House prices were down 8.33% during 2022

Macau’s housing market continues to struggle, amidst ailing economy. The average transaction price of residential units fell by 8.33% (inflation-adjusted) in 2022 from a year earlier, far worse than the year-on-year decline of 1.55% in 2021. Quarter-on-quarter, house prices declined by 1.17% 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 four 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.

Recent news. Macau’s economy continues to show dismal performance, with the real GDP contracting by 23.4% in Q4 2022 from a year earlier, following year-on-year declines of 32.3% in Q3, 40.2% in Q2, and 10.9% in Q1. This was mainly due to the combined effects of plummeting exports, private consumption and fixed investment, according to the Statistics and Census Bureau (DSEC).

The International Monetary Fund (IMF) expects Macau’s economy to post a strong rebound in 2023, projecting a real GDP growth rate of 56.7%, following a contraction of 22.4% last year. This is more optimistic than the University of Macau Centre for Macau Studies and Department of Economics’ forecast of an economic growth of 20.5% to 44.1%.

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