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Local realtor forecasts housing price increase in fourth quarter 08/06/15

Local realtor Centaline Macau Property Agency Ltd. says housing transaction volume decreased 50 per cent in July compared to June and expects the trend to continue in the third quarter.

Residents travelling in the summer holidays as well as the turbulence of the stock exchange has been attributed to the lower housing transaction volume. However, Jackey Shek Po Tak, directof of Centaline Macau, says housing prices would not drop and forecasts an upturn in the fourth quarter of this year.

Mr. Shek made the remarks yesterday afternoon on the sidelines of a press conference warning residents against telecommunication fraud and encouraging awareness of the real estate agent law.

Fellow local realtor Ricacorp (Macau) Properties Ltd. also attributes the stock market’s unstable performance as the reason for the drop in July housing transactions.

In a press release published on Tuesday, Ricacorp said that Fai Chi Kei area is badly hit, as July transactions dropped by around 40 per cent compared to June.

However, the company says some residents are keen on upsizing and want to seize the timing to buy as the current price is 30 per cent lower than its peak.

Ricarcorp says that in July transactions in Fai Chi Kei mainly involved the Praia, the only property equipped with a big clubhouse and where the average price stood at HK$7,700 per square foot, a 15 per cent drop compared to its high point.

Source http://macaubusinessdaily.com/Property/Local-realtor-forecasts-housing-price-increase-in%C2%A0fourth-quarter

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