Macau

Macau's Residential Real Estate Market Analysis 2025

Lalaine C. Delmendo

Macau’s housing market remains weak, with falling prices, sluggish construction, and demand still well below pre-pandemic levels.

This extended overview from the Global Property Guide covers key aspects of Macau's housing market and takes a closer look at its most recent developments and long-term trends.

Table of Contents

Housing Market Snapshot

Transaction prices of residential units fell by 9% y-o-y in 2024 to an average of MOP 85,114 (US$10,612) per square meter (sqm), according to the Statistics and Census Service (DSEC). It was its sixth consecutive year of falling residential property prices. When adjusted for inflation, prices were actually down by 10% last year.

Quarter-on-quarter, residential property prices in Macau declined by a huge 12.1% (-8.2% inflation-adjusted) in Q4 2024 - its worst quarterly showing since Q3 2013.

Macau's house price annual change

Locally, residential property prices are also generally falling.

  • In Macau Peninsula, the historic center of Macau, the average transaction price of residential properties fell by 12.5% y-o-y to MOP78,751 (US$9,819) per sqm in 2024. In real terms, prices in the peninsula dropped by 13.4%. Of the 18 areas on the island where figures are available, 15 saw house price falls.

Guia registered the biggest house price fall in the island of 29.89% in 2024 from a year earlier, followed by Praia Grande & Penha (-25.69%), Móng Há & Reservatório (-24.46%), Ilha Verde (-23.15%), Baixa de Macau (-22.24%), Areia Preta & Iao Hon (-22.18%), Conselheiro Ferreira de Almeida (-21.41%), Horta Costa & Ouvidor Arriaga (-20.66%), Patane & São Paulo (-17.5%), NATAP (-16.63%), Tamagnini Barbosa (-16.28%), and Barra & Manduco (-13.8%). More moderate price falls were seen in Doca do Lamau and Grande, of 6.02% and 3.91%, respectively.

In contrast, Fai Chi Kei experienced strong residential property price growth of 19.52% in 2024, followed by Barca (9.62%) and ZAPE (4.45%).

  • In Taipa, where there are many hotels, casinos, and shopping malls and which is home to the Macau Jockey Club racecourse, residential property prices were down by 3.6% to MOP 93,896 (US$11,707) per sqm during 2024. When adjusted for inflation, prices dropped 4.6% last year.

Universidade & Baía de Pac On saw the biggest house price decline of 36.07% last year, followed by Cidade & Hipódromo da Taipa (-23.29%), Jardins do Oceano & Taipa Pequena (-17.97%), and Pac On & Taipa Grande (-6.03%). Only Baixa da Taipa saw a meager price growth of 0.8% in 2024.

  • In Coloane, home to two of Macau's best beaches, Cheoc Van and HacSa, residential property prices fell by 7.3% y-o-y to MOP 99,617 (US$12,421) in 2024. In real terms, prices dropped 8.4% over the same period.

Fai Chi Kei, located on the Macau Peninsula, has the most expensive housing, with an average transaction price of MOP 119,491 (US$14,898) per sqm in 2024. It was followed by Coloane, with an average price of MOP 99,617 (US$12,421) per sqm; Baixa da Taipa, with MOP 99,276 (US$12,378) per sqm; and Cidade & Hipódromo da Taipa, with MOP 96,857 (US$12,076) per sqm.

Macau Average Transaction Price for Residential Units Graph

Demand is showing some signs of improvement but still far below its pre-pandemic levels. During 2024, residential property transactions in Macau rose by 17.4% y-o-y to 3,380 units, an improvement from a modest growth of 2.5% in 2023 and annual declines of 53.2% in 2022, 7.4% in 2021, 21.7% in 2020, and 23.5% in 2019. Likewise, total transaction values were up by 11.1% y-o-y to MOP 20.33 billion (US$2.54 billion) last year, following a meager increase of 1.8% in 2023 and contractions of 56% in 2022, 5% in 2021, 15.9% in 2020, and 26.5% in 2019.

Residential construction activity continues to be sluggish. During 2024, residential construction permits plummeted by 75.5% y-o-y to just 107 units - the lowest level recorded in recent history. On the other hand, residential building completions rose by nearly 250% y-o-y to 640 units in 2024, in contrast to annual declines of 63.4% in 2023 and 79.1% in 2023. Despite the surge, it remains one of the lowest numbers of completions seen in recent years.

