Q1 shop rents drop by one-fifth, estate agents say

2015/4/10

From:Macau Business

Estate agents say the average rent for a shop in Macau was about 20 percent lower in the first quarter of this year than a year earlier, pulled down mainly by rents in prime shopping areas for tourists, Business Daily reports.

The newspaper quotes one estate agent, Centaline (Macau) Property Agency Ltd senior regional sales director Roy Ho Siu Hang, as saying: “For the shops located in the high street [sic], we’ve seen that for the tenants that were about to renew their rental contract, shop owners have basically lowered or even cancelled the rental increase they initially intended to impose on the tenants.”

Mr Ho added: “But for the shops that are located in residential areas, such as Avenida Horta e Costa, their rental level has actually not changed much compared to last year.”

Copyright@Macau Business