Macau’s economy is slowing down as the government steps up its macro-control of the development of the gaming sector, and the mainland tightens its FIT Scheme. Lok Wai Dak, Executive Vice President of Real Estate Association of Macau, says that the local property market has entered an adjustment period. As the economy slows down, property prices will drop by 12-15% in the second half of the year. And this adjustment seems to coincide with that on the mainland, he believes that the period will not last longer than one year, and it will cease at the end of the year, so property prices will not fluctuate unduly.

According to Lok, property transactions grew by 30% annually between 2003 and 2007, and property prices also rose by some 30% annually. As of now average new properties are priced at MOP2,500 per square foot or more, while high-end properties between MOP6,000-8,000. Although the market has been under external economic influences this year and the property market is in adjustment, residential leasing market remains buoyant and as a result average property prices actually fall between 5-8%. In this backdrop, prices of an average residence in Taipa and high-end residences register a more marked fall, with some high-end residences by more than 15%, while those in Macau remain largely intact.

As the market of Macau keeps expanding, its labour force keeps growing. The key elements of the property market are in place - demand and brand products. The builders and developers in Macau now have a better knowledge of branding and understanding of the market.

随着政府介入调控博彩业发展、自由行来澳政策收紧等措施效应陆续显现，本澳经济经出现放缓现象。地产发展商会常务副会长陆惠德指出本澳地产业进入调整期。下半年经济放缓，估计整个调整期楼价约跌12-15%，但由于本澳房地产调整期与内地房地产的调整期一脉相承，相信澳门楼市调整期不会超过一年，预计调整期年底告一段落，楼价不会有大幅波动。

陆惠德表示，零三至零七年，每年房地产成交量年均升速达30%，楼价年升幅亦达30%以上。现时本澳普通新落成住宅平方呎价2,500元或以上；豪宅楼价则为6,000-8,000元以上。即使今年初开始受外围经济形势影响，楼价进入整固和调整期，但由于住宅租赁市场持续畅旺，普通类型住宅的价格降幅约5-8%。另外，凼仔区及豪宅跌幅较大，个别豪宅下跌逾15%，澳门区住宅则跌幅不大。

环顾澳门市场发展不断扩大，就业人口不断增加。房地产市场发展最重要两元素：一是需求；二是品牌。澳门建筑和房地产商对品牌认识不断加深，对市场行为认识亦越来越清楚。

隨著政府介入調控博彩業發展、自由行來澳政策收緊等措施效應陸續顯現，本澳經濟經出現放緩現象。地產發展商會常務副會長陸惠德指出本澳地產業進入調整期。下半年經濟放緩，估計整個調整期樓價約跌12-15%，但由於本澳房地產調整期與內地房地產的調整期一脈相承，相信澳門樓市調整期不會超過一年，預計調整期年底告一段落，樓價不會有大幅波動。

陸惠德表示，零三至零七年，每年房地產成交量年均升速達30%，樓價年升幅亦達30%以上。現時本澳普通新落成住宅平方呎價2,500元或以上；豪宅樓價則為6,000-8,000元以上。即使今年初開始受外圍經濟形勢影響，樓價進入整固和調整期，但由於住宅租賃市場持續暢旺，普通類型住宅的價格降幅約5-8%。另外，氹仔區及豪宅跌幅較大，個別豪宅下跌逾15%，澳門區住宅則跌幅不大。

環顧澳門市場發展不斷擴大，就業人口不斷增加。房地產市場發展最重要兩元素：一是需求；二是品牌。澳門建築和房地產商對品牌認識不斷加深，對市場行為認識亦越來越清楚。

The number of visitors and foreign workers are following the influx of international investments into Macau. The number of visitors and foreign workers are increasing, so retail business is also booming. As a result, the demand for quality retail spaces is rising proportionately. In addition, foreign investors are optimistic and are going about setting up branches in Macau. (1)How is the current demand and supply of office, commercial and retail buildings? (2) How good is the potential of the retail space at new large scale resident buildings? (3)Which retail district will be the most financial rewarding investment? Three experts share their views with us to shed light on these important questions.

(1)How is the current demand and supply of office, commercial and retail buildings?
Gregory Ku, Managing Director of Jones Lang LaSalle, Macau
Office Buildings Are in Short Supply
“There was no supply of new office buildings in Macau in 2007. At that time, the supply of offices totalled 9,648,000 ft2. In 2008, the completion of the FIT Centre added 400,000ft2 of office space. However, the overall office vacancy remained low, with 10% in the case of A-class offices and 20% in the case of B-class. With the completion of business projects in Macau and Taipa in 2008, overseas companies are looking for quality offices to set up their branches. The FIT Centre, an A-class office building in Macau, was opened for lease in Q1, and 20% of its offices were leased at that time. It received a great deal of interest and enquires. . . Figures show that 2006 and 2007 saw 3,110 and 3,405 newly established companies respectively, an increase of 295 over that of 2006. As of now no new office buildings are being built and it is apparent that there will be a shortage of office space in Macau.”

Simon Sio, Managing Director of Lek Hang Property Development Company Ltd.
Vacancy Rate of Downtown Stores Is Close to Zero; Casino Stores Are in Ample Supply
 “Rua do Campo, Rua De S. Paulo, Senado Square and Avenida Nova are well-known tourist areas. The closer the store is to Senado Square the higher the rent will be for the store. The stores in these areas sell to both tourists and locals alike, and as such their rents are even higher than those in the casinos. Even so their vacancy rate remains near zero. On the other hand, new stores are becoming increasingly available in the casino areas. The Venetian Macau Resort Hotel alone offers its 968,000-square-foot Grand Canal Shoppes, opened in 2007, for rent to stores. The Four Seasons Hotel is set to open in 2008. It will feature an 110,000-square-foot duty-free shopping mall. However, since the casino stores target different consumer groups, they might not necessarily ease the stress of the tight supply in the downtown area of the city. More hotel projects will be open in Macau over the next few years. It is hoped that this new supply of stores will be in demand.”

Denis Lee – District Sales Director of Commercial Properties, Midland Realty (Macau)
No New Supply of Commercial Buildings in the Next Three Years
“In 2008, only two new commercial buildings have been launched, namely the FIT Centre Macau and the Av. Almeida Ribeiro no. 39. The first three storeys at the FIT Centre are designated for an 80,000 square foot shopping mall, while the first four storeys at Av. Almeida Ribeiro no.39 offer a 60,000 square feet of shopping space. Apart from that, the basement and the first four floors at Macau Ginza Plaza located in the central district are all for shops, providing nearly 100,000 square feet of space. It is estimated that the amount of square feet for shops in 2008 will amount to a total of 240,000 square feet. Being a famous tourism attraction in Macau, the central district is a magnet for customers and as such has a high demand for shop spaces. While no commercial buildings are currently under construction, there is no sign that the government is going to appropriate land for this purpose. Apparently there will be no new supply of new commercial buildings over the next three years, falling short of the demand.”

(2)How good is the potential of the retail space at new large scale resident buildings?
Gregory Ku, Managing Director of Jones Lang LaSalle, Macau
Investment Value Depends on Market Positioning
“While new residential projects with retail spaces are good for investment, it is nonetheless necessary to identify the right market segment for them. Take the Macau Ginza Plaza, which is located in the Central District. The area is frequented by high spending consumers, and as such it is good for a shopping mall to introduce middle-or-high-end retailers. On the other hand, emerging residential areas such as Areia Preta are populace enough but their visitors have an average level with regard to their buying power, and as such are more suitable for launching supermarkets, tea restaurants or grocery stores, such as Japan Home.”

Simon Sio, Managing Director of Lek Hang Property Development Company Ltd.
Stores in Emerging Residential Areas Are Good For Long-Term Investment
“Emerging residential areas, such as Doca do Lam Mau, Fai Chi Kei, Areia Preta and downtown Taipa, have seen soaring housing prices due to the development of many large-scale housing projects. The housing price of an area is a major indicator of the residents’ buying power. Those who can afford to live in the aforementioned new residential areas are mostly emerging middle class or SME owners. These new middle class professionals have benefited by the recent economic boom. Their consumption power should not be underestimated. Thanks to the high population density, residents’ strong consumption capability, convenient transportation, and the tight supply of stores in the area, purchasing stores there for long-term investments or renting has a high potential for profit. The current return might be relatively low, but their future prospects should be promising and stable.”

Denis Lee – District Sales Director of Commercial Properties, Midland Realty (Macau)
Investment Potential Depends on Occupation Ratio
“Community scale and population of residents are the key factors that determine the investment potential for shops in residential areas. Take the Pérola Oriental. The area is occupied mostly by employees from overseas and Hong Kong, as well as residents that are in the middle class bracket. In recent years, new quality residences such as The Residencia Macau, La Cite and Villa de Mer were sold at good prices, but the buyers are mostly Hong Kong investors and investment immigrants. So most of its residents are tenants and their occupation rate is only 30%. While rentals in the area has increased by 50% from $10-12 per square foot in 2006 to $20-25 in 2008, it is still low relative to the rental of $600 per square foot in the tourist central district. The investment potential here will only get better as occupancy rates increase.”

(3)Which retail district will be the most financial rewarding investment?
Gregory Ku, Managing Director of Jones Lang LaSalle, Macau
ua de S. Domingos and Taipa Have Good Investment Potential
“Last year, the average rental at Rua de S. Domingos was around MOP200 per ft2. In 2008, some retailed spaces at the area were leased at MOP400 per ft2, registering a growth of 100%. Since the area is a tourist spot, it is crowded with a large number of multiple consumers and the vacancy rate of the retail space is zero. As rentals stimulate sales prices, the rentals and prices of the retail spaces still have room for increases. In addition, many middle and high class residences are about to be completed in Taipa, the consumption and living quality of these residents are improving. It is suitable to open high-end restaurants, such as Japanese, French or Italian. Since the prices of the retail spaces in Taipa are lower, it is worthwhile to invest on Taipa.”

Simon Sio, Managing Director of Lek Hang Property Development Company Ltd.
Traditional Residential Areas Offer Huge Investment Potential
 “Traditional residential areas, such as Avenida de Horta e Costa, Avenida do Ouvidor de Arriaga, Rua do Campo and Avenida do Conselheiro Ferreira de Almeida, are mostly inhabited by the middle-class. Young people are the bulk of the consumers. They have benefited the most from Macau’s economic boom, and most of them do not have families to support. Therefore, they have greater buying power. In spite of the soaring Consumer Price Index in recent days, the retail business in these areas remains good. The stores around the McDonald’s at the Avenida de Horta e Costa are the most popular, with rental price per foot ranging between MOP100 and 150. Although the overall rents have gone up a great deal, it is still relatively low compared to that in the downtown area. Their potential is quite high. It is a good investment to buy them either to lease or for your own business.”

Denis Lee – District Sales Director of Commercial Properties, Midland Realty (Macau)
Increasing Population in Taipa Makes Shops There Worth Investing
“Today, much of Macau’s development is in Taipa, including many of its infrastructure projects. Commercial projects such as the COTAI Strip have enabled Taipa to come into its own. In terms of population, there are more people in Taipa than in the Pérola Oriental area. Most of Taipa’s big residential areas and commercial shops are found in the to-be-completed Prince Flower City and Park’n Shop Flower City, where many shops are turning from restaurants to retailing catering to daily needs of the neighbourhood. The increasing population in the area will make it worthwhile to have mid-term investment over the next five years.”

