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Strong growth in Macau market to continue, consultant says

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Demand for homes in Macau will remain robust this year, with strong economic and employment growth anticipated and interest rates still low, according to Jones Lang LaSalle.

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The international property consultant said in a recent report that the residential market in Macau performed well last year, with sales of new and pre-occupied homes rising.

In the first 11 months of last year, 16,035 sale and purchase agreements were made, exceeding the full-year totals for both 2008 and 2009.

In the luxury market, home prices rose 9.6 per cent from a year earlier, and gained as much as 6.2 per cent in the first six months alone. In the mass- and medium-residential market the gains were even bigger, with full-year growth of 17.8 per cent year on year.

On the leasing side, rents for high-end homes rose an average of 4.8 per cent year on year in 2010, while those in the mass- and medium market rose by 10.9 per cent.

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Jones Lang LaSalle also highlighted a change in the buyer demographic for homes.

'Local end-users have replaced overseas investors as the major source of demand for Macau's residential properties after the global financial crisis,' it said.

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