The overall economy is slowing again. Macau's economy grew by 8.8% in 2024 from a year earlier, a sharp slowdown from the prior year's expansion of 75.1%. The city's overall economic output is now at 86.4% of its 2019 level.

The IMF expects the economy to grow by a more moderate 7.3% this year. Fitch Ratings' 2025 economic growth forecast for Macau is even more conservative, at 6.9%, as gross gaming revenue grows more slowly.

Macau has one of the highest GDP per capita in the world, at around US$77,200 in 2024, based on IMF figures.

Macau GDP Per Capita Graph

Historic Perspective

Macau's housing cycle

Macau's housing market generally follows its economy. Residential property prices skyrocketed by a total of 330% (233% in real terms) from 2010 to 2014, more than 14 times the rise in inflation, rising by double-digits every year, after a slight decrease of 0.3% (-1.5% in real terms) in 2009 due to the global crisis. The economy grew by an annual average of 17% from 2010 to 2014.

When the economy was in recession in 2015, house prices fell by 13% (-16.8% in real terms).

The economy grew by an annual average of 7.2% in 2017 and 2018, and this was reflected in the housing market. Residential property prices rose by 16.8% in 2017 and by 7.5% in 2018 (15.4% and 4.4% in real terms).

The economy contracted by 2.6% in 2019 amidst the slowdown in the gaming sector. Then ,in 2020, the economy plummeted by a whopping 54.3% due to the Covid-19 pandemic. As such, residential property prices dropped by 0.8% in 2019 and by another 2.3% in 2020.

Macau's economic performance has been erratic since, growing by 23.5% in 2021, as pandemic-related restrictions eased, but contracted again by 21.4% in 2022 due to a combination of factors, including weakened domestic consumption, regulatory changes in the gaming industry and Mainland China's Zero-Covid Policy. The economy expanded by a spectacular 75.1% in 2023 but slowed again in 2024, growing by a moderate 8.8%.

The housing sector has been weak since, with residential property prices falling by 1.1% in 2021, 9.7% in 2022, 0.3% in 2023, and another 9% in 2024.

"Macau's home prices have plunged since the pandemic, with overall prices dropping over 20% from the market peak. Some units have even seen declines of up to 30%. Developers have to adopt aggressive pricing strategies to boost home sales since the financing costs are high," said Mr. Mark Wong of JLL Macau. "However, the price correction in the housing market has led to substantial losses for flat owners who bought residential flats in recent years, which has also affected their investment and consumption interests. Additionally, despite an adequate housing supply, demand remains limited."

Macau House Price Growth vs GDP Growth Graph

Demand Highlights

Demand is improving, but still far below pre-pandemic levels

Residential property transactions in Macau rose by 17.4% y-o-y to 3,380 units in 2024, according to DSEC. This is an improvement from a modest growth of 2.5% in 2023 and annual declines of 53.2% in 2022, 7.4% in 2021, 21.7% in 2020, and 23.5% in 2019.

Likewise, total transaction values were up by 11.1% y-o-y to MOP 20.33 billion (US$2.54 billion) last year, following a meager increase of 1.8% in 2023 and contractions of 56% in 2022, 5% in 2021, 15.9% in 2020, and 26.5% in 2019.

By major area:

  • In Macau Peninsula, the number of residential property transactions rose by 13.5% y-o-y to 2,297 units in 2024, while transaction values were up by 5.1% to MOP 11.6 billion (US$1.45 billion).
  • In Taipa, residential property transactions increased strongly by 38.4% y-o-y to 872 units in 2024 and transaction values were up by 28.4% to MOP 6.98 billion (US$870.66 million).
  • In Coloane, on the other hand, residential property transactions fell by 6.6% y-o-y to 211 units in 2024, and sales values were down by 4.1% to MOP 1.74 billion (US$216.57 million).

Macau Residential Building Transactions Graph

Supply Highlights

Residential construction activity remains sluggish

Residential construction permits plummeted by 75.5% y-o-y in 2024 to just 107 units. It was the lowest level recorded in recent history. Of these, 106 permits were in Macau Peninsula last year. Only one permit was in Coloane, and no permit was issued in Taipa.

On the other hand, residential building completions rose by nearly 250% y-o-y to 640 units in 2024, in contrast to annual declines of 63.4% in 2023 and 79.1% in 2023. Despite the surge, it remains one of the lowest numbers of completions seen in recent years.

