Macao’s economy is currently growing rapidly. The increases in residents’ incomes and the number of foreign employees have driven the demand for housing. Real estate developers are also visualising the potential of investing in Macao due to the fact that the construction of the Hong Kong-Zhuhai-Macau Bridge will launched by the end of the year, which will further trigger a steady increase in property prices. Some property industry professionals have predicted that the property prices in 2008 will increase by up to 40% instead of the previously anticipated 25%.

The Executive Director of Centaline (Macau) Property Agency Limited, Kwok Chiu Lung, revealed that the number of property transactions had remained the same during Chinese New Year as residents and investors often spend the holidays outside Macao. However, the supporting capabilities in the market are strong and a bubble effect is yet to appear. Presently, the property market is still in a healthy condition while the prices have not been severely affected by the sub-prime crisis. He also believes that regional factors will have more influence on the real estate market than global factors. The development of Macao’s economy is maintaining a good momentum and the sub-prime mortgages in US have only had a slight impact on Macao’s housing market, therefore the adjustment in property prices will only last for a short time and will not have a great impact. 

He added that due to the effects of the linked exchange rate system, banks in Hong Kong and Macao will follow the US in further lowering interest rates on deposits. Residents tend to be eager to undertake financial planning and investment when inflation is favourable for them to do so; however the Hong Kong stock market still remains unclear due to the sub-prime crisis, which has shaken investor confidence. It is therefore expected that residents will withdraw their capital from the stock market and reinvest in the relatively stable property market.
 
In recent years, the property market of Macao has kept good momentum and it is possible it will become a ‘harbourage’ for their capital and may subsequently drive the increasing demand in housing. Moreover, some provinces and cities in Mainland China suffered from snowstorms earlier this year and the central government may slow down the macroeconomic adjustments as a control measure in order to speed up reconstruction work after the big chill, which injects an additional favourable factor into the Hong Kong and Macao property markets. Furthermore, the luxury property prices in Macao are at a relatively lower level in comparison to the global market, therefore there is still a mark-up gap. Kwok also has high hopes for the future of the property market in Macao and thinks that prices will increase by up to 40% instead of the previously anticipated 25%.
 

目前，澳门经济高速发展，居民收入增加、外雇大量急升，带动住屋需求，加上受港珠澳大桥于年内起动这个利好因素影响，发展商均看好澳门投资潜力，将刺激楼市稳步上升。有物业专家料零八年楼价升幅将高于预期的两成五，或有力上升四成。

中原（澳门）地产有限公司执行董事郭朝隆表示，尽管新春期间，居民及投资者外游度假，楼盘交投“习惯性”淡静，但外围承接力仍充足、未现泡沫，现时楼市处于健康阶段，未受次按危机拖累影响出现大幅下调现象。 他又相信，每个地区的楼市发展，受地区因素影响多于环球因素，现时澳门经济发展基调仍保持良好势头，楼市受美次按影响轻微，最多祇会出现短暂调整，并未造成较大影响。

他续称，受联系汇率制度影响，料港澳银行跟随美国减息步伐，存款利率减少，居民为对抗通胀而积极投资理财，但港股受次按问题影响起伏不定，打击投资者买股意欲。可以预期，居民将抽离资金转战较稳定的物业市场。

近年，澳门楼市近年升势持续且发展不俗，有机会成为投资者资金的“避难所”，刺激楼市需求上升，加上今年年初内地部分省市受雪灾困扰，中央政府为加快灾后重建步伐，或会减慢宏调力度，为港澳楼市注入额外的增长元素；另外，澳门优质住宅与国际市场相比仍处于“低水”状态，因此，升值潜力大，郭朝隆预期澳门零八年楼价升幅将高于预期的两成五，或有力上升四成，看好后市。

目前，澳門經濟高速發展，居民收入增加、外僱大量急升，帶動住屋需求，加上受港珠澳大橋於年內起動這個利好因素影響，發展商均看好澳門投資潛力，將刺激樓市穩步上升。有物業專家料零八年樓價升幅將高於預期的兩成五，或有力上升四成。

