2014-02-11 06:03:01 - Construction in Macau - Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The Macau construction market recorded poor performance during the review period, registering a CAGR of -14.29%, with very low investment in the industry due to the financial crisis and emphasis on developing the gaming industry. However, the construction industry is expected to regain momentum and expand at a steady pace over the forecast period, backed by investment in several large-scale infrastructure projects, a surge in tourism, robust demand for housing, and investment in healthcare infrastructure to cope with the rise in the aging population. The industry is expected t register a CAGR of 9.99% over the forecast period.
The Macanese construction industry performed well in 2012, recording an increase of 15.7% over 2011. The gross buildings floor area which received approval
grew by 11.7% year-on-year to reach 392,456m2. The number of buildings completed increased by 84.4% to reach 2,558 in 2012, of which 2,443 were residential units. The number of buildings purchased and sold in 2012 declined by 8.0% to reach 25,419 units, while the transaction value grew by 32.3% to reach MOP100.9 billion.
To transform it into a leading global leisure and tourism destination and handle the rapid rise in visitor numbers, Macau is undertaking substantial infrastructure development projects, including the development of airports, maritime projects, railways and roads. The projects will result in rapid economic development across the Pearl River Delta region, and facilitate trade and traffic flow between Macau, Hong Kong and Mainland China.
Macau´s population is close to 600,000 and the country has a very low unemployment rate of just under 2%. The region is facing a shortage of labor in several business sectors, as most of the labor force is already employed due to robust economic expansion since 2003. Macau also imposes restrictions on foreign workers, which adds to the problem. The shortage of labor is expected to hinder the progress of construction in the region, unless the restrictions on foreign workers are eased.
Macau´s residential property market has attracted significant interest from foreign buyers, especially from neighboring countries, as the region is a leading global gaming destination. Regulations for foreign ownership are liberal, and returns from property investment are high.
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