Taiwan’s property market is showing signs of stabilizing, with the number of housing transactions in most of the six special municipalities rising about 10 percent in October year-on-year, according to figures released from the land administration bureaus of the six cities.
Housing transactions totaled 2,533 units in Taipei last month, representing an increase of 10.8 percent from the same period last year and a 13 percent increase from October. Tainan posted the biggest year-on-year jump of 12.1 percent to 1,606 units and a monthly fall of 3.9 percent, while Taoyuan saw a 3.6 percent annual increase and a monthly increase of 23.2 percent.
Meanwhile, Kaohsiung witnessed an annual 2.1 percent rise to 2,814 units and 17.8 percent monthly growth.
There were 3,867 property transactions in Taichung, representing the biggest month-on-month increase of 37 percent and a 5.5 percent increase year-on-year.
New Taipei City saw the deepest annual decline of 12.1 percent to 3,897 units and a slight monthly increase of 0.9 percent.
The upturn in transactions is attributed to a market rebound and the completion of an increasing number of housing projects as property development companies rush to complete projects by the end of this year, before an integrated housing and land tax system comes into effect next year, Sinyi Realty (信義房屋) research manager Tseng Chin-der (曾敬德) said.
The property market posted about 221,000 transactions for the first 10 months of this year and the transaction volume last month rose 10 percent to 30 percent. For the whole of this year, transactions could reach 270,000 units, Tseng said.
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