中原（澳門）地產有限公司執行董事郭朝隆表示，儘管新春期間，居民及投資者外遊度假，樓盤交投“習慣性”淡靜，但外圍承接力仍充足、未現泡沫，現時樓市處于健康階段，未受次按危機拖累影響出現大幅下調現象。 他又相信，每個地區的樓市發展，受地區因素影響多於環球因素，現時澳門經濟發展基調仍保持良好勢頭，樓市受美次按影響輕微，最多祇會出現短暫調整，並未造成較大影響。

他續稱，受聯繫匯率制度影響，料港澳銀行跟隨美國減息步伐，存款利率減少，居民為對抗通脹而積極投資理財，但港股受次按問題影響起伏不定，打擊投資者買股意慾。可以預期，居民將抽離資金轉戰較穩定的物業市場。

近年，澳門樓市近年升勢持續且發展不俗，有機會成為投資者資金的“避難所”，刺激樓市需求上升，加上今年年初內地部分省市受雪災困擾，中央政府為加快災後重建步伐，或會減慢宏調力度，為港澳樓市注入額外的增長元素；另外，澳門優質住宅與國際市場相比仍處於“低水”狀態，因此，升值潛力大，郭朝隆預期澳門零八年樓價升幅將高於預期的兩成五，或有力上升四成，看好後市。

By the end of Lunar New Year, banks in Macau had announced a further cut in interest rates, meaning local mortgage rates dropped to as low as 3%; and this triggered investor interest in the property market. At present property rental prices are similar to mortgage installment amounts and some tenants have exchanged their tenancy agreements and taken the chance to buy a new house to welcome in the New Year. However, property owners have been keen to hold onto their properties for re-pricing after Chinese New Year as a result of the cut in interest rates. 

Ho Sio Hang, a Sales Manager at Centaline (Macau) Property Agency Ltd, pointed out that as a result of the land sale last month and activity in the second-hand property market in the Lam Mau Tong district in January, buyers and investors had been further convinced to buy a properties before the prices rise. The number of people looking to purchase property has continued to rise while the transaction volume of luxury apartments “The Praia” soared by 46% last month. In addition, with the result of the land sale, many property owners expect the property prices to rise and have held onto their properties for re-pricing, which has led to a continual drop in the number of properties for sale. There were around 150 second-hand properties for sale last December; however the number has further decreased to about 100 this year.

The low interest rate has dampened people’s desire to deposit money into their bank accounts, thus investment costs and loan interest expenses have reduced accordingly, causing an indirect increase of capital flow into the property market. Ho also pointed out that, for example, a $2million mortgaged property, paid in instalments of $9,800 a month for 30 years before the interest rate cut, will have an average monthly payment reduction of 15% (taking the instalment down to $8,400) after the interest rate cut while the interest expenses will sharply decrease by nearly 50% from the original $1.5 million to $1 million. Many people have been attracted to the market due to the current climate and therefore more property owners are holding onto their properties and waiting for re-pricing, which has further decreased the number of properties for sale in Lam Mau Tong district.
 
Ho further added that since the tide of interest rate-cuts had appeared, the number of homebuyers has doubled and many property owners had increased their asking prices or were holding on to their properties for re-pricing, therefore the property prices had continued to rise in the district. The selling price per ft² in “The Praia” had also jumped by 20%. Moreover, it is said that the government plans to establish a system control over properties for pre-sale to stop speculative transactions on such properties, has resulted in a sudden growth in transaction volume of properties for pre-sale. However, some owners are looking forward to a further increase in property prices and are biding their time, waiting for the right moment to sell. He estimated that property owners would hold onto their properties until later after Chinese New Year.