随着越来越多大型国际性投资进入澳门，访澳客量及外雇队伍亦日渐增加，刺激零售市场，带动零售业对优质商铺面积需求增加；另外，外来投资者看好澳门市场，纷纷注资澳门计划设立分公司。现时(1)澳门商业大厦写字楼和零售商店的需求与供应情况究竟怎样呢? (2)新兴大型住宅商铺的投资潜力又是怎样?(3)哪一区的商铺最具投资潜力?以下，我们请来三位专家为我们讲解：

(1)澳门商业大厦写字楼和零售商店的需求与供应情况究竟怎样呢?
仲量联行澳门董事总经理  古嘉豪
写字楼「供不应求」
「零七年澳门并没有全新写字楼供应，当时写字楼库存面积共约9648000平方呎。零八年虽有财富中心落成，为澳门写字楼库存面积增添400000平方呎，但澳门整体写字楼空置率并不高，甲级写字楼只有10%，乙级写字楼为20%。零八澳凼众大型基建将陆续落成，外资公司已开始纷纷寻找优质写字楼设立总办事处，澳门甲级写字楼财富中心于第一季开始招租，当时出租率已达20%，租务反应十分理想；此外，按照零六和零七年新设立公司数字3110间和3405间来计算，零七年新设立公司比零六年增加295间；加上现时澳门未有新写字楼在建，可见，澳门写字楼将会出现『供不应求』情况。」

力行地产发展有限公司总经理  萧颂铭
中区空置率接近零 赌场商铺供应充裕
「由水坑尾、大三巴街、喷水池至新马路一带属旅游旺区，铺位越接近喷水池租金就越贵。该区商铺客源广，本地人和游客生意均能做到，因此铺位价值比赌场铺位还要贵，但空置率仍然接近零。反观，赌场区不断有新铺位供应，如零七年开幕的威尼斯人就为市场提供968000平方呎大运河购物中心；预计于零八年开幕的四季酒店将为市场提供110000平方呎的环球免税店商场，铺位供应充裕。但由于消费群不同，赌场商铺未必能舒缓中区商铺紧逼的压力。未来几年将不断有大型酒店落成，新兴赌场区商铺供应充裕，寄望可“供应创造需求”」

美联(澳门)区域营业董事(工商铺)    李树强
商厦未来三年将『零供应』
「零八只有两座新落成的商业大厦，包括财富中心和新马路39号。财富中心首三层设为商场，提供面积约八万平方呎；而新马路39号首四层均作商场用途，提供面积六万平方呎；另外，同样位于中区的银座广场，地牢至四楼全用作商铺用途，提供面积近十万平方呎，零八估计共有24万平方呎全新商铺供应。中区为澳门热门旅游点，客源广、需求甚大。且目前暂未见在建商厦，政府更未有批地举动，估计商厦未来三年内将会『零供应』，供应渴求。」

(2)新兴大型住宅商铺的投资潜力又是怎样?
仲量联行澳门董事总经理  古嘉豪
 投资价值取决「市场定位」
「新兴大型住宅商铺具一定投资价值，但必须确定市场定位。如位于中区的银座广场，人流旺，消费群广泛且消费指数高，此类商场大可引入中高档品牌商铺。此外，新型住宅集中地如黑沙环，虽然人流量不俗，但由于消费力一般，在市场定位上适合投放超级市场、茶餐厅或百货商店，如日本城。」

力行地产发展有限公司总经理  萧颂铭
新兴住宅区商铺适合作长线投资
「新兴住宅区如：林茂塘、筷子基、黑沙湾，以至凼仔城区一带，因新建大型屋苑不少，售价亦相当高，通常楼价是反映该区居民消费力的重要指标，有能力住进上述新兴屋苑的多属中产新贵或中小企老板，都是近年经济发展的受惠者，他们的消费能力不容忽视。区内人口密集、居民消费能力高、交通方便，但商店供应较少等特性，因此不管在该些区域购入商铺作长线投资，或租入商铺作开店之用均具备一定的潜力，短期回报可能较低，但前景应是乐观及稳健的。」

美联(澳门)区域营业董事(工商铺)    李树强
传统住宅区投资潜力大
「传统住宅区如高士德、雅廉访、水坑尾、荷兰园一带，多做本地中产阶级生意，主消费群以年青人居多，他们是澳门经济起飞的最大得益者，且多数没有家庭负担，消费力强。虽近期物价指数急速上涨，但该区营业状况仍然相当理想。如高士德麦当奴附近一带属该区最旺，呎价租金介乎100—150元之间，虽然已上升不少，但相对中区租金仍较低，发展潜力不俗，是买铺收租或开店的不错选择。」

(3)哪一区的商铺最具投资潜力?
仲量联行澳门董事总经理  古嘉豪
板樟堂和凼仔投资潜力大
「去年板樟堂区平均呎租约200元，今年个别租务成交更录得平均呎租超过400元，升幅达五成。板樟堂区贵为旅游区，客源广、人流旺，且商铺空置率接近零。租金带动售价，该区租金及售价仍有一定上升空间；另外，凼仔区随着众多中高档住宅陆续落成，区内市民的消费及生活水平相对提高，高档次餐厅如日本菜、法国菜和意大利菜馆均适合进驻该区，加上凼仔区现时商铺价格相对较低，投资潜力丰厚。」

力行地产发展有限公司总经理  萧颂铭
入住率决定投资潜力
「『小区大、人口多』是决定住宅商铺投资潜力的最大因素。举东方明珠区为例，
该区为海外及香港雇员、澳门本地中产阶级集中地，近年新落成的一线住宅包括君悦湾、寰宇天下、海天居，虽销售成绩理想，但买家多为香港投资者或投资移民客，且大部分为租客，入住率只达三成。虽然零六呎租约10-12元升至零八20-25元，升幅达五成，但相比旅游点中区600元的呎租，此区铺租仍属于『低水』，如提升当区入住率，投资潜力优厚。」

美联(澳门)区域营业董事(工商铺)    李树强
凼仔内需大  投资商铺具潜力
「澳门着重凼仔发展，很多大型基建均设在澳门，金光大道项目更促进凼仔发展一日千里。且凼仔人口明显较东方明珠区多，大型住宅商铺主要集中于快将入伙的太子花城和百佳花城，该区商铺近年逐渐由饮食行业转型为民生零售，人口日渐增多，故内需增加，五年内中线投资具潜力。」

隨著越來越多大型國際性投資進入澳門，訪澳客量及外僱隊伍亦日漸增加，刺激零售市場，帶動零售業對優質商舖面積需求增加；另外，外來投資者看好澳門市場，紛紛注資澳門計畫設立分公司。現時(1)澳門商業大廈寫字樓和零售商店的需求與供應情況究竟怎樣呢? (2)新興大型住宅商鋪的投資潛力又是怎樣?(3)哪一區的商鋪最具投資潛力?以下，我們請來三位專家為我們講解：

(1)澳門商業大廈寫字樓和零售商店的需求與供應情況究竟怎樣呢?
仲量聯行澳門董事總經理  古嘉豪
寫字樓「供不應求」
「零七年澳門並沒有全新寫字樓供應，當時寫字樓庫存面積共約9648000平方呎。零八年雖有財富中心落成，為澳門寫字樓庫存面積增添400000平方呎，但澳門整體寫字樓空置率並不高，甲級寫字樓只有10%，乙級寫字樓為20%。零八澳氹眾大型基建將陸續落成，外資公司已開始紛紛尋找優質寫字樓設立總辦事處，澳門甲級寫字樓財富中心于第一季開始招租，當時出租率已達20%，租務反應十分理想；此外，按照零六和零七年新設立公司數字3110間和3405間來計算，零七年新設立公司比零六年增加295間；加上現時澳門未有新寫字樓在建，可見，澳門寫字樓將會出現『供不應求』情況。」

力行地產發展有限公司總經理  蕭頌銘
中區空置率接近零 賭場商鋪供應充裕
「由水坑尾、大三巴街、噴水池至新馬路一帶屬旅遊旺區，鋪位越接近噴水池租金就越貴。該區商鋪客源廣，本地人和遊客生意均能做到，因此鋪位價值比賭場鋪位還要貴，但空置率仍然接近零。反觀，賭場區不斷有新鋪位供應，如零七年開幕的威尼斯人就為市場提供968000平方呎大運河購物中心；預計於零八年開幕的四季酒店將為市場提供110000平方呎的環球免稅店商場，鋪位供應充裕。但由於消費群不同，賭場商鋪未必能舒緩中區商鋪緊逼的壓力。未來幾年將不斷有大型酒店落成，新興賭場區商鋪供應充裕，寄望可“供應創造需求”」

美聯(澳門)區域營業董事(工商鋪)    李樹強
商廈未來三年將『零供應』
「零八只有兩座新落成的商業大廈，包括財富中心和新馬路39號。財富中心首三層設為商場，提供面積約八萬平方呎；而新馬路39號首四層均作商場用途，提供面積六萬平方呎；另外，同樣位於中區的銀座廣場，地牢至四樓全用作商鋪用途，提供面積近十萬平方呎，零八估計共有24萬平方呎全新商鋪供應。中區為澳門熱門旅遊點，客源廣、需求甚大。且目前暫未見在建商廈，政府更未有批地舉動，估計商廈未來三年內將會『零供應』，供應渴求。」
(2)新興大型住宅商鋪的投資潛力又是怎樣?
仲量聯行澳門董事總經理  古嘉豪
 投資價值取決「市場定位」
「新興大型住宅商鋪具一定投資價值，但必須確定市場定位。如位於中區的銀座廣場，人流旺，消費群廣泛且消費指數高，此類商場大可引入中高檔品牌商鋪。此外，新型住宅集中地如黑沙環，雖然人流量不俗，但由於消費力一般，在市場定位上適合投放超級市場、茶餐廳或百貨商店，如日本城。」

力行地產發展有限公司總經理  蕭頌銘
新興住宅區商鋪適合作長線投資
「新興住宅區如：林茂塘、筷子基、黑沙灣，以至氹仔城區一帶，因新建大型屋苑不少，售價亦相當高，通常樓價是反映該區居民消費力的重要指標，有能力住進上述新興屋苑的多屬中產新貴或中小企老闆，都是近年經濟發展的受惠者，他們的消費能力不容忽視。區內人口密集、居民消費能力高、交通方便，但商店供應較少等特性，因此不管在該些區域購入商舖作長線投資，或租入商舖作開店之用均具備一定的潛力，短期回報可能較低，但前景應是樂觀及穩健的。」

美聯(澳門)區域營業董事(工商鋪)    李樹強
傳統住宅區投資潛力大
「傳統住宅區如高士德、雅廉訪、水坑尾、荷蘭園一帶，多做本地中產階級生意，主消費群以年青人居多，他們是澳門經濟起飛的最大得益者，且多數沒有家庭負擔，消費力强。虽近期物價指數急速上漲，但該區營業狀況仍然相當理想。如高士德麥當奴附近一帶屬該區最旺，呎價租金介乎100—150元之間，雖然已上升不少，但相對中區租金仍較低，發展潛力不俗，是買舖收租或開店的不錯選擇。」
(3)哪一區的商鋪最具投資潛力?
仲量聯行澳門董事總經理  古嘉豪
板樟堂和氹仔投資潛力大
「去年板樟堂區平均呎租約200元，今年個別租務成交更錄得平均呎租超過400元，升幅達五成。板樟堂區貴為旅遊區，客源廣、人流旺，且商鋪空置率接近零。租金帶動售價，該區租金及售價仍有一定上升空間；另外，氹仔區隨著眾多中高檔住宅陸續落成，區內市民的消費及生活水準相對提高，高檔次餐廳如日本菜、法國菜和義大利菜館均適合進駐該區，加上氹仔區現時商鋪價格相對較低，投資潛力豐厚。」

