Opinion

Diamonds in the Rough

For those of you who feel you’ve missed the boat on property investment in Macau, don’t despair. With a little bit of perseverance and luck there are still some hidden gems to be found.  They are few and far between, but there are still some properties in Macau that can be bought for under HK$3 million and transformed into cosy homes. There’s such a shortage of small, clean, well-furnished rental properties in Macau these days, that studio, one and two-bedroom units make excellent investments for buyers lucky enough to find them. 

You’ve got to be quick – in a blink of an eye they will be gone – but with a ready deposit and a speedy real estate agent on your side, purchases are still possible.

Ideally you need to spend weekends exploring the narrow streets and alleys of the older parts of Macau and Taipa. This to decide on the areas you feel will be most desirable to potential tenants –  within 10 or 15 minutes walk from a business district, hotel or casino.  Befriending local ‘mom n pop’ agents in these areas or getting hold of property companies who have a passion for renewal of old buildings, is certainly a good start to getting an ‘inside track’ on what’s for sale.  And crucially, they will have connections with good contractors to help with any renovations needed.

If you are prepared to look past the exterior of some of the buildings which appear grubby and run-down, and are willing to tackle a few dark dingy stairwells as most will be low rise (five-storey) walkups, there are some truly wonderful success stories still to be had.  Some imagination, a modest budget for face-lifts and furniture, and a desire to put a bit of love into these places will undoubtedly earn you a handsome capital gain over just a few years.

Take a four-storey walkup near the Ruins of St. Paul’s bought for HK$1.8 million in 2011.  It was was modernised with an open kitchen, larger bathroom, new windows and simply furnished. It rented as soon as it was put on the market, and is today valued at HK$3.5 million.  And there are many other similar examples.

Whilst the buildings are old, the banks are not blind to the financial potential of buying and modernising apartments within.  Some are more helpful than others, but  if you can demonstrate a regular income, they should look favourably on giving mortgage support.

So for those of you with a little spare cash and an adventurous spirit, jump in, there are still deals to be had!

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