The issuance of construction permits for residential buildings has significantly declined, dropping from an annual average of nearly 8,000 units in the 1990s to fewer than 2,000 units between 2000 and 2024. Similarly, residential completions, which averaged 9,000 units per year in the 1990s, have fallen to just around 2,000 units annually over the same period.

Residential construction activity in Macau has weakened in recent years due to limited land supply, subdued demand, and regulatory constraints. Developers also face high construction costs and lingering economic uncertainty, making them hesitant to launch new projects. Stricter housing policies and cooling measures implemented over the past decade have further slowed market activity, while a slow post-pandemic recovery has kept demand low.

However, with the government now moving to ease housing regulations and mortgage restrictions, there is hope that construction activity could gradually regain momentum.

Macau Residential Construction Graph

Housing stock increasing

The total housing stock in Macau reached 245,303 units in 2024, up by 1.7% from the same period in the prior year, according to DSEC. This is an acceleration from meager growth of 0.1% in 2023 and 0.6% in 2022 and the biggest increase since 2018.

By major area:

  • In Macau Peninsula, there were 190,873 residential units in 2024, up by 1.9% from the previous year. This followed annual increases of 0.1% in 2023 and 0.8% in 2022.
  • In Taipa, the housing stock is more or less steady in the past three years at 37,486 units in 2024.
  • In Coloane, the number of residential units rose by 2.4% y-o-y to 16,944 in 2024, following a zero growth in 2023 and a minuscule increase of 0.2% in 2022.

Macau Housing Stock Graph

Vacant residential units rising gradually

The number of vacant residential units is increasing gradually. In H2 2024, there were a total of 15,078 vacant residential units in Macau, up slightly by 0.4% from a year earlier, according to DSEC. This is about 6.1% of the total housing stock.

By major area:

  • In Macau Peninsula, the number of vacant residential units rose by 5.7% y-o-y to 10,890 units in H2 2024.
  • In Taipa, vacant residences fell by 8.1% y-o-y to 2,672 units.
  • In Coloane, vacant residences declined by 16.2% y-o-y to 1,516 units.

Macau Vacant Residential Units Graph

Mortgage Market

Residential mortgage loans continue to fall, despite key rate cuts

In December 2024, the Monetary Authority of Macau (AMCM) lowered its key rate by 25 basis points to 4.75% after its Hong Kong counterpart made the same move following the U.S. Fed's decision to cut its key rates. This was the third consecutive rate cut this year, bringing borrowing costs to the lowest level since January 2023 amidst slowing economic growth.

The Macanese pataca (MOP) is linked to the Hong Kong dollar, which is also linked to the US dollar.

Despite this, new mortgage loans continue to fall. During 2024, the total value of new residential mortgage loans (RMLs) approved fell by 9.1% to MOP 15.5 billion (US$1.93 billion) from a year earlier, following annual declines of 25.3% in 2023 and 37.3% in 2022, based on figures released by the central bank.

New RMLs released to residents accounted for around 97.7% of the total new approvals, while the remaining 2.3% were to non-residents.

Macau New Residential Mortgage Loans Approved Graph

As a result, the total outstanding RMLs dropped by 4.9% y-o-y to MOP 218.14 billion (US$27.2 billion) in 2024, after falling by 3.9% in 2023 and 2% in 2022, according to AMCM.

Of these, the resident component made up about 96.6% of the total RMLs.

Despite the 11.1% y-o-y increase in new RMLs to MOP 1.33 billion (US$165.45 million) in January 2025, the total value of gross outstanding RMLs continued to decline by another 4.8% to MOP 217.63 billion (US$27.13 billion) over the same period.

Macau Gross Outstanding Residential Mortgage Loans Graph

In January 2025, the delinquency rate for RMLs increased to 3.6%, compared to 3.5% in the previous month and 0.9% in the same period last year. It increased to a record high of 4.3% in August 2024.

These figures suggest that borrowers in Macau are facing increasing difficulties in meeting their mortgage obligations, potentially due to factors such as economic downturns and policy changes in the gaming industry.

Macau RMLs Deliquency Rate Graph

SAR government plans to scrap housing market cooling measures

The SAR government has recently proposed to remove the long-standing housing market cooling measures in an effort to boost the ailing housing market.

