House prices were down 8.06% during the year to Q3 2022

Macau’s housing market continues to struggle, amidst ailing economy. The average transaction price of residential units fell by 8.06% in Q3 2022 from a year earlier, worse than the year-on-year declines of 5.09% in Q2 2022, 1.5% in Q1 2022, 1.55% in Q4 2021 and 0.57% in Q3 2021. Quarter-on-quarter, house prices declined by 3.31% during the latest quarter.


Macau’s housing market grew strongly in 2017 and 2018, supported by robust economic growth and massive infrastructure investments. The economy was estimated to have expanded by 5.4% in 2018, down from a spectacular 9.9% in 2017, but a sharp turnaround from y-o-y declines of 0.7% in 2016, 21.6% in 2015, and 1.2% in 2014.

However, Macau’s housing market slowed sharply in the past three years, as slower economic growth in Mainland China, as well as the civil unrest in Hong Kong, has adversely impacted Macau’s gaming, tourism, and property sectors. The fallout from the fast-spreading COVID-19, coupled by the global economic slowdown, added more sufferings to Macau’s economy.

Rents, rental yields: no yields data available for Macau.

Recent news. Macau’s economy contracted by a whopping 33.4% on year in Q3 2022, following year-on-year declines of 39% in Q2 and 10.5% in Q1, due to the combined effects of plummeting exports, private consumption and fixed investment, according to the Statistics and Census Bureau (DSEC).

Recently, the International Monetary Fund (IMF) downgraded further Macao’s economic forecast for 2022, to a contraction of 22.4% from its earlier estimate of a 15.5% expansion. During 2021, the economy grew by 18%, partially offsetting the massive 56.3% contraction seen in 2020.