Wed, Jul 05, 2017 - Page 12 News List

Property market gained more steam last month

Staff writer, with CNA

Sales of residential and commercial property in the six special municipalities last month rose at a double-digit pace from a month earlier, as the market continued to recover after a dismal performance last year.

Sales of homes, offices and shops in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung rose 16 percent to 20,351 units last month, following another 16 percent month-on-month increase in May, figures compiled by the six municipalities showed.

Last month’s figure was also 19 percent higher than a year earlier.

The property market’s momentum accelerated last month, indicating that the market might finally be stabilizing, Sinyi Realty Inc (信義房屋) research manager Tseng Ching-der (曾敬德) said.

The adverse impact from new property-related tax measures that took effect on Jan. 1 last year is fading, prompting buyers to return to the market, he said.

The measures aimed to curb property speculation by taxing gains on sales of second homes within a certain period from the time of purchase by up to 45 percent.

Last year, housing sales dipped to a new low of 245,396 units and transactions in the six special municipalities fell 16.6 percent from a year earlier.

Amid signs of a recovery, sales of homes, shops and offices in the six municipalities totaled 98,633 units in the first six months of the year, up about 20 percent from a year earlier, the statistics showed.

New Taipei City saw a 31 percent increase in housing transactions last month, the highest among the six, as prospective buyers returned to the market, drawn in by new housing inventory, Tseng said.

Sales of residential and commercial property in New Taipei City breached the 5,000 mark to reach 5,614 units last month, up 48 percent from a year earlier, the data showed.

The year-on-year increase was also the highest among the six major cities.

In Taipei, the most closely watched property market in the nation, housing sales totaled 2,188 units last month, rising 9 percent from a month earlier, the data showed.

Housing sales rose 15 percent month-on-month to 3,483 units in Taoyuan, 16 percent to 3,895 units in Taichung, 8 percent to 1,823 units in Tainan and 5 percent to 3,348 units in Kaohsiung.

Tseng said that if the momentum continues, residential and commercial property sales for the full year could top 260,000 units.

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