In April 2024, the Executive Council submitted a policy proposal to the Legislative Assembly seeking to eliminate tax-related real estate restrictions, including the special stamp duty, additional stamp duty, and acquisition stamp duty. These measures, which have been in place for over a decade, were originally introduced to stabilize the housing market but are now seen as obstacles to revitalizing the sector.

Alongside tax adjustments, the proposal includes easing mortgage lending restrictions to improve affordability and stimulate property transactions. AMCM plans to standardize the maximum loan-to-value (LTV) ratio at 70% for both residents and non-residents, while affordable housing purchases will have an increased LTV of up to 90%.

Also, the requirement for a stress test against a 2% interest rate hike will be suspended. These revisions come as real estate associations and industry experts warn of a challenging housing market outlook, urging the government to lift restrictive measures to boost demand.

Rental Market

Residential rents are rising again

The average rent per square meter of usable area of residential units in Macau increased by a modest 3.88% y-o-y to MOP136.5 (US$17) in 2024, an improvement from annual declines of 2.38% in 2023, 8.81% in 2022, 8.55% in 2021 and 1.1% in 2020, according to figures published by DSEC.

This is in line with JLL's figures: "The residential leasing market remains in an upward cycle. According to the JLL Macau Property Index, rents of luxury flats rose by 2.5% year-on-year in 2024, while the rents of mass residential flats surged by 13.7% year-on-year."

By major area:

  • In Macau Peninsula, the average rent for residential units rose by 3.83% to MOP135.6 (US$16.9) per sqm in 2024 from a year earlier, according to DSEC, after falling by 2.1% in 2023, 8.94% in 2022, 8.09% in 2021, and 0.81% in 2020.
  • In Taipa, rents for residential units averaged MOP135.3 (US$16.9) per sqm in 2024, up by 3.36% from the previous year. This is in contrast to annual declines of 2.75% in 2023, 8.44% in 2022, 9.82% in 2021, and 1.57% in 2020.
  • In Coloane, residential rents rose by 5.57% y-o-y in 2024 to reach an average of MOP146 (US$18.2) per sqm, an improvement from annual falls of 2.95% in 2023, 9.81% in 2022, 7.39% in 2021, and 1.56% in 2020.

Macau Average Rents Graph

Very low rental yields

Gross rental yields in Macau are very low at an average of just 1.81% in Q1 2025, according to research conducted by the Global Property Guide.

By property type:

  • For studio-type apartments, gross rental yields averaged 1.55% in Q1 2025;
  • One-bedroom apartments offer rental yields of about 2.01%;
  • Two-bedroom apartments earn rental returns of just 1.61%; and,
  • For three-bedroom apartments, the average rental yield was 2.08% in Q1 2025.

Gross rental yields in Macau are very low due to high property prices, weak rental demand due to preference to homeownership, and a market dominated by investors rather than renters. Many property owners treat real estate as a long-term asset rather than a source of rental income, keeping rental prices relatively low.

Socio-Economic Context

The gaming sector continues to recover

During 2024, gross gaming revenue for Macau casino operators amounted to MOP 227.42 billion (US$28.36 billion), up by 23.8% from a year earlier, following a whopping 328.8% increase in 2023 and a contraction of 51.1% in 2022, according to the Statistics and Census Service (DSEC). Yet, it remains far below the MOP 303.88 billion (US$37.89 billion) and MOP 293.31 billion (US$36.57 billion) recorded in 2018 and 2019, respectively.

Over the same period:

  • VIP baccarat revenue, which accounted for a 24.1% share of the total gross gaming revenue, rose by 21.2% y-o-y to MOP 54.76 billion (US$6.83 billion). Though it accounted for just 40.5% of the total VIP revenue generated in the pre-pandemic year of 2019.
  • Mas market baccarat revenue, which accounted for a 60.8% share, rose by 24.8% y-o-y to MOP 137.91 billion (US$17.19 billion) in 2024. It now represents about 114.2% of the 2019 mass market baccarat gross revenue.
  • Slot machine revenues surged 18.4% y-o-y to reach MOP 12.92 billion (US$1.61 billion) last year. It represents around 85.3% of the full-year 2019 revenues from slot machines.

Then, in the first three months of 2025, total gross gaming revenue amounted to MOP 57.66 billion (US$7.19 billion), up slightly by 0.6% compared to the same period last year.

