The residential property market in Macau saw a strong recovery in the first quarter of 2026, driven by new government stimulus measures, according to a report by Centaline.
Between January and March, 1,328 residential units were sold, marking a 95% increase year-on-year. The surge follows policy changes introduced on January 1, including a stamp duty exemption on the first 600,000 patacas (around €64,600) of a property purchase and an increase in the maximum loan-to-value ratio to 80%.
Average transaction prices also rose slightly, increasing 1.5% year-on-year to approximately 75,000 patacas (€8,070) per square meter. According to Steve Ng, senior associate director at Centaline Macau, this reflects a “simultaneous increase in both sales volume and prices.”
The recovery gained momentum after the Lunar New Year in late February, with 494 transactions recorded in a single month, the highest monthly figure since 2021.
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However, the luxury segment lagged behind the broader market. Transactions for properties valued above 15 million patacas (€1.61 million) fell by half year-on-year, totaling just six deals in the quarter.
The rental market continued its upward trend, with average rents rising 2% last year to 139 patacas (€15) per square meter. Units between 100 and 150 square meters recorded the highest rental growth, increasing by 5%.
Looking ahead, Centaline expects the residential market to remain strong in the second quarter, with transaction volumes likely to exceed 1,000 units.
Stanley Poon, генераль manager of Centaline Macau and Zhuhai Hengqin, described the rebound as a “healthy correction” after years of declining prices. He cautioned, however, that the commercial property sector remains under pressure and called for additional policy support to improve the business environment.
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“Amid an unstable geopolitical environment, investors are increasingly drawn to jurisdictions with political stability and strong national security,” Poon said.
While residential activity increased, Macau’s commercial sector continued to struggle, with shop transactions falling about 30% quarter-on-quarter to 79 deals. Still, high-end retail transactions persisted in tourist districts, including two deals exceeding 50 million patacas (€5.4 million).
Across the border in Hengqin, a cooperation zone between Macau and Zhuhai, property transactions dropped sharply, declining 58% quarter-on-quarter to 610 units, although prices rose 17% to an average of 22,770 yuan (€2,450) per square meter.
Meanwhile, China’s broader property market continues to face challenges, with new home prices falling for the 33rd consecutive month in February, reflecting the ongoing real estate downturn. In Macau, property prices per square meter have been declining for eight consecutive years, despite the recent rebound in activity.
