Riding on a healthy economic recovery, pre-sale housing projects to be launched this weekend in three cities are expected to see a liquidity-driven boom, totaling a record high value of NT$290 billion (US$9.1 billion), a survey of the Real Estate Marketing Agency Association of the ROC (不動產代銷經紀公會) found yesterday.
“The confidence level among local construction companies and land developers has returned to a pre-crisis level,” the association’s chairman Tsao Jui-pen (曹瑞濱) told a media briefing yesterday.
In Taipei City alone, to-be-sold residential homes totaled a value of NT$100 billion in the first quarter, two-thirds the value of last year, said Lee Dong-liaung (李東亮), an assistant manager at New Land Developers Group (新聯陽實業).
He said the worth of new property projects in Taipei is expected to hit NT$300 billion by the end of this year, along with a price hike of 10 to 15 percent, or even more than 20 percent in some core districts.
In Taipei County, new projects have totaled NT$35 billion in the first quarter, which is likely to grow to NT$180 billion by the end of this year, he said.
“Very soon, we may not be able to see any new housing projects, asking for a unit price of below NT$200,000 per ping in the greater Taipei area,” Lee said.
Lee expressed less concern over possible interest rate hikes by the central bank starting in the middle of the year, which he forecast would not exceed 2.5 percentage points in a year.
Meanwhile, the area’s luxury property market, in particular, faces an undersupply, Tsao said.
The association’s statistics showed some 3,000 to 5,000 high-income earners are currently shopping for luxury properties in the city, while the supply of newly built luxury homes is likely to only total 1,200 units this year.
That will provide a boost to the pricing of luxury homes in Taipei, Tsao said.
In the greater Taichung area, pre-sale housing projects have totaled a value of NT$40 billion in the first quarter, which is expected to grow to NT$100 billion by the end of this year, up from last year’s NT$62.34 billion, the association’s survey showed.
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