the second half of the year but it still and purchase agreements averaging at
with a growth rate of 21.6 percent in the managed to grow to a record high of 1,440 a month. This slumped to an aver-
first half of the year driven by the gam- MOP109.5 billion for the year as a whole, age of 580 in the second half of the year,
ing sector. a 31 percent rise. The amount of money falling further to just 308 in November of
Despite the global credit crisis and taken in per gaming table per day also 2008 - the lowest level since 2003.
february 2009
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