力行地產發展有限公司總經理  蕭頌銘
入住率決定投資潛力
「『社區大、人口多』是決定住宅商鋪投資潛力的最大因素。舉東方明珠區為例，
該區為海外及香港僱員、澳門本地中產階級集中地，近年新落成的一線住宅包括君悅灣、寰宇天下、海天居，雖銷售成績理想，但買家多為香港投資者或投資移民客，且大部分為租客，入住率只達三成。雖然零六呎租約10-12元升至零八20-25元，升幅達五成，但相比旅遊點中區600元的呎租，此區鋪租仍屬於『低水』，如提升當區入住率，投資潛力優厚。」

美聯(澳門)區域營業董事(工商鋪)    李樹強
氹仔內需大  投資商鋪具潛力
「澳門著重氹仔發展，很多大型基建均設在澳門，金光大道項目更促進氹仔發展一日千里。且氹仔人口明顯較東方明珠區多，大型住宅商鋪主要集中於快將入伙的太子花城和百佳花城，該區商鋪近年逐漸由飲食行業轉型為民生零售，人口日漸增多，故內需增加，五年內中線投資具潛力。」

关于查屋纸
*透过物业登记局申请查屋纸。

一份查屋纸需要多少钱?
*十元。

哪些人可以申请查屋纸？
*任何人。

查屋纸有哪些内容？
*主要显示有关物业在标示及登录两部分内容。

在标示上，我们能看到什么资料？
*标示主要记载房地产在形体上的识别资料。例如有：建筑物为都市用地或农用土地；所处堂区、街道及门牌；面积；房地产纪录编号及价值等。
*标示可以说是物业在静态上的数据。

在登陆上，们又能看到什么资料？
*登陆是指就有关房地产的每一法律事实或法律行为而作出的纪录。如有：房地产的所有权状况；房地产的抵押状况等。
*登陆可以说是物业在动态上的数据。

买卖楼宇公证的有关规定；买卖楼宇要以何种形式的档订立方为有效？
*以公证书的形式（即“做契“）订立。

市民可以在哪里办理“做契”手续?
1）到律师楼找具私人公证员资格的律师
2）澳门任何一间公证署。

澳门有几间公证署？
*三间。包括：第一公证署（地址：澳门议事亭前地仁慈堂地下）；第二公证署（地址：澳门水坑尾公共行政大楼一楼）；海岛公证署（地址:凼仔金利达花园地下）
*办公时间：周一至周五,早上九时至下午六时。

如何在公证署办理“做契”手续？
1）排期及递交文件；
2）于指定时间“签约”及缴纳契费。

排期及递交文件的注意事项：
1）买卖双方身份证明档副本（已婚者须出示配偶的证件副本及声明财产制度）；
2）物业登记证明（不超过三个月）；
3）财政局的房屋登记册资料证明（不超过三个月）；
4）尚有的授权书或商业登记证明；
5）声明国籍地址及买卖价等。

“签契”及缴纳契费的注意事项：
1）买卖双方在公证员面前“签契”；
2）契费包括手续费和印花税两部份。

手续费部分：
*每份契：澳门币一百元；
*以楼宇单位价值按以下模式计算的总和：
1）澳门币五十万元或以下部分乘0.5%;
2）五十万元以上至一百万元的部分乘0.4%;
3）一百万元以上至二百万元的部分乘0.3%;
4）二百万元以上至五百万元的部分乘0.2%;
5）五百万元以上,超出的部分乘0.1%;
(注：在每部份中,不足一千元的部分分别等于5元、4元、3元、2元及1元)
印花税部份：
1）每份契：澳门币一百元；
2）楼宇单位的价值乘0.5%。

如何确定楼宇单位的价值？
*比较财政局的楼宇登记的价值与买卖价，取两者中较高者作为计算基础。
*例如：陈先生以1，800，000元购入一单位，他需要缴纳多少契费？
契费部份：
(500，000元X0.5%)+(500,000元X0.4%)+(800,000元X0.3%)
=2,500元+2,000元+2,400元
=6,900元
再加上每份契100元
即契费部份为为7,000元
印花税部份:
1,800,000元X0.5%=9,000元
再加上,每份契100元,即印花税部份为9,100元;
契费+印花税=16,100元
如果陈先生向银行借了1,200,000元买楼,并以此作抵押,则他到公证署办手续时,在缴费方面,将有什么不同?

有关抵押的费用：
抵押楼宇亦要以公证书的形式订立才能有效。即要做一份“按揭契”。
若买卖与抵押写在同一份契上费用，以借款额，即1,200,000元计算：
(500,000元X0.5%)+(500,000元X0.4%)+(200,000元X0.3%)
=2,500元+2,000元+600元
=5,100元

如何办理物业登记的手续?
*提出申请及递交档,包括:
A.由物业登记局提供的申请表
B.取得楼宇的证明,例如买卖副契;
C.已完税的印花税凭单;
D.尚有的授权证明;
E.若有银行抵押,提供抵押证明等.

如何收取登记费?
*按每一登录的事实收费

物业登记的审核批示时间要多久?
*一般情况下,在收到申请且文件齐备,五个工作天完成。
*资料来源：《置业在澳门》澳门地产业总商会银禧纪念

關於查屋紙
*透過物業登記局申請查屋紙。

一份查屋紙需要多少錢?
*十元。

哪些人可以申請查屋紙？
*任何人。

查屋紙有哪些內容？
*主要顯示有關物業在標示及登錄兩部分內容。

在標示上，我們能看到什麼資料？
*標示主要記載房地產在形體上的識別資料。例如有：建築物為都市用地或農用土地；所處堂區、街道及門牌；面積；房地產紀錄編號及價值等。
*標示可以說是物業在靜態上的資料。

在登陸上，們又能看到什麼資料？
*登陸是指就有關房地產的每一法律事實或法律行為而作出的紀錄。如有：房地產的所有權狀況；房地產的抵押狀況等。
*登陸可以說是物業在動態上的資料。

買賣樓宇公證的有關規定；買賣樓宇要以何種形式的檔訂立方為有效？
*以公證書的形式（即“做契“）訂立。

市民可以在哪里辦理“做契”手續?
1）到律師樓找具私人公證員資格的律師
2）澳門任何一間公證署。

澳門有幾間公證署？
*三間。包括：第一公證署（位址：澳門議事亭前地仁慈堂地下）；第二公證署（地址：澳門水坑尾公共行政大樓一樓）；海島公證署（地址:氹仔金利達花園地下）
*辦公時間：週一至週五,早上九時至下午六時。

如何在公證署辦理“做契”手續？
1）排期及遞交文件；
2）於指定時間“簽約”及繳納契費。

排期及遞交文件的注意事項：
1）買賣雙方身份證明檔副本（已婚者須出示配偶的證件副本及聲明財產制度）；
2）物業登記證明（不超過三個月）；
3）財政局的房屋登記冊資料證明（不超過三個月）；
4）尚有的授權書或商業登記證明；
5）聲明國籍地址及買賣價等。

“簽契”及繳納契費的注意事項：
1）買賣雙方在公證員面前“簽契”；
2）契費包括手續費和印花稅兩部份。

手續費部分：
*每份契：澳門幣一百元；
*以樓宇單位價值按以下模式計算的總和：
1）澳門幣五十萬元或以下部分乘0.5%;
2）五十萬元以上至一百萬元的部分乘0.4%;
3）一百萬元以上至二百萬元的部分乘0.3%;
4）二百萬元以上至五百萬元的部分乘0.2%;
5）五百萬元以上,超出的部分乘0.1%;
(注：在每部份中,不足一千元的部分分別等於5元、4元、3元、2元及1元)

印花稅部份：
1）每份契：澳門幣一百元；
2）樓宇單位的價值乘0.5%。

如何確定樓宇單位的價值？
*比較財政局的樓宇登記的價值與買賣價，取兩者中較高者作為計算基礎。
*例如：陳先生以1，800，000元購入一單位，他需要繳納多少契費？
契費部份：
(500，000元X0.5%)+(500,000元X0.4%)+(800,000元X0.3%)
=2,500元+2,000元+2,400元
=6,900元
再加上每份契100元
即契費部份為為7,000元
印花稅部份:
1,800,000元X0.5%=9,000元
再加上,每份契100元,即印花稅部份為9,100元;
契費+印花稅=16,100元
如果陳先生向銀行借了1,200,000元買樓,並以此作抵押,則他到公證署辦手續時,在繳費方面,將有什麼不同?
有關抵押的費用：
抵押樓宇亦要以公證書的形式訂立才能有效。即要做一份“按揭契”。
若買賣與抵押寫在同一份契上費用，以借款額，即1,200,000元計算：
(500,000元X0.5%)+(500,000元X0.4%)+(200,000元X0.3%)
=2,500元+2,000元+600元
=5,100元

如何辦理物業登記的手續?
*提出申請及遞交檔,包括:
A.由物業登記局提供的申請表
B.取得樓宇的證明,例如買賣副契;
C.已完稅的印花稅憑單;
D.尚有的授權證明;
E.若有銀行抵押,提供抵押證明等.

如何收取登記費?
*按每一登錄的事實收費

物業登記的審核批示時間要多久?
*一般情況下,在收到申請且文件齊備,五個工作天完成。

*資料來源：《置業在澳門》澳門地產業總商會銀禧紀念

1. About Written Information of Land Register
Apply a Written Information of Land Register through the Macau Land Registry.

2. How much does a Written Information of Land Register cost?
MOP$10.

3. Who can apply for a Written Information of Land Register？
Anybody.

4. What does a Written Information of Land Register contain？
Mainly the subject property’s Indicators and Registers.

5. What information is shown by the Indicators?
Indicators mainly record the physical identification information of the subject property, such as whether it is on an urban or agricultural site, the parish it belongs to, the street name and street number it is located as well as its area, property record number and property value, etc. Indicators are the static information of the property.

6. What information is shown by Registers?
Registers refer to the record of every lawful truth or behaviour about the subject property, such as the ownerships and mortgage conditions. Registers are the dynamic information of the property.

7. Regulations on Property Transaction Notarization
What makes an effective property transaction registration?
Through the making of a letter of notarization.

8. Where can citizens make a notarization?
1).Through lawyers with a private notrio qualification in law firms
2).Any notarial office in Macau

9. How many notarial offices are there in Macau？
Three, namely the First Notarial Office of Macau（address：G/F, Santa Casa da Misericórdia, Largo do Senado, Macau）, the Second Notarial Office of Macau（address：1/F, Campo Public Administration Building, Macau） and the Islands Notarial Office of Macau（address: G/F, Kinglight Garden, Cotai）
Office hour：9 a.m. to 6 p.m., Monday to Friday
 
10. How to make an notarization in the Notarial Office of Macau？
1)．Make an appointment and submit documents；
2)．Sign an agreement and pay the agreement fee at the designated time.

11. Notes for appointment making and document submission：
1)．a copy of the identity certificate of both the property owner and buyer（married citizens should also submit a copy of the identity certificate of spouse and a statement of the asset system）；
2)．property registration certificate (no more then three months）；
3)．housing registry certificate from Finance Services Bureau (no more then three months）；
4)．other authorization letter or commercial registry；
5)．a statement of nationality, address and sales price, etc.

