69
Homes on hold
The key property market needs a steady hand
from the government as prices continue to rise
by Kahon Chan
T
he controversial investment mi- While Hong Kong acted to curb spec- ers have become more sensible.
gration regime looks set to be ulators, Lau argues that Macau doesn’t The director of the Macau Hous-
put on hold while the Commis- need to take precautions against the “bub- ing Institute (IHM), Tam Kuong Man,
sion for Public Housing Affairs prepares bles” because buyers are motivated mainly says the Secretary for the Economy and
to reveal more details in the upcoming by profit and an increase in stamp duties Finances will reveal the details of the
Governing Policy Guidelines (LAG) shouldn’t upset their decisions. public housing affairs committee at the
presentation. Also, after years of fluctuation, buy- LAG – on March 16.
Lao Pun lap, president of the
Macau Economic Sciences Association
(ACEM), and Tommy Lau, president of
the Macau Civil Contractors and Real
Estate Companies Association (MA-
BCD) believe suspending the scheme is
the correct move.
Housing costs rose significantly in
the second half of 2009, with prices for
high and medium quality properties ris-
ing 50 and 30 percent, respectively.
Price explosion
Inflation forecasts, as well as a price
explosion in the Hong Kong and China
real estate markets, contributed to the
increase, and the upward trend is set to
continue this year.
“The demand may be local or for-
eign. But while the local demand is af-
fected by the continued loan subsidy
system, which is dependant on the LAG,
we must keep an eye on the foreign in-
vestors,” says Lao.
He adds there was no public support
for the reactivation of the investment
migration regime, and appealed for gov-
ernment caution.
The economist’s opinion is correct
says MABCD president Tommy Lau,
who adds that property prices recovered
considerably at the end of last year and
thinks a further 10 percent increase is
possible if the economy recovers and de-
mand holds.
Welcome with conditions
Lau also agrees that this is not the best
time to bring back the investment migra-
tion regime.
“We welcome foreign investors, but
the right to stay in the territory shouldn’t
be linked to the investment, at this mo-
ment,” he says.
March 2010
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