Macau Housing Market

UNIVERSIDADE DE MACAU

The Faculty of Social Sciences and Humanities

ECMC370-001

The Modern Macau Economy

Macau’s Housing Market

WU XIAOYUN ( S-B0-2219-2 )

HONG YAZHEN ( S-B0-1792-8 )

WONG UNIENG ( S-B0-1712-2 )

WONG CHI SAM ( S-B0-1947-6 )

CHIN KENG CHEONG ( S-B0-2004-1 )

* Abstract

This research paper aims to analysis the development of Macau’s housing market. At the beginning, there is a brief of its development history. And then we compare the changes of housing market during the development progress and analysis the problems and reasons. Afterwards, we will focus on discussing the role of the policies that government implemented in solving these problems. Finally, we will briefly make a prediction and conclusion of Macau’s housing market.

* Introduction

Today, Macau’s housing market is the important constituent of Macau economy. It is also one of the most active markets in Macau’s commodities transaction. However, as the increasing of Macau population, the high property prices become a serious social problem due to the land restrictions.

Since 1960s, the housing market of Macau was formed gradually. During the progress of development, it got rapid development that has played important role in promoting the economic development. However, it also suffered several periods of recession that hurt the Macau economics. Up to now, its development periods could be divided into five sections generally.

a) The period of preliminary form

Macau’s housing market was formed preliminarily during 1961 to 1966. Because of the rapid economic development of Hong Kong, it promoted the development of Macau export processing fluid and tourism so that raised the level of per capita income. Besides, the large increasing of Macau population that made the demand of housing further increased.

b) From the period of recession to recovery

Due to the Chinese Cultural Revolution and the “12.3” event in 1966, the society was unrest that caused the...