The government is to review housing transaction data this week to determine if further action is necessary to cool the property market, National Development Council Minister Kung Ming-hsin (龔明鑫) said yesterday.
Kung made the remark while fielding questions from lawmakers at a meeting of the legislature’s Economics Committee in Taipei on whether unfavorable policy measures have achieved their intended effect.
“The government is to convene a cross-ministerial meeting later this week and review related data to arrive at a conclusion,” Kung said, adding that it takes time for the market to respond.
Photo: Liao Cheng-hui, Taipei Times
Housing transactions, prices and loans all continued an uptick during the January-to-March period, government data showed, fueling concern that more drastic measures might be needed.
Lawmakers have introduced bills to raise taxes to discourage investors from buying multiple homes, as critics have said that house-hoarding has contributed to rising property prices.
A closer look at the market is necessary to analyze the reasons behind the trend, Kung said, adding that media reports have cited data showing that real demand from young buyers is driving property transactions and the resulting price increases.
The economy is lending support after expanding 8.16 percent last quarter, making upward revisions for full-year growth inevitable, Kung said.
The Directorate-General of Budget, Accounting and Statistics is to update its projections on May 28 after forecasting a 4.64 percent increase for the year in February.
Kung declined to speculate if growth could reach 5.5 percent this year, but said that it could rise above the 5 percent mark.
He said that inflation risks are controllable and limited to some raw material prices, adding that education, fuel, rent and other costs remain stable.
Still, the government would monitor price increases on imported industrial and agricultural materials, he said.
Kung dismissed concerns that the economy is overheating, saying that a “red” signal in the government’s business climate monitor in February and March had to do with a low basis of comparison last year.
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