Macau's robust economy is growing at a phenomenal rate and the property market continues to bring lucrative returns to astute investors. But new players in the property market should be selective because they now have 'more choices' and they must look for 'quality, facilities, service and location', says Jeff Wong Chi-wan, head of residential, Jones Lang LaSalle, Macau. 'Properties in prime sites such as Cotai Strip or near the future Hong Kong-Zhuhai-Macau bridge will increase in value.'
'It's not too late to join the market but newcomers should not expect to reap [big] profits as those who invested three years ago. Macau's residential market is growing steadily and healthily but no longer as fast as it used to be.'
International property consultant Vigers, in its first quarter report this year, says the enclave's economic performance remains strong, with gaming and tourism bringing in massive revenues. The annual gross gambling revenue hit 83.4billion patacas last year, up 45.8 per cent from 2006, making it the world's most dynamic gambling city, outstripping Las Vegas. Tourist arrivals to Macau jumped 22.8 per cent from last year, reaching more than 27million visitors, a little less than Hong Kong.
Mr Wong is optimistic about the city's property market, pointing out that Macau's GDP has increased by an average of 20 per cent a year, higher than Hong Kong, which was 6.3 per cent. In the third quarter of last year, the GDP growth rate was 30.9 per cent, compared with just 10.7 per cent in the same quarter of 2006.
He says Macau's tourism growth this year is also strong as evidenced by the scheduled opening of the luxury Four Seasons Hotel Macao at the Cotai Strip in the middle of this year, and the Venetian Macao last year. Renowned performers such as Cirque du Soleil will perform at the Venetian in July, while Celine Dion sang at the Venetian Arena last month as part of her world tour. Last month, the Venetian Macao announced that it would play host to the annual Miss International Pageant in November.
'Apart from gambling, Macau has continued to attract more visitors by hosting these world-class performances to boost its economy,' Mr Wong says.