The historic downturn in Macau’s gaming industry is trickling down to the real estate sector. According to the Macau Business Daily, realtors expect an 8 percent to 10 percent increase in home prices this year. But compared to the past decade of skyrocketing growth in a city driven by casinos, that’s a disappointment.
“I don’t expect a very strong investment sentiment for high-end homes in Macau this year,” said Jane Liu Zee Ka, managing director of Hong Kong’s Ricacorp Properties Ltd. “In the second quarter we’re expecting some new projects coming in, but I don’t think the price call will be too aggressive when these projects are launched.”
Real estate agents in Macau have seen a number of gaming promoters sell their luxury flats at a discount as high-roller junkets decrease. However, there should be renewed vitality in the market as new casino-resorts are completed on the Cotai Strip.