年近岁晚，澳门银行业界再次宣布减息，令本地供楼利率亦降低至近三厘，入市客对市场蠢蠢欲动。在租金及供款额相若情况下，有租户实时转租为买，赶入市迎新春，而连番减息效应，亦令不少业主封盘停售，待春节过后再推。

中原（澳门）营业经理何兆恒表示，上月卖地消息影响深远，一月份林茂塘区二手楼宇交投活跃，不少用家及投资者趁楼价未大幅上升前，纷纷争先入市，区内寻盘者众多，豪宅盘海擎天上月成交量亦激增46%。另外，有业主看好天价卖地影响，封盘应市，令区内供盘量不断减少。去年十二月该区二手放盘量约一百五十个，至今下跌至约一百个。

减息令市民存款意欲下降，但相对减低了投资成本及贷款利息支出，间接促使资金流向房地产市场。何兆恒又指，如以供款额二百万为例，摊分三十年计算，减息前每月需供九千八百元，而减息后只需供八千四百元，平均每月少供约15%，利息支出由原来约一百五十万减至一百万，大幅节省近50%。由于条件吸引，不少上车客踊跃入市，令交投量激增，因此不少业主亦陆续加入封盘行列，令林茂塘区供盘量再次减少。

他续称，自减息潮出现以来，区内用家增加近倍，不少业主纷纷提价甚至封盘，令区内楼价持续攀升，上月海擎天呎价上调约20%。另外，政府拟设立“楼花”预售许可制度，禁止楼花炒卖，亦令楼花成交实时增多，但部分业主憧憬后市格价上升，惜货推售。他预料新春期间封盘居多，估计封盘会持续至春节过后。

年近歲晚，澳門銀行業界再次宣佈減息，令本地供樓利率亦降低至近三厘，入市客對市場蠢蠢欲動。在租金及供款額相若情況下，有租戶即時轉租為買，趕入市迎新春，而連番減息效應，亦令不少業主封盤停售，待春節過後再推。

中原（澳門）營業經理何兆恆表示，上月賣地消息影響深遠，一月份林茂塘區二手樓宇交投活躍，不少用家及投資者趁樓價未大幅上升前，紛紛爭先入市，區內尋盤者眾多，豪宅盤海擎天上月成交量亦激增46%。另外，有業主看好天價賣地影響，封盤應市，令區內供盤量不斷減少。去年十二月該區二手放盤量約一百五十個，至今下跌至約一百個。

減息令市民存款意慾下降，但相對減低了投資成本及貸款利息支出，間接促使資金流向房地產市場。何兆恆又指，如以供款額二百萬為例，攤分三十年計算，減息前每月需供九千八百元，而減息後只需供八千四百元，平均每月少供約15%，利息支出由原來約一百五十萬減至一百萬，大幅節省近50%。由於條件吸引，不少上車客踴躍入市，令交投量激增，因此不少業主亦陸續加入封盤行列，令林茂塘區供盤量再次減少。

他續稱，自減息潮出現以來，區內用家增加近倍，不少業主紛紛提價甚至封盤，令區內樓價持續攀升，上月海擎天呎價上調約20%。另外，政府擬設立“樓花”預售許可制度，禁止樓花炒賣，亦令樓花成交即時增多，但部分業主憧憬後市格價上升，惜貨推售。他預料新春期間封盤居多，估計封盤會持續至春節過後。

Due to the sub-prime mortgage crisis in America, banks in the U.S. have cut interest rates by a total of 0.125% in the last two weeks in order to aid the economy. Recently, U.S. authorities announced they would lower the interest rate by 0.05%. Banks in Macau followed suit by cutting interest rates by 0.1%. Including the interest rate cuts from last year, the decrease has now totalled 0.2%. According to individuals in the real estate sector, the interest rate cuts have made it easier for easier for potential mortgage lending home-buyers to buy properties. Due to the significant inflation, renters would rather purchase houses than pay rental as they would like to own their own property, especially as they are almost guaranteed that it will increase in value. The daily transaction volume surged by 10% right after the interest cut, but the property prices remained stable.  
                      