The SAR government expects Macau's casino industry to earn a total of MOP 240 billion (US$29.9 billion) this year, which corresponds to a projected growth of 5.8% from the previous year.

This is in line with the forecast released by global credit rating agency, S&P Global: "Macao gross gaming revenue (GGR) to be 5%-6% stronger year on year. Our forecast implies that mass GGR will be 15%-20% above the pre-pandemic level. However, junket (or VIP) volume will likely stay near current low levels unless regulations change. Total GGR, therefore, will likely be 80%-85% of 2019 level."

"We base our 5%-6% total GGR growth forecast in 2025 mainly on strong momentum in the mass market segment. Mass market GGR will grow in 2025 as visitation to Macao returns to pre-pandemic levels, aided by solid demand from premium mass customers, return of base mass, and expanded hotel capacity," added the S&P Global report.

However, Macau's gaming industry continues to face significant challenges. Casino operators are facing difficulties due to the city's new gaming law, which has significantly impacted their VIP business. Previously, VIP rooms were operated by agents who brought in high-roller clients and shared in the profits. However, the new law bans such subcontracting, allowing agents to earn only commissions, reducing their incentive to attract clients. Additionally, casino operators are struggling with a Chinese government ban on soliciting customers from the Mainland, further limiting their market reach.

About 60% of Macau's economy depends on the gaming industry, and another 11% on related sectors like hotels, shops, and restaurants, according to economics professor Ricardo Siu of the University of Macau.

Macau Gaming Revenue Graph

Tourist arrivals continue to increase but remain below pre-pandemic levels

During 2024, the total number of visitor arrivals in Macau soared by 23.8% to 34.93 million people compared to the previous year, following a huge annual increase of nearly 395% in 2023 and a decline of 26% in 2022, based on figures from DSEC.

Last year's figures remained below the record high of 39.41 million visitor arrivals seen during the pre-pandemic year of 2019.

Same-day visitors, which accounted for more than 54% of the total arrivals last year, were up by 35% y-o-y to 18.88 million people in 2024. Similarly, overnight visitors, which represented the remaining 46% share, rose by 12.8% y-o-y to 16.04 million people.

By mode of transport, in 2024:

  • By land: 27.77 million people, up by 24.1% y-o-y
  • By air: 3.06 million people, up by 43.9% y-o-y
  • By sea: 4.09 million people, up by 10.7% y-o-y

Macau Visitor Arrivals Graph

Mainland Chinese accounted for more than 70% of the total number of visitor arrivals in Macau last year. It was followed by Hong Kong, with a 20.6% share; Taiwan, with a 2.4% share; the Philippines, with a 1.4% share; and Korea, also with a 1.4% share.

The number of guests in hotels and guesthouses rose by 6.3% y-o-y to 14.42 million people last year. Though visitors on package tours increased only slightly by 0.4% to about 3.83 million people in 2024 from a year earlier.

In the first two months of 2025, the number of visitor arrivals in Macau rose by 10.4% y-o-y to 6.79 million people, according to DSEC. Visitors travelling by land increased by 14% y-o-y to 5.57 million people, and those travelling by air rose by a modest 3.1% to 507,162 people. In contrast, visitors travelling by sea fell by 7.8% to 719.458 people over the same period.

Macau's visitor arrivals are projected to reach between 38 million and 39 million for the whole year of 2025 - bringing the tourism sector close to its pre-pandemic levels, according to Maria Helena de Senna Fernandes, the head of the Macao Government Tourism Office (MGTO).

Fernandes credits the anticipated rise to policies like the "One Trip Per Week" and "Multiple Entries" schemes, which have boosted tourism from Zhuhai, Hengqin, and the Greater Bay Area.

As of February 2025, there were 147 hotels & guesthouses operating in Macau, up from 141 in the same period last year and 126 two years ago. The average occupancy rate in hotels and guesthouses was 90.6% in February 2025, up from 85.1% a year earlier and 76.1% two years ago.

Macau's economic performance remains erratic, inflation slowing significantly

Macau's economy grew by 8.8% in 2024 from a year earlier, a sharp slowdown from the prior year's expansion of 75.1% but an improvement from a contraction of 21.4% in 2022. The city's overall economic output is now at 86.4% of its 2019 level.

Macau continues to navigate challenges stemming from the Covid-19 pandemic's lingering effects and regulatory changes in its gaming industry, which remains a key driver of economic activity.

