The real estate market in Macau recorded the lowest average price per square meter in 13 years in the second quarter of this year, according to data published today by the real estate agency Centaline Property. According to a market report released today by Centaline Macau and Hengqin, the average price per square meter for residential properties reached 68,000 Hong Kong dollars (7,820 euros), a 4% drop compared to the same period last year.
After having reached a peak of 72,634 Hong Kong dollars (8,110 euros) in the first quarter, the agency pointed out that the value fell to 68,000 Hong Kong dollars (7,600 euros) in the second quarter. Centaline estimates that 2,097 residential units changed owners in the first six months of the year, representing an increase of about 50% compared to the same period in 2025.
However, the same report highlights that the market recovery proved to be short-lived, with transaction volumes contracting sharply in the second quarter after buyers rushed to take advantage of a tax exemption introduced by the territory’s authorities at the beginning of the year.
Roy Ho, director of Centaline Macau and Zhuhai Hengqin, stated in the report that the purchasing power accumulated during the crisis was largely released in the first two quarters, and the stimulus effect is now visibly weakening. Centaline pointed out that the residential segment shows clear signs of correction, with prices reaching as low as 5,500 Hong Kong dollars (632 euros) per square foot in landmark developments such as One Central, a historical low.
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The luxury market also suffered, with only six transactions above 15 million Hong Kong dollars (1.72 million euros) in the second quarter, a 40% year-on-year drop. In the commercial sector, shops in tourist areas maintained demand, with yields exceeding 4.3%, but residential neighborhoods recorded an increase in vacancy rates.
Stanley Poon, general manager of Centaline Macau and Zhuhai Hengqin, warned of a relatively pessimistic environment in the local real estate industry, with banks tightening credit lending and the possibility of further US interest rate hikes. Even so, he highlighted that the luxury segment might better resist the negative trend, with traditional investors looking for villas and large units at low prices as a safe haven.
In mainland China, Centaline reported that the Greater Bay Area property index rose for the fourth consecutive month in May, recording a 2.3 percent increase in the period, reaching a ten-month high. The neighboring city of Zhuhai recorded 5,360 transactions in the second quarter, a 14% drop from the previous quarter, with average prices falling 3% to 18,150 yuan (2,300 euros) per square meter.
Nationally, the agency highlighted that the real estate market in China’s largest urban centers continued to show resilience, with new home prices rising for the third consecutive month in May, according to the National Bureau of Statistics. Second-hand home transactions in Beijing reached a five-year high for the month, while Shanghai recorded its best month of May in six years.