The Prime Rate offered by the banks in Macau was, in general, 0.575%. After deducting the 0.275% general mortgage rate, the actual interest rate for housing loans was only 0.3%. According to Rico Kwok, the Executive Director of Centaline (Macau), using as an example, a new second-hand property in Taipa valued at MOP2.2 million with a floor area of 880ft². The interest rate was 0.5% (0.775% minus 0.275%) before the interest rate cut. If the buyer borrowed 90% of the property price and repaid it in around 20 years, s/he would have to pay approximately MOP13,000 each month. Now the interest rate is 3% (0.575% minus 0.275%). Then the monthly repayments would decrease by MOP2,000 to MOP10,000. Due to inflation, the low deposit reserve rates, the increasing negative interest rates and rent, many renters would rather purchase a house than rent a house, so that they can preserve the value of their capital by investing in real estate. In addition, some overseas investors have grasped the opportunity led by the low mortgage rates by quickly purchasing properties. Therefore, the daily transaction volume has grown to over ten from between five and ten and even reached a peak of 15. Due to the worsening sub-prime mortgage crisis, investors remained prudent and property owners daren’t raise their price unreasonably. Therefore, the prices will remain stable.

At present, the average price of a second-hand flat is over MOP1 million. In general, the mortgages offered by the banks are 80% of the price. Residents still have to pay the remaining 20% as a deposit. In other words, the deposit is a minimum of MOP200,000 to MOP300,000, which is why the transaction volume has remained stable. Individuals in the field expected that when the residents gradually got used to the interest rate cuts after Chinese New Year, the transaction volume would surge.

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美国受次按危机影响, 两周内共减息1.25厘挽救经济。日前美国宣布再度减息1/2厘，本澳银行同业先后跟随减息1厘，加上去年的减息幅度，累计减幅达2厘。有地产业者表示，银行连番减息，供楼负担减轻，且通胀高企，租户为求资产保值，宁愿“转租为买”，每天交投量较减息前增近10%，但楼价保持平稳。

现时本澳银行最优惠利率P普遍为5.75厘，减去银行普遍提供的按揭利率约2.75厘，实际供楼利率只有3厘。中原（澳门）地产代理有限公司执行董事郭朝隆表示，以凼仔楼龄较新的二手楼盘为例，建筑面绩880呎叫价二百二十万，减息前，利率为5厘（7.75厘-2.75厘），若贷款九成，贷款年期约二十年，每月供款约13,000元，现时3厘计算（5.75-2.75），约11,000元，供款少近2,000元。面对通胀高企，银行储蓄基准利率低，负利率幅度扩大，租金祇升不减，有租户宁愿转租为买，投资固定资产保值。此外，也有海外投资者看准澳门低供款利率，加快入市, 由平日每天维持5至10宗增至至少10宗，最高单日成交15宗。因次按危机扩大，投资者入市态度审慎，业主不敢漫天叫价，故楼价保持平稳。

时下二手楼动辄过百万，银行一般提供8成按揭，居民仍需付2成首期，即首期至少20至30万，故交投量保持平静。有业者预期春节后，居民逐步消化减息消息，交投量将渐增。

美國受次按危機影響, 兩周內共減息1.25厘挽救經濟。日前美國宣佈再度減息1/2厘，本澳銀行同業先後跟隨減息1厘，加上去年的減息幅度，累計減幅達2厘。有地產業者表示，銀行連番減息，供樓負擔減輕，且通脹高企，租戶為求資產保值，寧願“轉租為買”，每天交投量較減息前增近10%，但樓價保持平穩。

現時本澳銀行最優惠利率P普遍為5.75厘，減去銀行普遍提供的按揭利率約2.75厘，實際供樓利率只有3厘。中原（澳門）地產代理有限公司執行董事郭朝隆表示，以氹仔樓齡較新的二手樓盤為例，建築面績880呎叫價二百二十萬，減息前，利率為5厘（7.75厘-2.75厘），若貸款九成，貸款年期約二十年，每月供款約13,000元，現時3厘計算（5.75-2.75），約11,000元，供款少近2,000元。面對通脹高企，銀行儲蓄基準利率低，負利率幅度擴大，租金祇升不減，有租戶寧願轉租為買，投資固定資產保值。此外，也有海外投資者看準澳門低供款利率，加快入市, 由平日每天維持5至10宗增至至少10宗，最高單日成交15宗。因次按危機擴大，投資者入市態度審慎，業主不敢漫天叫價，故樓價保持平穩。

時下二手樓動輒過百萬，銀行一般提供8成按揭，居民仍需付2成首期，即首期至少20至30萬，故交投量保持平靜。有業者預期春節後，居民逐步消化減息消息，交投量將漸增。