12. Notes for agreement signing and agreement fee payment：
1).both the property owner and buyer sign the agreement in front of a notrio
2).the agreement fee comprises the handling charge and stamp duty.

13. Handling Charge：
MOP10 per agreement；
Handling change is calculated on the following scale based on the property value：
（1） 0.5% of the first MOP500,000 or below;
（2） 0.4% of the following over MOP500,000 to MOP1 million;
（3） 0.3% of the following over MOP1 million to MOP2 million ;
（4） 0.2% of the following over MOP2 million to MOP5 million;
（5） 0.1% of the following MOP5 million and above.
(Note：the charges for every less than MOP1,000 in each part of the property value above are MOP5, MOP4, MOP3, MOP2, and MOP1 respectively)

14. Stamp Duty：
1)．MOP100 per agreement ；
2)．0.5% of property value.

15. How to value the property？
Calculation will be based on either the Finance Services Bureau’s property registry value or the sales price (the higher one will be adopted)
Example: Mr. Chan has bought a unit for MOP1,800,000, how much agreement fee does he need to pay?
Handling charge：
(MOP500,000 X0.5%)+(MOP500,000X0.4%)+(MOP800,000X0.3%)
=MOP2,500+MOP2,000+MOP2,400
=MOP6,900
Plus MOP100 for each agreement
Handling charge totals MOP7,000
Stamp duty:
MOP1,800,000X0.5%=MOP9,000
Plus MOP100 for each agreement, stamp duty totals MOP9,100.
Handling charge+stamp duty=MOP16,100

16. If Mr. Chan obtains a MOP1,200,000 mortgage bank loan, how much will be the payment?
Mortgage fee：
A mortgage agreement signed with a letter of notarization is required to make a property mortgage effective.
To show the agreement fee and the mortgage fee on the same agreement for a loan of MOP1,200,000：
(MOP500,000X0.5%)+(MOP500,000X0.4%)+(MOP200,000X0.3%)
=MOP2,500+ MOP 2,000+ MOP600
=MOP5,100

17. How to apply for a property registry?
Summit application and documents, including:
A.application form provided by the Macau Land Registry
B.obtain property certificate, such as a copy of the sales agreement;
C.receipt for paid stamp duty ;
D.other authorization letters;
E.mortgage certificate if a bank mortgage is involved.

18. How is the registration fee received?
According to every truths of the registration.

19.How long does it take to approve a property registry?
Generally, approval will be granted in five working days with complete submission of application documents.

*Source：《置業在澳門》.in the memory of the Association of Real Estate Sector of Macao’s 25th anniversary

日前，中原（澳门）组团参观绿洋山庄示范单位，吸引近300名有兴趣人士参与。珠海华发房地产营销顾问有限公司执行董事兼总经理郑旭斌表示, 澳人较喜欢到珠海购买大单位。零四年时，澳人较多购买100平方米的三房两厅单位，零六年“升级”为150平方米的四房两厅单位，主要买家为大学教授、公务员及警察。主因是澳门同类物业价格高，且缺乏大型小区设施，吸引不少澳人北上置业。

中原（澳门）濠景分行经理黄国基指出，当日有份参观的人士主要分为高端买家及投资者两类。部份买家希望拥有全海景、高质素高私隐及有优美绿化环境的大单位物业，但澳门土地资源有限，较少能满足全部要求的物业。相反，华发．绿洋山庄不论地理位置、景观或面积，均能达到上述要求，因此特别吸引一些追求高质素生活的买家垂青。另外，某些已在珠海投资物业的澳门投资者，看好华发项目的交通优势，认为项目升潜力大，于是想趁机换购更优质的大单位物业。

早前推出的绿洋山庄，入场费600多万起，虽未公开发售，但推出不足一周，已完成80多宗内部认购，成绩理想。中原（澳门）地产代理有限公司董事总经理郭朝隆表示，华发股份在珠海兴建的楼盘项目从没有出现“烂尾楼”, 市场口碑不俗。

日前，中原（澳門）組團參觀綠洋山莊示範單位，吸引近300名有興趣人士參與。珠海華發房地產營銷顧問有限公司執行董事兼總經理鄭旭斌表示, 澳人較喜歡到珠海購買大單位。零四年時，澳人較多購買100平方米的三房兩廳單位，零六年“升級”為150平方米的四房兩廳單位，主要買家為大學教授、公務員及員警。主因是澳門同類物業價格高，且缺乏大型社區設施，吸引不少澳人北上置業。

中原（澳門）濠景分行經理黃國基指出，當日有份參觀的人士主要分為高端買家及投資者兩類。部份買家希望擁有全海景、高質素高私隱及有優美綠化環境的大單位物業，但澳門土地資源有限，較少能滿足全部要求的物業。相反，華發．綠洋山莊不論地理位置、景觀或面積，均能達到上述要求，因此特別吸引一些追求高質素生活的買家垂青。另外，某些已在珠海投資物業的澳門投資者，看好華發項目的交通優勢，認為項目升潛力大，於是想趁機換購更優質的大單位物業。

早前推出的綠洋山莊，入場費600多萬起，雖未公開發售，但推出不足一周，已完成80多宗內部認購，成績理想。中原（澳門）地產代理有限公司董事總經理郭朝隆表示，華發股份在珠海興建的樓盤項目從沒有出現“爛尾樓”, 市場口碑不俗。

Recently, Centaline (Macau) organised some group tours to the display flats of the Lv Yang Villa, attracting nearly 300 people. According to Zheng Xu, the Executive Director and General Manager of the Zhuhai Huafa Property & Marking Consultancy Company, Macau people tend to go for large flats in Zhuhai. 100 m² flats with a partition of three bedrooms and two living rooms were sought after in 2004. 150 m² flats featuring four bedrooms and two living rooms became what Macau people desired in 2006. The buyers, the majority of whom are university professors, public servants and police officers, go house-hunting in Zhuhai because prices of similar properties in Macau remain sky-high and there is a lack of large-scale community facilities.

According to Wong Kwok Kei, the Manager of Nova Gardens Branch, Centaline (Macau), those who went on the tour were mainly high-end property buyers and investors. Some of the buyers fancy large, quality flats featuring full sea-views with good, green gardens and privacy. While properties like that are a rarity in Macau due to the scarcity of land, the Huafa’s Lv Yang Villa can meet all the aforementioned requirements, be it the location, the view or the size. It is therefore of great appeal to buyers who demand quality living. As the convenient transportation appears to be a good value-added factor for the Huafa project, some Macau investors who have already invested in Zhuhai property planned to capture the opportunity to replace their current investments with large flats of higher quality.

At an earlier time, a flat at the Lv Yang Villa was marketed at a minimum price of some MOP6 million. Before the project was on the market, 80 transactions had been registered in private sales. Rico Kwok, the Managing Director of Centaline (Macau), revealed that Huafa had good word-of-mouth publicity as its housing projects in Zhuhai have never been left uncompleted.

港珠澳大桥近期敲定融资方案，带动三地楼市发展，刺激澳人北上置业，有珠海房产公司在澳增设展销厅，对开拓澳门市场充满信心。

在澳开设展销厅的珠海华发房地产营销顾问有限公司执行董事兼总经理郑旭斌表示，零四年推出华发新城逾千单位，8%买家为澳人。随着澳人收入增加，资产增值，加上珠澳二十四小时通关大势所趋，越来越多居民到珠海购买“第二房产”。去年底推出华发世纪城，澳人买家增至两成，澳人北上置业趋势明显。

港珠澳大桥敲定，未有实时抬高珠海楼盘售价；相反，受环球经济放缓等因素影响，投资者多抱观望态度，物业市场亦进入“冷静期”，今年楼盘成交量略有下跌，但珠海楼价较北京、上海、深圳、广州等一线城市便宜，抗跌力强，跌幅较小。零七年底起，全国楼市进入调控阶段，同期推出的华发世纪城仍创下单日12.8亿元的销售纪录。

早前推出的绿洋山庄，计划每平方米售价3-4万元人民币，考虑市场走势后，调低售价至每平方米2.38万起，当中包括每平方米6,000元装修费，冀吸引澳门买家。另外，港珠澳大桥建成后，香港驾车到珠海祇需二十分钟，距离大幅缩短，港人有望成为新一批买家及投资者。

港珠澳大橋近期敲定融資方案，帶動三地樓市發展，刺激澳人北上置業，有珠海房產公司在澳增設展銷廳，對開拓澳門市場充滿信心。

在澳開設展銷廳的珠海華發房地產營銷顧問有限公司執行董事兼總經理鄭旭斌表示，零四年推出華發新城逾千單位，8%買家為澳人。隨著澳人收入增加，資產增值，加上珠澳二十四小時通關大勢所趨，越來越多居民到珠海購買“第二房產”。去年底推出華發世紀城，澳人買家增至兩成，澳人北上置業趨勢明顯。

港珠澳大橋敲定，未有即時抬高珠海樓盤售價；相反，受環球經濟放緩等因素影響，投資者多抱觀望態度，物業市場亦進入“冷靜期”，今年樓盤成交量略有下跌，但珠海樓價較北京、上海、深圳、廣州等一線城市便宜，抗跌力強，跌幅較小。零七年底起，全國樓市進入調控階段，同期推出的華發世紀城仍創下單日12.8億元的銷售紀錄。

早前推出的綠洋山莊，計劃每平方米售價3-4萬元人民幣，考慮市場走勢後，調低售價至每平方米2.38萬起，當中包括每平方米6,000元裝修費，冀吸引澳門買家。另外，港珠澳大橋建成後，香港駕車到珠海祇需二十分鐘，距離大幅縮短，港人有望成為新一批買家及投資者。

The recent confirmation of the Hong Kong-Zhuhai Macau Bridge’s financing scheme has apparently boosted property markets in the three cities, giving reasons for Macau citizens to purchase properties in Zhuhai. Some Zhuhai property agencies are now setting up showrooms in Macau, indicating their confidence in the city’s market.

Zheng Xubin, Executive Director and General Manager of Zhuhai Huafa Property & Marketing Consultancy Company, which launched a showroom in Macau, said that 8% of the buyers of 1,000 flats released in Huafa New Town in 2004 were Macau citizens. More and more Macau citizens purchased their “second home” in Zhuhai, owing to an increased income and assets value, not to mention the yet-to-be-launched 24-hour border service. Huafa Century City was launched late last year, and the proportion of Macau buyers rose to 20%. There is an apparent trend of Macau people buying properties in Zhuhai.

The confirmation of the Bridge did not seem to give impetus to property prices in Zhuhai. But rather, due to the global economic slowdown, investors remain undecided and the property market is “cooling down”. Transaction volumes dropped slightly this year. However, property prices in Zhuhai are lower than that of major cities such as Beijing, Shanghai, Shenzhen and Guangzhou. As such they have proved resilient to downward pressure, with only a slight drop. The property markets in the whole country under went macro-control in late 2007, whilst the Huafa Century City recorded a daily sales volume of RMB1.28 billion.

Lvyang Villa was recently launched for sale. Originally priced between RMB30,000 and RMB40,000 per m2. The minimum now stands at RMB32,800 per m2 to accommodate the market, which covers a decoration fee of RMB6,000 per m2, oriented to attract Macau buyers. After completion of the Bridge, driving from Hong Kong to Zhuhai will only take 20 minutes, which will give another incentive to Hongkongers to become new buyers and investors.

