Real estate prices in Macau are expected to fall by 10% this year, both in the housing and commercial segments, according to local representatives of Jones Lang LaSalle (JLL).
JLL Macau housing director Jeff Wong Chi Wai said that the company’s vision for this segment in 2019 “is not very optimistic,” speaking at the presentation of the analysis of the Macau real estate market in 2018.
Wong said prices for high and medium quality residential units will fall by between 5.0% and 10% and up to 5.0% respectively, while lease values will remain unchanged, as demand is still guaranteed by imported labour, in particular for casinos.
Wong pointed out that after the local government introduced measures to reduce speculation, including a new stamp duty for buyers who acquire more than one residential property, almost all speculative activities have been quashed in the real estate market. (macauhub)