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Macau's Real Estate industry is presently recovering from the Asian crisis. Property
values remained depressed and experiencing deflationary pressures. Macau's Real Estate
sector is worth US $720 million and new construction totaled almost 4 million sq. ft. in
2000 with an additional 2 million sq. ft. under construction.
Macau's economy is dominated by its gambling and tourism industries. There are major hotels and resorts in the Macau peninsula and in the island of Taipa. Macau's government is constantly improving its roads and there are fairly new bridges and causeways. Along road construction comes adequate underground utilities and additional development land and green spaces. Currently, there is a major project to link together the islands of Taipa and Coloane. Another project under construction is the Nam Van project worth over US $1.7 Billion. The Nam Van project shall increase Macau's size by 20%.
Most newer buidings in Macau are nearly identical but functional. There is a tendency to have apartments and light manufacturing in the same building. Macau is a densely
populated area with over 18,000 persons per sq km. There are many high rises in Macau
and current space restrictions may prompt even taller buildings.
The island of Coloane is virtually unspoiled with one major hotel. Macau's tourism
industry is about to take off as the regional economies improve and as new Chinese
citizens visit the territory. The government is presently building a new olympic stadium
and getting other venues ready for the East Asian games to be held in Macau in 2005.
Real Estate is a very important contributor to Macau's economy and may grow in importance as more people and businesses move to Macau.
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