"The strong post-pandemic economic rebound was uneven. A surge in services exports after Mainland China lifted COVID-19 containment measures propelled GDP growth. However, the pace of the recovery softened recently. In addition, the expansion of some segments of the economy with weak links to the tourism industry was constrained by higher interest rates and increased competition from neighboring Mainland regions and e-commerce," said the International Monetary Fund (IMF).

The IMF expects the economy to grow by a more moderate 7.3% this year. Fitch Ratings' 2025 economic growth forecast for Macau is even more conservative, at 6.9%, as gross gaming revenue grows more slowly.

Accordingly, Macau's heavy reliance on the gaming industry makes its economy highly volatile, a challenge that became even more evident during the pandemic. To reduce this vulnerability, authorities have intensified efforts to diversify the economy by offering tax incentives and subsidies. These measures aim to address structural challenges such as the region's dependence on tourism, small population, and limited land resources.

After expanding by almost 17% per year from 2010 to 2013, Macau suffered a three-year slump in 2014-16 (with 2015 registering a whopping 21.6% decline), after its main industry - gaming activities - took a major hit from China's anti-corruption campaign.

Fortunately, the economy bounced back in 2017 and 2018, with GDP growth of 9.9% in 2017 and another 6.4% in 2018, buoyed by massive infrastructure investments and booming tourism. However, the economy contracted again by 2.6% in 2019 and by a whopping 54.3% in 2020 due to the adverse effects of the Covid-19 pandemic.

Macau's economy expanded again by 23.5% in 2021 amidst the easing of pandemic-related restrictions.

Macau GDP Growth and Inflation Graph

Overall inflation eased to 0.16% in February 2025, down from 0.57% in the previous month and 1.46% in the same period last year, according to DSEC. This marked the first deflation since June 2021, primarily due to lower prices for transport, information and communication, recreation, sport and culture, and household furnishings and services.

Inflation averaged 4% per year from 2010 to 2019 before slowing significantly to just 0.8% annually between 2020 and 2024.

The unemployment rate was 1.8% in February 2025, up from 1.6% in the previous month but down from 2.2% a year earlier. The jobless rate averaged 2.2% in the past decade.

Sam Hou Fai, a 62-year-old former judge, won the Chief Executive Election on October 13, 2024, and was officially appointed as the sixth-term Chief Executive of the Macao Special Administrative Region by the State Council through Decree No. 794 on October 25, 2024. He officially assumed office on December 20, 2024. Ordinary citizens have no direct say in the appointment of their chief executive.

Improved infrastructure and increased connectivity to benefit tourism and the housing market

In recent years, Macau has undertaken several infrastructure projects to enhance its connectivity, housing availability, and tourism facilities. Notable developments include:

  • The 50-km Hong Kong-Zhuhai-Macau Bridge, operational since 2018, connects Macau with Hong Kong and Zhuhai, facilitating regional integration within the Greater Bay Area.
  • The Macau Light Rapid Transit (LRT) System consists of three lines: the Taipa Line, launched in December 2019 to serve the Taipa and Cotai regions; the Seac Pai Van Line, opened in November 2024 to improve access to the southern parts of Macau; and the Hengqin Line, commenced operations in December 2024 to link Macau to Hengqin in Zhuhai, China, enhancing cross-border connectivity.
  • The Fourth Macau-Taipa Bridge was opened in October 2024 to provide an additional connection between the Macau Peninsula and Taipa.
  • The Grand Taipa Tunnel project was launched in October 2024 when Macau's Public Works Department launched the bidding process for its design and construction to ease traffic and improve connectivity.
  • Public housing developments in Macau totaled around 48,000 units in 2022, with plans to add over 40,000 more in the medium to long term, including about 28,000 units in the New Urban Zone A.
  • The 24-km Shenzen-Zhongshan Bridge, which opened in June 2024, reduces the average travel time between Shenzhen and Zhongshan from two hours to less than 30 minutes.
  • The expansion of the Macau International Airport is part of the 2024 Five-Year Development Plan. Landfill works have begun to increase the airport's capacity, supporting growing air travel demand and strengthening Macau's role as a regional aviation hub.
Sources:

More data and information on Macau

Rental Yields in Macau
House Price Index in Macau
Property Taxes in Macau
SQM Prices in Macau Compared to Asia

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