{"id":25992,"date":"2021-11-26T08:52:18","date_gmt":"2021-11-26T01:52:18","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25992"},"modified":"2021-11-26T08:52:18","modified_gmt":"2021-11-26T01:52:18","slug":"macau-resumes-land-auctions-to-ease-the-high-priced-property-market","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/macau-resumes-land-auctions-to-ease-the-high-priced-property-market\/","title":{"rendered":"Macau resumes land auctions to ease the high-priced property market"},"content":{"rendered":"

The upcoming land auctions would also tackle budget deficits sustained from the pandemic\u00a0<\/span>\u00a0<\/span><\/p>\n

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Ho cautioned that locals can\u2019t afford the thousands of large, highly-priced flats that have been left vacant. NatteeChalermtiragool\/Shutterstock<\/figcaption><\/figure>\n

According to Macao News<\/a>, the president of Property Agents and Realty Developers of Macau William Kuan Vai Lam welcomes the announcement that the government plans to resume land auctions soon.\u00a0<\/span>\u00a0<\/span><\/p>\n

Kuan says that the return of land auctions, which were last held in 2008, would not raise property prices but in turn, lead to more \u201ctransparency\u201d\u00a0for the property market.<\/span>\u00a0<\/span><\/p>\n

Chief Executive Ho\u00a0Iat\u00a0Seng announced the relaunch of land auctions during the Legislative Assembly last Wednesday, a day after announcing his2022 Policy Address.\u00a0<\/span>\u00a0<\/span><\/p>\n

Ho mentioned that the aim of the upcoming land auctions was to tackle budget deficits and raise public revenue, as COVID-19 had heavily impacted local economies around the world.\u00a0<\/span>\u00a0<\/span><\/p>\n

Nevertheless, land auctions would need to align with the needs of\u00a0the residential property market, including public housing projects, said Ho.\u00a0<\/span>\u00a0<\/span><\/p>\n

Ho cautioned that locals can\u2019t afford the thousands of large, highly-priced flats that have been left vacant. Numerous potential homebuyers are seeking smaller and cheaper flats.\u00a0<\/span>\u00a0<\/span><\/p>\n

Since the establishment of the Macao Special Administrative Region in December 1999, only three plots of land have been awarded to the private sector through land auctions.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: New commercial property loans in Macau drops 19.7% to $385M<\/strong><\/a><\/p>\n

Over the past two decades, most plots were directly granted to enterprises and\u00a0organisations\u00a0such as casino-hotel operators.<\/span>\u00a0<\/span><\/p>\n

In 2014,\u00a0 a decree was passed that all future land concessions would be awarded by auction except when public interest\u00a0is\u00a0involved.\u00a0<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0<\/span><\/i>propertyreport@propertyguru.com<\/span><\/i><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The upcoming land auctions would also tackle budget deficits sustained from the pandemic\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[2486,172,528,512],"class_list":["post-25992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-land-auctions","tag-macau","tag-market-update","tag-residential","news_country-macau","news_author-property-report"],"acf":[],"yoast_head":"\nMacau resumes land auctions to ease the high-priced property market | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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