68 Property
in turn stimulate the property market; by 20 to 30 percent. they remain hesitant due to the fact
while others hope that the new hous- By the end of the year, after a short that the economy has not yet stabilised.
ing policies will slow down the soaring period of increase, prices had stabilised. They also expect that the market will be
prices. cooled down by the new housing poli-
On the up in 2010 cies.
Public construction Roy, a local Macau resident, told Macau Until then, they will not be able to
The new SAR government plans to build Business that he decided to buy a flat last reach a decision.
19,000 public housing units by 2012. August after months of worrying about According to Ms Wu, a real estate
However, since 2003 the application for soaring prices. agent for first-time properties, middle
economic housing has been suspended. “I visited one unit in Taipa, but by class home-buyers usually take longer to
By December last year, the clos- the time I left, the owner had raised the buy a first-hand property.
ing date for social housing applica- price by MOP20,000. I couldn’t believe The units are usually over 1,000
tions, 7,887 applications had been it so I gave up,” he said. square feet with an average price of
received. At present, there are over “Some time later, I went for an- more than HK$3 million. Nevertheless,
15,000 applicants and people on the other and its price had gone up by there are also buyers who would sell
waiting list. Before leaving office, MOP100,000 in a week.” their present home to purchase a new
former chief executive Edmund Ho Worried that the values would go up one. Usually the transaction can be
Hau Wah, said the government would even more, he decided to buy a second- made within two to three days.
reinforce and continue with the public hand unit in Taipa for MOP1.8 million. Rumour has it that the new gov-
housing scheme to meet the needs of “Of course I am concerned about ernment will resume investment im-
local home-seekers. negative equity, but I also know if I don’t migration, driving property prices even
According to Jones Lang LaSalle, act now, I might not be able to afford higher.
there is a local need for housing because anywhere in the future. No-one knows With the developments of site No. 5
88 percent of the market transactions what the government’s housing policies and 6 on the Cotai Strip restarting this
were made by Macau residents. will be, I’d rather buy one now before it’s year, and the cancellation of non-paid
Among the property transactions, too late,” he said. leave in the gaming industry, and with
most of the purchased units were priced more mainlanders pouring in capital to
below MOP2 million and were favoured Hesitant renters high-end residences, the property mar-
by local first-time buyers. In the months Unlike Roy, Mr and Mrs Wong are ket will certainly be on the rise, with all
before and after the announcement of renting at the moment. Despite having agents optimistically anticipating a 10
the home-buying scheme, values shot up a plan to buy a flat by the end of 2009, to 20 percent increase in value.
March 2010
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