JLL: MACAU PROPERTY PRICES TO SEE ANOTHER DOWNTURN

The property market in Macau will enter a new downward cycle, considering factors such as crackdowns on illegal gambling, an international commercial property agency has forecast.

International commercial realty firm JLL pointed out that, despite signs of revival in mid-2021, several new outbreaks of Covid-19 in Macau and Hong Kong have hampered the recovery.

The firm attributed the cause of the slowdown not just to the pandemic, but also to economic and security operations.

“The global economic and political uncertainties, coupled with the recent government crackdowns on illegal gambling and money laundering, are expected to cast a shadow over the outlook of the property market,” JLL noted.

“In 2021, the total property transaction value in Macau recorded [was] about MOP49.77 billion, down 2.6% year-on-year. Both the total number and value of transactions reached a record low since the subprime mortgage lending crisis,” wrote Mark Wong, director of valuation advisory services at JLL Macau.

Source: https://macaudailytimes.com.mo/jll-macau-property-prices-to-see-another-downturn.html