In early 2008, two plots of residential land in Fai Chi Kei were purchased by the New Tenhon Investment Ltd. for a price that was nearly 10 times more than the bottom-line asking price. The Hong Kong-Zhuhai-Macau Bridge project was approved for its go-ahead while several property tax favours were announced by the government. Meanwhile, interest rates were further cut and inflation continued to rise. In this setting, investors were attracted to Macau’s property market purchasing properties in the hope of retaining their asset value. With those favourable factors and the boom of the gaming industry, many are bullish about Macau’s property market and predicted a rise of 15% in the housing price. However, Q1 of 2008 did not see the expected buoyant business, only about 4,000 transactions registering, a 30% drop from the figures recorded last year. Even so,(1) property prices kept rising while transactions decreased. Why? (2) Where is Macau’s property market heading in the next two quarters? Will high-end property sales still take the lead? (3)On what basis should we choose property for a short-term or a long-term investment?

(1) property prices kept rising while transactions decreased. Why?

Rico Kwok, Executive Director of Centaline (Macau)
Property Prices Rise by 20%, Shoring up Sales Volume
“The sub-prime mortgage crisis in the U.S. has affected Macau’s property market during the first two quarters of 2008. Homebuyers and investors began to take a wait-and-see stance. As luck would have it, no new properties were available to the market during Q1, and the micro-economic measures were stepped up in the Mainland while natural disasters struck one after another. This resulted in a sharp decline in property sales in May in which only 2,200 property transactions were registered.  This was a drop of 40% when compared to the 3,900 of the same period in 2007. However, in spite of the decreasing number of transactions, investors are still optimistic about the property market, since property prices and rental rose by nearly 20%. Take those 800-square-foot flats with two bedrooms in Nova Taipa Garden. They are rather sought after because of their high ratio of usable partitions and potential returns on investment, so the average price rose from $2,300 and $2,400 per square feet last year to $2,800 last May, an increase of nearly 20%. A second-hand flat with two bedrooms in Taipa currently rents from between $ 6,500 to $ 6,800.  This is an increase of 18% or nearly 20% over the $5,500 of last year. Rental returns are as high as 0.4% to 0.45%.”

Dennis Wong, Executive Director of Ricacorp (Macau) Properties
Large-scale property projects give spur to property price-hike
The Statistics and Census Service started to extend its statistics scope to include “properties in transfer” (namely transactions for which the 0.5% property transfer stamp duty has been paid) in Q1 of 2008. This means that the 0.5% property transfer stamp duty properties were transferred at high prices which may explain why the property prices in general still rose during Q1. Transfer stamp duties must be paid within three months of the down payment. This policy is believed to have hampered the re-transfer of would-be-properties by speculators, resulting in the slight year-on-year drop in property transactions for Q1. While property transactions in Q1 seemed to have slowed down, many new large property projects registered a satisfactory number of transactions, as in the case of the One Central, whose lake-view flats prices have reached in some cases to over MOP8,300 per foot during Q1 2008, much higher than the MOP7,300 to 7,500 per foot recorded during Q4 of last year. New properties and would-be properties were transferred at good prices, which perhaps explain why property prices in general still rose in Q1.

Franco Liu, Director of Savills (Macau) Ltd.
New Properties Lack Buyers - Hence the Drop in Transactions
“The experience of Macau’s property market over the past two years suggests that the market normally has fewer transactions during the first two quarters of the year. For example, the property market remained cool during the first half of 2006. The situation did not improve until a foreign fund purchased two blocks of One Central Residences and the Wynn Macau’s opening in late 2006 along with the complementary launch of other large projects such as The Praia, other blocks of One Central Residences and Le Royal Arc, the market became rather bullish. High-end properties took the lead in the market. However, the transaction volume dropped during Q1 of 2007 compared with the previous quarter due to Ao Man Long’s trial and the suspension of the ‘Investment Residency Scheme’ in April. Except One Grantai, there were no large projects on the market. However, due to the heated global economic environment, the total value of transactions for the entire year of 2007 was more than that for 2006. The situation in 2008 is the same. No new projects went on sale during Q1. As to Q2, there are only a few flats at The Residencia Macau for private sale. The related figures were not representative enough to be an important factor in the data. Lack of new properties for sale has caused the drop in the volume of transactions, while the increase of transaction prices was due to investors’ confidence in the market for the near future. Re-transfer of would-be properties and large flats were transacted at good prices.”

(2) Where is Macau’s property market heading in the next two quarters? Will high-end property sales still take the lead?

Rico Kwok, Executive Director of Centaline (Macau)
Property Prices & Sales Volume Remain Stable
“Beginning this May, a couple of new properties had a soft sale and promotion, which helped dispel the bearish mood in the property market. The Residencia Macau at the Pérola Oriental area took the lead by launching to the public for sale. Since there has been a hunger for first hand properties for a long time, the launch was well received on its first day and registered satisfactory sales, while the transaction prices are going even higher than the previous subscription prices. Similar positive results were registered with another new residence made available for sale during the same period in Macau. It is predicted that property transactions will remain stable during the second half of the year, at a level between 2,000 to 2,500 units. Property prices will roughly remain the same as those registered during the first two quarters. Prices of quality properties will linger between $5,000 and $10,000 per square foot.”

Dennis Wong, Executive Director of Ricacorp (Macau) Properties
Property Market in the Next Two Quarters will See Adjustments
“30% of all transactions in Macau’s property market are speculative, of which 10% are by Hong Kong investors. Events in Hong Kong have an impact upon Macau. For example, the fluctuation in Hong Kong’s stock market in April and the fervent purchase of two super deluxe properties - Palazzo Villa and Celestial Heights - in May drained much of Hong Kongers’ capital causing their purchasing power in Macau to shrink. Apart from that, property prices increased by 30% in 2007 over that of 2006, and are now at an expected level. Therefore, it is estimated that the property market will undergo an adjustment during the next two quarters. It is expected that prices of quality properties will drop by 10% to 15% to stimulate sales. According to past experience, launching new properties in the market will generally push up the overall property prices as well as stimulate other transactions, and favourably impact the second-hand property market. Properties launched in recent years are mostly quality or high-end. Therefore, they will still take the lead in the property market in the next two quarters.”

Franco Liu, Director of Savills (Macau) Ltd.
First-Hand Property Take the Lead While Second-Hand Remains Stable
“Transactions are not as numerous as expected because investors are waiting for the next opportunity. In the latter half of 2008, a number of new properties will be launched for sale. Apart from The Residencia Macau, the announcements that Avenida Wai Long and the Windsor Arch in Taipa will go on sale sometime during Q3 and Q4.  This will stimulate the property market. Therefore, new properties are expected to grab the attention of investors. Although the market cooled down in Q1 and Q2, it is possible that the total transaction volume in 2008 will be more or less the same as that for 2007 since many valuable properties will go on sale before Christmas. Large infrastructures play an important role in heating the property market. In 2008, high-end residences lead the market, while first-hand properties sell better than others the second-hand market remains stable.”

(3)On what basis should we choose property for a short-term or a long-term investment?

Rico Kwok, Executive Director of Centaline (Macau)
Medium Priced Properties May Be Good for Short Term Gain
“Macau’s economy will see various large projects completed over the next two years. Along with these, a large number of foreign workers will come to Macau many of whom will be managers, which will seek quality residences. By then properties of $2 to $3 million will be much sought after. Now that much of the medium priced properties have been bought, but because of the outside market situation, investors who over-bought those properties are anxious to cash out. If those relatively new second-hand properties are bought now, such as Nova City, La Cite or The Praia, etc., at prices 10% lower than the market, chances are that buyers will gain a profit in the short term, while prices of such properties are much less likely to fall below the average price of residential properties.”

Dennis Wong, Executive Director of Ricacorp (Macau) Properties
Second-Hand Properties are Suitable for Long-term Investment
“Influenced by the depreciating U.S. dollar to which Macau’s currency is indirectly pegged, and the rising value of the RMB, Macau has seen a continuous rise in inflation, which in January was at 5.94%, a record high since Macau’s handover in 1999.  Furthermore, it is expected to rise to 10% by the end of 2008. On the other hand, interest on bank deposits is close to zero.  Since a return on investment is the key for long-term investors and that is precisely what second-hand properties offer investors, since such properties can earn rentals once leased. Currently, the rental of a 1,000 ft² flat of MOP2 million is between MOP 6,000 and MOP 7,000 per month. In view of the prospects that a large number of foreign workers will come to Macau over the next two years, residential rentals are expected to rise by 20%.”

Franco Liu, Director of Savills (Macau) Ltd.
New Quality Properties Still Have Investment Potential
“If other new housing projects can be made available to the market during the fourth quarter, the property price of Windsor Arch in Taipa is likely to reach the highest price that was registered last year. Properties in Nam Van Lake area of the Macau Peninsular will have the potential to be a rather good investment.”

零八年初，新天康发展商以超出底价近十倍投得位于筷子基两幅住宅用地；以及政府颁布多项物业税务优惠；港珠澳大桥拍板；利率进一步下调加上通胀加剧，吸引投资者进驻澳门物业市场，刺激投资者吸纳住宅物业市场以求保值。在众多利好因素且赌城效应持续带动下，业界人士均看好澳门楼市，预料零八年澳门楼市价量有望涨升15%。但事实上, 零八年首季楼宇交投气氛并不活跃，整季成交约四千宗，预计较去年同期下降近三成。但(1)为什么会出现「交投淡静，楼价照升」的现象呢？(2)澳门往后两季楼市发展又将会朝什么方向走呢？豪宅还会主导大市吗？(3)我们又该如何选择楼宇作短线投资或长线投资呢？

(1) 为什么会出现「交投淡静，楼价照升」的现象呢？

中原(澳门)地产代理有限公司董事总经理    郭朝隆
呎价普遍升两成带动总成交
「零八澳门楼市首两季受美国次按影响，令买家或投资者观望情绪持续。再加上首季没有新盘推出，国内宏调措施再加大力度和天灾连连等等，零八五月成交宗数约2200宗，对比零七年同期的3900宗，下跌四成，导致成交宗数明显回落。虽然首季交投下降，投资者仍然憧憬后市，带动整体成交价不跌反升，单位呎价和租售单位价格升幅达两成。如凼仔濠景花园，其800呎的两房细单位，间隔实用且回报高，极受用家追捧，去年屋苑平均呎价介乎2300元至2400元不等，五月份就上升至约2800元，升幅近两成。 凼仔区两房细单位的二手楼盘，平均月租约6500元至6800元，较零七年的5500元上升约18%，接近两成，租金回报可观，达4至4.5厘。」

利嘉阁（澳门）地产有限公司执行董事   王俊琳
大型物业带动「楼价照升」
「零八年首季开始，统计局将楼盘“中间转移” （即已缴纳0.5%物业转移印花税）交易情况纳入统计，即楼宇落订后三个月内必须交付0.5%物业转移印花税。相信，这一政策影响部分投资者抄卖楼花的中间转手情况，导致首季成交宗数相对去年稍微回落。事实上，虽第一季楼市有放缓的趋势，但很多大型新物业交投理想。如壹号湖畔，向湖景单位去年第四季呎价约7300至7500元，零八年一月有个案录得该单位呎价已升至8300元以上。新物业和楼花转让均以理想价格成交，是首季「楼价照升」的主因。」

