Macao's real estate sector rebounds fast

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Last updated at: (Beijing Time) Wednesday, April 07, 2004

Macao's real estate sector rebounds fast

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The real estate sector in Macao Special Administrative Region (SAR) witnessed a robust growth period with a total of 33 buildings completed or enlarged last year comprising 1,566 flats, an increase of 311 percent on 2002.

Statistics from the Macao Statistics and Census Bureau indicated that Macao's construction sector is climbing out of a decade-long trough, as the gross floor area of newly completed andenlarged buildings rose 137 percent year-on-year to 243,023 squaremeters last year.

The newly constructed real estates comprised of 1,566 residential, commercial, industrial and other types of units, 1,185 units more than the record in 2002.

The Macao Finance Services Bureau recorded 18,556 real-estate property conveyances last year, an increase of 10.2 percent on 2003.

The real estate market rebound was boosted by Macao's dynamic gross domestic product growth of 15.6 percent in real terms last year, which set a new record. The tiny and populous city of 26.8 square kilometers host a record number of visitor arrivals of 11.8million last year, when its own population increased to 448,000.

Source: Xinhua

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