MACAU BUSINESS
The real estate prices increase has already forced
the government to admit that a “bubble” is possible. Add to this the fact that inflation reached 5.99 percent in July. Joey Lao says, “all social problems will remain in the near future: real estate prices are too high and, as economic growth continues, so will inflation because they’re interconnected”. Albano Martins says that the pataca’s indirect link
to the US dollar keeps interest rates at low levels, in line with those in the US, which results in an “overheating of the real estate market, with prices rocketing because credit is accessible and cheap”. Agreeing with his Portuguese colleague, Ricardo Siu
also believes that “the government should adopt a proactive policy, intervening more in the market”. Despite everything, Joey Lao believes that the
government will make private residences approval procedures faster and that the 32,000 units (including 28,000 public units) to be built in Zone A of the new land lots will have a positive effect on local demand and supply. “The international economic scenario may also change”, Lao says, anticipating an interest rate increase mid-2015. “We’re a very small economy and, thus, we’re dependent upon others. Whatever happens outside Macau definitely impacts us”, he concludes.
24 OCTOBER 2014
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