第一太平行戴维斯(澳门)有限公司董事     廖沛霖
新盘欠奉  致成交跌
「综合过去两年澳门楼市表现，通常首两季都是淡静期。如零六年上半年地产市道一直平淡，直至年尾，由于有外资基金购入两座之壹号湖畔，加上永利开幕，市场在一片利好的气氛下，众大型楼盘如海擎天、壹号湖畔其余座数和海旋门等相继配合推出，刺激市场气氛，带动交投，豪宅市场跑赢大市。而零七年第一季受『欧文龙事件』和四月份的『投资移民政策』搁置影响，楼市交投明显较零六年第四季淡静，而主要推售的大型楼盘也不多，市场较瞩目的有大潭山壹号，加上全球经济炽热的环境下，环顾零七全年之总成交金额也超过零六。零八情况一样，首季没新盘推售，第二季虽有君悦湾应市，但只是推出少量单位供内部认购，并不可作为普遍市场的指标作性参考。交投宗数下调亦因没有新盘推售而致；而成交金额升主要因为投资者看好后市，市场上楼花转让及大型住宅均以理想价格成交。」

 (2)澳门往后两季楼市发展又将会朝什么方向走呢？豪宅还会主导大市吗？

中原(澳门)地产代理有限公司董事总经理    郭朝隆
呎价保持  成交平稳
「五月份开始，不少新盘积极进行软销及推售，令楼市淡风渐渐吹散。东方明珠区的君悦湾率先打破市场闷局，于五月中进行公开发售。由于一手市场渴盘已久，该盘开售当日气氛热烈，销情理想，成交呎价更较早前的认购价有所提升，而同期发售的另一澳门新盘销情亦同样报捷。估计下半年成交宗数平稳，保持2000至2500宗左右，呎价对比第一，二季不会有较大的变动，一线物业呎价徘徊5000至10000元之间。」

利嘉阁（澳门）地产有限公司执行董事   王俊琳
未来两季楼市需调整期
「澳门买楼投资性质重，约占三成，其中一成为香港投资者。邻港市况对本澳市场影响大，如四月香港股票市场波幅，五月份两大超级豪宅御龙山和半山一号推出，销情理想，消耗港人大量资金，削弱其在澳的购买力。再者，澳物业价格由零六到零七年升幅达三成，现时已去到一个较理想价格。因此，估计往后两季澳楼市会进入一个调整期，一线住宅适相应下调10-15%，以推动流转性。此外，据过去总结，每逢有新项目或新楼盘推出，地产市场就有升浪，使市场再次活跃，带动二手市场造好。而近年新推出的项目，多为一线住宅或豪宅。因此，未来两季仍是豪宅主导市场。」

第一太平行戴维斯(澳门)有限公司董事     廖沛霖
「一手领导市场，二手平稳」
「现时交投较淡，皆因投资者在等待新一轮抢购潮。今年下半年，除君悦湾之外，尚有多个新盘准备登场。日前，凼仔的伟龙马路、名门世家相继宣称将于第三及第四季推出，区内楼市气氛渐趋活跃，预料区内新盘会再次成为投资焦点，相信在新盘推动下，即使零八年首两季交投不理想，但年底众多贵重物业均配合在圣诞节前夕配合同时推出，零八成交金额有潜力与零七年看齐。大型基建是带旺楼市的关键，零八年澳楼市仍以豪宅作主标，一手市场跑赢大市，二手市场保持平稳。」

(3)我们又该如何选择楼宇作短线投资或长线投资呢？

中原(澳门)地产代理有限公司董事总经理   
郭朝隆    中价物业有望短线获利
「澳门经济起飞，未来两年澳凼众大型基建将陆续落成，大量外劳将进驻澳门。管理阶层较注重生活质素，估计届时200至300万物业最为市场渴求。中价物业吸纳不少资金，受外围气氛影响，不少持货量多外地投资者急于『吐现』，如用低于市场价格一成购买濠庭都会、寰宇天下或海擎天等较新物业，有望短线获利，且抗跌能力够强。」

利嘉阁（澳门）地产有限公司执行董事   王俊琳
二手物业适合作长线投资
「由于澳门币间接与美元挂钩以及受人民币升值影响，澳门通胀持续攀升，一月份通胀为5.94%，创下回归以来新高，估计至今年年底，通胀会涨升至10%，银行存款利息更近乎零。长线投资主要看回报率，购买二手物业可收租保值。现时，凼仔一个200万约1000呎的单位，月租6000-7000元不等，未来两年估计有大量劳动力进驻澳门，预期未来住宅租金还会继续向上调高20%。」

第一太平行戴维斯(澳门)有限公司董事     廖沛霖
新一线物业仍具投资潜力
「如第四季各大型楼盘能配合同时推出，凼仔区以名门世家有望挑战去年最高呎价，而澳门区则以南湾湖发展地段投资潜力较大。」

零八年初，新天康發展商以超出底價近十倍投得位於筷子基兩幅住宅用地；以及政府頒佈多項物業稅務優惠；港珠澳大橋拍板；利率進一步下調加上通脹加劇，吸引投資者進駐澳門物業市場，刺激投資者吸納住宅物業市場以求保值。在眾多利好因素且賭城效應持續帶動下，業界人士均看好澳門樓市，預料零八年澳門樓市價量有望漲升15%。但事實上, 零八年首季樓宇交投氣氛並不活躍，整季成交約四千宗，預計較去年同期下降近三成。但(1)為什麼會出現「交投淡靜，樓價照升」的現象呢？(2)澳門往後兩季樓市發展又將會朝什麼方向走呢？豪宅還會主導大市嗎？(3)我們又該如何選擇樓宇作短線投資或長線投資呢？

(1)為什麼會出現「交投淡靜，樓價照升」的現象呢？

中原(澳門)地產代理有限公司董事總經理    郭朝隆
呎價普遍升兩成帶動總成交
「零八澳門樓市首兩季受美國次按影響，令買家或投資者觀望情緒持續。再加上首季沒有新盤推出，國內宏調措施再加大力度和天災連連等等，零八五月成交宗數約2200宗，對比零七年同期的3900宗，下跌四成，導致成交宗數明顯回落。雖然首季交投下降，投資者仍然憧憬後市，帶動整體成交價不跌反升，單位呎價和租售單位價格升幅達兩成。如氹仔濠景花園，其800呎的兩房細單位，間隔實用且回報高，極受用家追捧，去年屋苑平均呎價介乎2300元至2400元不等，五月份就上升至約2800元，升幅近兩成。 氹仔區兩房細單位的二手樓盤，平均月租約6500元至6800元，較零七年的5500元上升約18%，接近兩成，租金回報可觀，達4至4.5厘。」

利嘉閣（澳門）地產有限公司執行董事   王俊琳
大型物業帶動「樓價照升」
「零八年首季開始，統計局將樓盤“中間轉移” （即已繳納0.5%物業轉移印花稅）交易情況納入統計，即樓宇落訂後三個月內必須交付0.5%物業轉移印花稅。相信，這一政策影響部分投資者抄賣樓花的中間轉手情況，導致首季成交宗數相對去年稍微回落。事實上，雖第一季樓市有放緩的趨勢，但很多大型新物業交投理想。如壹號湖畔，向湖景單位去年第四季呎價約7300至7500元，零八年一月有個案錄得該單位呎價已升至8300元以上。新物業和樓花轉讓均以理想價格成交，是首季「樓價照升」的主因。」

第一太平行戴維斯(澳門)有限公司董事     廖沛霖
新盤欠奉  致成交跌
「綜合過去兩年澳門樓市表現，通常首兩季都是淡靜期。如零六年上半年地產市道一直平淡，直至年尾，由於有外資基金購入兩座之壹號湖畔，加上永利開幕，市場在一片利好的氣氛下，眾大型樓盤如海擎天、壹號湖畔其餘座數和海旋門等相繼配合推出，刺激市場氣氛，帶動交投，豪宅市場跑贏大市。而零七年第一季受『歐文龍事件』和四月份的『投資移民政策』擱置影響，樓市交投明顯較零六年第四季淡靜，而主要推售的大型樓盤也不多，市場較矚目的有大潭山壹號，加上全球經濟熾熱的環境下，環顧零七全年之總成交金額也超過零六。零八情況一樣，首季沒新盤推售，第二季雖有君悅灣應市，但只是推出少量單位供內部認購，並不可作為普遍市場的指標作性參考。交投宗數下調亦因沒有新盤推售而致；而成交金額升主要因為投資者看好後市，市場上樓花轉讓及大型住宅均以理想價格成交。」

(2)澳門往後兩季樓市發展又將會朝什麼方向走呢？豪宅還會主導大市嗎？

中原(澳門)地產代理有限公司董事總經理    郭朝隆
呎價保持  成交平穩
「五月份開始，不少新盤積極進行軟銷及推售，令樓市淡風漸漸吹散。東方明珠區的君悅灣率先打破市場悶局，於五月中進行公開發售。由於一手市場渴盤已久，該盤開售當日氣氛熱烈，銷情理想，成交呎價更較早前的認購價有所提升，而同期發售的另一澳門新盤銷情亦同樣報捷。估計下半年成交宗數平穩，保持2000至2500宗左右，呎價對比第一，二季不會有較大的變動，一線物業呎價徘徊5000至10000元之間。」

利嘉閣（澳門）地產有限公司執行董事   王俊琳
未來兩季樓市需調整期
「澳門買樓投資性質重，約佔三成，其中一成為香港投資者。鄰港市況對本澳市場影響大，如四月香港股票市場波幅，五月份兩大超級豪宅禦龍山和半山一號推出，銷情理想，消耗港人大量資金，削弱其在澳的購買力。再者，澳物業價格由零六到零七年升幅達三成，現時已去到一個較理想價格。因此，估計往後兩季澳樓市會進入一個調整期，一線住宅適相應下調10-15%，以推動流轉性。此外，據過去總結，每逢有新項目或新樓盤推出，地產市場就有升浪，使市場再次活躍，帶動二手市場造好。而近年新推出的項目，多為一線住宅或豪宅。因此，未來兩季仍是豪宅主導市場。」

第一太平行戴維斯(澳門)有限公司董事     廖沛霖
「一手領導市場，二手平穩」
「現時交投較淡，皆因投資者在等待新一輪搶購潮。今年下半年，除君悅灣之外，尚有多個新盤準備登場。日前，氹仔的偉龍馬路、名門世家相繼宣稱將於第三及第四季推出，區內樓市氣氛漸趨活躍，預料區內新盤會再次成為投資焦點，相信在新盤推動下，即使零八年首兩季交投不理想，但年底眾多貴重物業均配合在聖誕節前夕配合同時推出，零八成交金額有潛力與零七年看齊。大型基建是帶旺樓市的關鍵，零八年澳樓市仍以豪宅作主標，一手市場跑贏大市，二手市場保持平穩。」

(3)我們又該如何選擇樓宇作短線投資或長線投資呢？

中原(澳門)地產代理有限公司董事總經理    郭朝隆
中價物業有望短線獲利
「澳門經濟起飛，未來兩年澳氹眾大型基建將陸續落成，大量外勞將進駐澳門。管理階層較注重生活質素，估計屆時200至300萬物業最為市場渴求。中價物業吸納不少資金，受外圍氣氛影響，不少持貨量多外地投資者急於『吐現』，如用低於市場價格一成購買濠庭都會、寰宇天下或海擎天等較新物業，有望短線獲利，且抗跌能力夠強。」慢慢痊癒

利嘉閣（澳門）地產有限公司執行董事   王俊琳
二手物業適合作長線投資
「由於澳門幣間接與美元掛鈎以及受人民幣升值影響，澳門通脹持續攀升，一月份通脹為5.94%，創下回歸以來新高，估計至今年年底，通脹會漲升至10%，銀行存款利息更近乎零。長線投資主要看回報率，購買二手物業可收租保值。現時，氹仔一個200萬約1000呎的單位，月租6000-7000元不等，未來兩年估計有大量勞動力進駐澳門，預期未來住宅租金還會繼續向上調高20%。」

第一太平行戴維斯(澳門)有限公司董事     廖沛霖
新一線物業仍具投資潛力
「如第四季各大型樓盤能配合同時推出，氹仔區以名門世家有望挑戰去年最高呎價，而澳門區則以南灣湖發展地段投資潛力較大。」

Bullish about Macau’s real estate prospects, the Carlyle Group, one of the premier global private equity funds, recently bought two residential buildings at the Areia Preta, which are expected to be inaugurated in the middle of 2009, for an estimated sum of MOP2 billion. The two buildings, comprising of a total of 372 flats, will be high-end residences catering to the demand for quality accommodation by foreign employees and local residents. These flats are expected to be priced around MOP 3,500 per square foot.
 
