Home Economy Rental statistics for the whole year and the 4th quarter of 2023

Rental statistics for the whole year and the 4th quarter of 2023

Information from the Statistics and Census Service (DSEC) indicated that the average rent per square metre of usable area for residential units in Macao was MOP131 in 2023, down by 3.0% year-on-year. When compared to 2019, the figure represented a fall of 19.6%, which showed that the coronavirus pandemic had a rather large impact on residential rents.

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Among the districts with a relatively high number of lease declarations, the average rents for residential units in Areia Preta & Iao Hon (MOP123), ZAPE (MOP111) and Baixa da Taipa (MOP131) decreased by 5.4%, 4.3% and 3.7% year-on-year respectively, whereas the average rent for those in NATAP (MOP154) increased by 1.3%.

Analysed by usable area, the average rents for residential units with an area between 50 and 99.9 square metres and for those with a floor area of less than 50 square metres, the two categories with the highest number of lease declarations, were MOP130 and MOP161 respectively, down by 2.3% and 1.8% year-on-year.

As regards non-residential units, the average rent per square metre of usable area for ​​shops increased by 2.3% year-on-year to MOP485 in 2023, underpinned by the tourism-driven economic revival; yet, the figure marked a 9.5% decrease as against 2019. In terms of districts, the average rents for shops in ZAPE (MOP670), NAPE & Aterros da Baía da Praia Grande (MOP611) and Baixa de Macau (MOP661) grew by 6.7%, 4.1% and 2.3% year-on-year respectively, whereas the rents for those in Barca (MOP370) and NATAP (MOP408) dropped by 2.4% and 2.2% respectively.

The average rent per square metre of usable area for office units went down by 5.0% year-on-year to MOP302, while the average rent for industrial units increased by 0.8% to MOP123. In comparison with 2019, the average rent for office units fell by 6.2% while that for industrial units remained unchanged.

Analysed by quarter, the average rent for residential units in Macao climbed by 0.8% quarter-on-quarter to MOP132 in the fourth quarter of 2023. The average rent for shops was MOP494, the same as in the previous quarter. The rent for office units decreased by 0.7% to MOP300, while that for industrial units rose by 0.8% to MOP125.

Rental Statistics are based on the declarations of leasing of real estate for property tax of the Financial Services Bureau. The type of building unit is classified according to the end-use in property registration. Statistical coverage includes rental of the entire building unit with an unexpired lease, excluding units owned by the SAR Government or charitable organisations, etc.

*Statistics and Census Service

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