The Real Estate Bubble Hits Macau

We've written before about the plans to turn Macau into a Vegas-style gambling destination. Well as Las Vegas real estate explodes, Macau may be poised for its own boom. Bloomberg reports that waiting lists for condos are already gigantic. Gaming companies, including Wynn Resorts and the Mirage are flooding Macau with money and it is expected that property prices will go up an astounding 30% next year.  And this is after they doubled last year. Macau recently surpassed Atlantic City as the world's second biggest gaming area and its sights are set on toppling Vegas from the top spot. Some feel that the prices are rising too fast especially considering that the Macau market went through a major slump that only ended in 2003 and that prices are still not where they were at their peak in 1993.