Property dealers indicate that while real estate sentiments were lower in Q2, Macau’s properties are still sought-after by foreign investors. Several investment deals were registered during the first six months of this year. The property market might turn for the better during Q4 with a rising trend expected to set again the following year.

Some local bankers think that the fact that two buildings are being converted into high-end residences clearly indicates the buyer’s optimism regarding Macau’s property market, not to mention a few property agents also have this view. However, the Subprime Mortgage Crisis remains unsolved and oil prices as well as the inflation rate are still high causing the overall optimism to be limited. The expected market upturn in Q3 may have to wait until Q4.

According to Gregory Ku, Managing Director of Jones Lang LaSalle Macau which is the broker for the deal, and provides property management consultation service, this transaction reflects international investors’ confidence in Macau’s prospects after 2009. With the Cotai Strip development projects being completed, Macau is in for an even more optimistic outlook. As a matter of fact, overseas investors have traditionally not been interested in Macau’s property market. But in recent years, many international funds have been looking for potential projects in the city.

He added that there might be a 10% drop in property prices during the second half of the year, but that this is just an adjustment of the market. The Jones Lang LaSalle Macau views the city’s real estate sector in a favorable light not just because of the Hong Kong-Zhuhai-Macau Bridge project where financing has been committed to by the related governments, but also because of the completion of Macau’s new infrastructure and hotel projects. The property market is expected to pick up again the following year.

全球最大私募基金之一的凯雷投资集团，睇好澳门楼市发展前景，购入位于东方明珠区两幢将于明年中落成的住宅物业，估计涉资20亿元。该两幢共372个住宅单位的物业，将被提升为高级住宅，以迎合外雇及居民对优质住宅的需求，业内估计呎价约3,500元左右。

业者认为，虽第二季开始楼市气氛由热转淡，但外资仍对澳门楼市宠爱有加，上半年投资市场录得多宗投资成交，预料第四季本地楼市会回暖，一年后可重拾升轨。

有本地银行业者认为，两幢物业被改建为高级住宅，足见买家对澳门楼市有信心，且几家物业代理亦唱好澳门，但美国次按危机未解决、油价及通胀高企，整体气氛不会太乐观。原本预计第三季复苏的楼市，将推迟到第四季才回暖。

促成该项成交并提供物业管理顾问服务的仲量联行澳门董事总经理古嘉豪表示，该项交易反映国际投资者看好澳门在零九年及以后的前景。随着金光大道发展日趋成熟，澳门的前景将更乐观。事实上，海外投资者对澳门楼市不乏兴趣，年来不少国际基金在澳觅具潜力的项目。

他又指，下半年楼价将有回落10%，但楼价回落并不等于形势不好，祇属气氛调整。该行更乐观看待澳门，除港珠澳大桥由三地政府出资、落实可期外，澳门各项基建、酒店旅游等利好消息亦对楼市有支持作用，料楼市一年后可重拾升轨。
   

全球最大私募基金之一的凱雷投資集團，睇好澳門樓市發展前景，購入位於東方明珠區兩幢將於明年中落成的住宅物業，估計涉資20億元。該兩幢共372個住宅單位的物業，將被提升為高級住宅，以迎合外僱及居民對優質住宅的需求，業內估計呎價約3,500元左右。

業者認為，雖第二季開始樓市氣氛由熱轉淡，但外資仍對澳門樓市寵愛有加，上半年投資市場錄得多宗投資成交，預料第四季本地樓市會回暖，一年後可重拾升軌。

有本地銀行業者認為，兩幢物業被改建為高級住宅，足見買家對澳門樓市有信心，且幾家物業代理亦唱好澳門，但美國次按危機未解決、油價及通脹高企，整體氣氛不會太樂觀。原本預計第三季復甦的樓市，將推遲到第四季才回暖。

促成該項成交並提供物業管理顧問服務的仲量聯行澳門董事總經理古嘉豪表示，該項交易反映國際投資者看好澳門在零九年及以後的前景。隨著金光大道發展日趨成熟，澳門的前景將更樂觀。事實上，海外投資者對澳門樓市不乏興趣，年來不少國際基金在澳覓具潛力的項目。

他又指，下半年樓價將有回落10%，但樓價回落並不等於形勢不好，祇屬氣氛調整。該行更樂觀看待澳門，除港珠澳大橋由三地政府出資、落實可期外，澳門各項基建、酒店旅遊等利好消息亦對樓市有支持作用，料樓市一年後可重拾升軌。

仲量联行在澳门年中的物业市场回顾中指出，澳门经济蓬勃、旅游业畅旺、博彩业收益上扬加上低利率环境，故物业市场零八上半年维持稳定增长。澳门政府颁布新措施限制赌场数目以及广东政府对个人游实施新的限制，预料中短期内不会对澳门物业市场构成太大影响。
澳门本地生产总值继零七年大幅增长27.3% 后，2008年首季按年增长31.6%。同期，整体服务出口按年急升46.3%，升幅主要受博彩业带动。来自非本地居民的博彩支出及住宿支出分别按年增长62.5% 及 33.5%。由于本地居民收入上升，加上本地利率下调，澳门的私人消费开支按年上升9.6%；零八上半年整体访澳旅客人数总达1,490万人次，按年增长18.1%，来自中国大陆的旅客人数占整体59%。首季，旅游业收益按年增长21.7%，达到84.4亿澳门元。
澳门于四月宣布，短期内不会签发新的博彩业牌照及批准任何赌场发展计划，包括于现有赌场增设赌桌的申请。五及七月份，广东省政府亦收紧个人游计划，进一步限制访澳的内地人数。此外，周末往返个别中国大陆城市与台湾的直航班机亦于七月初开始投入服务。上述措施在某程度上或会令澳门整体市场气氛蒙上阴影，但预料短至中期内其对整体物业市场不会构成显著影响。

住宅市场
继美国减息后，首季澳门平均最优惠贷款利率由6.75% 下调至 5.25%。六月份，澳门综合消费物价指数飙升9%，令当地存款利率及按揭息率处于负利率状态，投资物业逐渐成为应付通胀的最佳方法。
尽管市场气氛相对呆滞，发展商仍憧憬后市，积极推售新盘。其中较瞩目的包括于上半年推售的皇族、君悦湾、名门世家、海擎天第2座及寰宇天下。而位于澳门半岛的广悦华庭，为今年上半年澳门的唯一新落成供应，合共提供46个单位。预算于下半年落成的新住宅项目，合共提供约2,650 个单位。
第二季，继政府颁布措施限制博彩业牌照及赌桌数目后，澳门住宅销售市场出现放缓，部份业主更调低叫价。一至五月份，住宅买卖合约登记宗数按年下跌34.3%，录得7,673宗，但预料零八年上半年整体数字仍会高于零七年同期。首季低利率加上高通胀令投资需求强劲，带动零八年上半年高级住宅资本值增长10.9%。同时，由于来自外籍雇员的租务需求增加，在供应紧张的情况下，高级住宅租金于上半年上升7.7%。
仲量联行澳门住宅部主管黄智威称：「由于环球经济的不稳定因素增加，而澳门政府有意减慢博彩业的增长速度或会带来影响，澳门高级住宅资本值在短期内或会出现调整。然而，在优质租务供应紧张的情况下，加上外籍雇员持续涌入，高级住宅租务市场将继续表现良好，租金将持续上扬。销售市场方面，受信贷收紧及环球市场的不稳定因素影响，下半年表现将持续不明朗。然而，负按揭息率情况加剧及市民收入上升，将可抵消部份负面影响。」

商铺市场
零八上半年澳门旅游业持续蓬勃，未受个人游计划收紧及环球金融市场的不稳定因素影响。本地经济畅旺、人口增加及政府向市民发放一次性的「津贴」，令上半年零售消费需求强劲，首季零售业销售总额按年上升46.4%，达到45亿澳门元的新高水平。
街铺继续广受欢迎。零八年首六个月街铺资本值及租金分别上升9.9% 及 9.7%。下半年四季名店购物中心及新八佰伴开幕，将为澳门增添逾400,000 平方呎优质商铺物业供应。
仲量联行香港及澳门研究部主管陈锦平称：「人口增加及访澳旅客人数激增，将继续巩固澳门零售业销售在未来数年的增长。然而，股市波动、环球经济不稳定因素增加以及通胀加剧，均有可能减慢本地消费在短期内的增长。预料下半年商铺物业资本值及租金将保持平稳。」

写字楼市场
零八年首六个月，甲级写字楼资本值及租金分别上升13.6% 及 3%。未来三年澳门将不会有新的甲级写字楼供应。仲量联行澳门董事总经理古嘉豪称：「未来两至三年，随着愈来愈多大型度假设施开幕，将有更多零售商及商业服务业租户在澳门设立公司，加上甲级写字楼供应紧张，将有助维持写字楼资本值及租金升势。」

投资市场
尽管市场气氛呆滞，零八年上半年录得多宗投资成交。一月份，两幅位于筷子基的政府住宅用地透过公开招标售出，地盘面积分别为18,342 及 31,936 平方呎，成交价合共14.2亿澳门元。四月份，一幅位于凼仔TN6地段的建筑地盘，面积约50,170 平方呎，以5.3亿港元售出。五月份，一幅位于南湾湖海傍、最大可发展住宅建筑面积约160万平方呎的地皮，以31.5亿港元售出。六月份，澳门半岛一个高级住宅项目259个单位合共以10.3亿港元易手。古嘉豪续称：「毫无疑问，美国的按揭危机在短期内将继续影响机构性基金的跨境投资活动，而环球股票市场波动、通胀压力上升以及利率有可能上调，均会妨碍澳门的物业投资需求。然而，由于澳门的经济基调持续乐观，外国投资者仍积极在澳门寻求投资机会。此外，澳门现时的负利率环境，在下半年将继续刺激来自本地投资者的投资需求。」

仲量聯行在澳門年中的物業市場回顧中指出，澳門經濟蓬勃、旅遊業暢旺、博彩業收益上揚加上低利率環境，故物業市場零八上半年維持穩定增長。澳門政府頒布新措施限制賭場數目以及廣東政府對個人遊實施新的限制，預料中短期內不會對澳門物業市場構成太大影響。
澳門本地生產總值繼零七年大幅增長27.3% 後，2008年首季按年增長31.6%。同期，整體服務出口按年急升46.3%，升幅主要受博彩業帶動。來自非本地居民的博彩支出及住宿支出分別按年增長62.5% 及 33.5%。由於本地居民收入上升，加上本地利率下調，澳門的私人消費開支按年上升9.6%；零八上半年整體訪澳旅客人數總達1,490萬人次，按年增長18.1%，來自中國大陸的旅客人數佔整體59%。首季，旅遊業收益按年增長21.7%，達到84.4億澳門元。
澳門於四月宣佈，短期內不會簽發新的博彩業牌照及批准任何賭場發展計劃，包括於現有賭場增設賭桌的申請。五及七月份，廣東省政府亦收緊個人遊計劃，進一步限制訪澳的內地人數。此外，週末往返個別中國大陸城市與台灣的直航班機亦於七月初開始投入服務。上述措施在某程度上或會令澳門整體市場氣氛蒙上陰影，但預料短至中期內其對整體物業市場不會構成顯著影響。

住宅市場
繼美國減息後，首季澳門平均最優惠貸款利率由6.75% 下調至 5.25%。六月份，澳門綜合消費物價指數飆升9%，令當地存款利率及按揭息率處於負利率狀態，投資物業逐漸成為應付通脹的最佳方法。
儘管市場氣氛相對呆滯，發展商仍憧憬後市，積極推售新盤。其中較矚目的包括於上半年推售的皇族、君悅灣、名門世家、海擎天第2座及寰宇天下。而位於澳門半島的廣悅華庭，為今年上半年澳門的唯一新落成供應，合共提供46個單位。預算於下半年落成的新住宅項目，合共提供約2,650 個單位。
第二季，繼政府頒布措施限制博彩業牌照及賭桌數目後，澳門住宅銷售市場出現放緩，部份業主更調低叫價。一至五月份，住宅買賣合約登記宗數按年下跌34.3%，錄得7,673宗，但預料零八年上半年整體數字仍會高於零七年同期。首季低利率加上高通脹令投資需求強勁，帶動零八年上半年高級住宅資本值增長10.9%。同時，由於來自外籍僱員的租務需求增加，在供應緊張的情況下，高級住宅租金於上半年上升7.7%。
仲量聯行澳門住宅部主管黃智威稱：「由於環球經濟的不穩定因素增加，而澳門政府有意減慢博彩業的增長速度或會帶來影響，澳門高級住宅資本值在短期內或會出現調整。然而，在優質租務供應緊張的情況下，加上外籍僱員持續湧入，高級住宅租務市場將繼續表現良好，租金將持續上揚。銷售市場方面，受信貸收緊及環球市場的不穩定因素影響，下半年表現將持續不明朗。然而，負按揭息率情況加劇及市民收入上升，將可抵消部份負面影響。」

商舖市場
零八上半年澳門旅遊業持續蓬勃，未受個人遊計劃收緊及環球金融市場的不穩定因素影響。本地經濟暢旺、人口增加及政府向市民發放一次性的「津貼」，令上半年零售消費需求強勁，首季零售業銷售總額按年上升46.4%，達到45億澳門元的新高水準。
街舖繼續廣受歡迎。零八年首六個月街舖資本值及租金分別上升9.9% 及 9.7%。下半年四季名店購物中心及新八佰伴開幕，將為澳門增添逾400,000 平方呎優質商舖物業供應。
仲量聯行香港及澳門研究部主管陳錦平稱：「人口增加及訪澳旅客人數激增，將繼續鞏固澳門零售業銷售在未來數年的增長。然而，股市波動、環球經濟不穩定因素增加以及通脹加劇，均有可能減慢本地消費在短期內的增長。預料下半年商舖物業資本值及租金將保持平穩。」

寫字樓市場
零八年首六個月，甲級寫字樓資本值及租金分別上升13.6% 及 3%。未來三年澳門將不會有新的甲級寫字樓供應。仲量聯行澳門董事總經理古嘉豪稱：「未來兩至三年，隨著愈來愈多大型度假設施開幕，將有更多零售商及商業服務業租戶在澳門設立公司，加上甲級寫字樓供應緊張，將有助維持寫字樓資本值及租金升勢。」

投資市場
儘管市場氣氛呆滯，零八年上半年錄得多宗投資成交。一月份，兩幅位於筷子基的政府住宅用地透過公開招標售出，地盤面積分別為18,342 及 31,936 平方呎，成交價合共14.2億澳門元。四月份，一幅位於氹仔TN6地段的建築地盤，面積約50,170 平方呎，以5.3億港元售出。五月份，一幅位於南灣湖海傍、最大可發展住宅建築面積約160萬平方呎的地皮，以31.5億港元售出。六月份，澳門半島一個高級住宅項目259個單位合共以10.3億港元易手。古嘉豪續稱：「毫無疑問，美國的按揭危機在短期內將繼續影響機構性基金的跨境投資活動，而環球股票市場波動、通脹壓力上升以及利率有可能上調，均會妨礙澳門的物業投資需求。然而，由於澳門的經濟基調持續樂觀，外國投資者仍積極在澳門尋求投資機會。此外，澳門現時的負利率環境，在下半年將繼續刺激來自本地投資者的投資需求。」

Impact from Government Policy Changes in Macau and Guangdong Should be Minimal in the Short Term

Underpinned by the robust economy, booming tourist sector, surging gaming revenues and the low interest rate environment, Macau’s property market maintained a steady growth in the first half of 2008. The Macau government’s new measures to cap gaming developments and the Guangdong government’s new restrictions on Individual Traveller Scheme is expected to cause little impact to the city’s property market in the short to medium term, reports Jones Lang LaSalle in its Macau Mid-Year Property Review.

Following a strong growth of 27.3% in 2007, Macau’s GDP grew by 31.6% y-o-y in 1Q08. The total export of services surged by 46.3% y-o-y, driven mainly by the gaming sector. Non-resident gaming revenues and non-resident accommodation expenditures grew by 62.5% and 33.5% y-o-y, respectively. Macau’s private consumption expenditure also saw a healthy growth at 9.6% y-o-y on the back of rising domestic incomes and local interest rate cuts.Total visitor arrivals in 1H08 amounted to 14.9 million, up 18.1%. Visitors from Mainland China accounted for 59% of the total. Meanwhile, tourism receipts increased by 21.7% y-o-y to MOP 8.44 billion in the first quarter.

In April, the Macau government announced that no new gaming licences and casino development plans will be granted, including application for new gaming tables in existing casinos. In May and July, the Guangdong provincial government also tightened its Individual Traveller Scheme to further limit the number of Mainlanders to pay visit to Macau. Meanwhile, weekend direct-flight services between some selected Mainland cities and Taiwan also commenced in early July. These new measures have greyed Macau’s overall market sentiment to a certain extent; however, their impact to the overall property market is unlikely to be significant in the short to medium term.

Residential Market
Following the US interest rate cuts, Macau’s average best lending rates were further lowered from 6.75% to 5.25% during the first quarter. In June, Macau’s Composite CPI surged by 9%, pushing the city’s real savings and mortgage rates deeper in the negative regime. As such, properties become an increasingly attractive asset class to hedge against inflation.
On the supply side, developers continued to launch new projects for sale despite the relatively subdued market sentiment. The more notable projects included The Buckingham, The Residencia Macau, Windsor Arch, Tower 2 of The Praia and La Cite. All were launched in 1H08. Grand Villa in Macau Peninsula, which comprises a total of 46 units, was the only new completion recorded in the first six months. For the remainder of the year, a total of about 2,650 new residential units are slated for completion.

The second quarter saw Macau’s residential sales market slow down after the government announced to cap the number of gaming licences and tables. Although not widely spread, landlords were generally more flexible in price negotiations, while some have lowered their asking prices. The number of residential sale and purchase agreements fell by 34.3% y-o-y to 7,673 between January and May; but very likely, the total number for 1H08 will be higher than that in the same period of 2007.

Supported by strong investment demand stemming from lower interest rates and rising inflation in the first quarter, the capital values for high-end residential properties grew by 10.9% in 1H08. High-end residential rents grew by 7.7% over the same period on the back of growing leasing demand from expatriates and a tight level of supply.

‘The capital values for high-end residential properties may experience a short-term consolidation due to growing uncertainties in the global economy and the potential impact stemming from the government’s intention to moderate the growth of the casino industry. However, with the continuous influx of expatriates and on the back of the tight availability of quality leasing stock, the high-end residential leasing market shall continue to perform and rents will remain on the rise. The outlook of the sales market will remain cloudy for the remainder of the year, owing to the credit tightening and uncertainties in the global market. However, the deepening of negative real mortgage rates together with rising incomes shall offset some of these negative impacts.’ says Jeff Wong, Jones Lang LaSalle’s Head of Macau Residential.

Retail Market
Macau’s tourism market remained strong in 1H08 despite the tightening of the Individual Traveller Scheme and the growing uncertainty in global financial markets. With a booming local economy, a rising population and the government’s grant of a one-off relief to residents, retail consumption demand has been strong through 1H08. The city’s total retail sales were pushed up by 46.4% y-o-y to a record high of MOP 4.5 billion in 1Q08. The sales of big ticket items were particularly strong.

Prime street shops also remained sought after. The first six months of 2008 saw capital values and rents for prime street shops increasing by 9.9% and 9.7%, respectively.
The second half of 2008 shall see the opening of The Shoppes at Four Seasons and New Yaohan, adding a total of over 400,000 sq ft of prime retail space into the market.

‘The rising population and escalating tourist arrivals will continue to underpin the growth of Macau’s retail sales in the next few years. However, stock market volatility, growing uncertainties in the global economy and the climbing inflationary environment may slow domestic spending growth in the near future. We expect capital values and rents for retail properties to remain stable in 2H08.’ says Marcos Chan, Jones Lang LaSalle’s Head of Research, Hong Kong and Macau.

Office Market
For the first six months of 2008, capital values and rents for Grade A office space increased by 13.6% and 3%, respectively.In the coming three years, there will be no new Grade A office supply. FIT Centre and AIA Tower, with their more advanced specifications and professional management, will attract demand from newly set up companies and existing tenants seeking to upgrade their office premises.‘With more mega resorts coming in the next two to three years, there will be an increasing number of retailers and business services sector tenants setting up operations in Macau. This, combined with the tight availability of Grade A office space, will help capital values and rents to remain on the rise.’ remarks Gregory Ku, Managing Director of Jones Lang LaSalle Macau.

Investment Market
In spite of the subdued market sentiment, several investment transactions were recorded in 1H08. Through a public tender, two government residential sites at Fai Chi Kei, with site area of 18,342 sq ft and 31,936 sq ft, respectively, were sold for a total of MOP 1.42 billion in January. In April, a construction site at Lot TN6 in Taipa, with site area of about 50,170 sq ft, was sold for HKD 530 million. In May, a site on the Nam Van Lake waterfront, with a maximum developable residential GFA of around 1.6 million sq ft, was sold for HKD 3.15 billion. In June, a batch of 259 units in a high-end residential development on Macau Peninsula was sold for HKD 1.03 billion.

‘No doubt the US credit crunch will continue to affect cross-border purchases from institutional funds in the short term, and with the volatility in global equity markets, surging inflationary pressure and potential interest rates hikes will hinder property investment demand in Macau. However, with Macau’s economic fundamentals remaining positive, foreign investors are still keen in looking for investment opportunities in the city. On the other hand, the prevailing negative interest rate environment will continue to help stimulate investment demand from local investors for the remainder of the year.’ continues Ku.