The climate monitor for presale and newly completed homes last month remained “green” in the north for the 13th consecutive month, but showed signs of slowdown as developers postponed projects, the Chinese-language My Housing Monthly said on Thursday.
The confidence reading printed 45.7, shedding 6.1 points from July as developers and builders put off projects for Ghost Month, which this year was from July 29 to Aug. 26 and is typically an unfavorable period for doing business, the property research publication said.
The score was the lowest this year, but the gauge remained in a steady growth zone, it said.
Photo: Hsu Yi-ping, Taipei Times
“Economic uncertainty and interest rate hikes are weakening sentiment, but the supply side refuses to lower prices,” My Housing Monthly research manager Ho Shih-chang (何世昌) said.
However, developers postponed launching new projects to ease selling pressures, Ho said.
The approach appeared to be working, but might not be sustainable if developers return to active promotion in the upcoming season starting on Sept. 28 and sales disappoint, the analyst said.
New presale projects last month were expected to generate NT$70 billion (US$2.28 billion) of total revenue with two projects valued at more than NT$1.5 billion in Taipei’s Beitou (北投) and Wanhua (萬華) districts, and eight in New Taipei City’s Sanchong (三重), Linkou (林口), Tamsui (淡水) and Taishan (泰山) districts, the report said.
My Housing Monthly defines projects of more than NT$1.5 billion as major in scale. Only six projects met that criterion in Taoyuan and Hsinchu City, and none in Keelung or Yilan County.
Sales rates shrank from 2.6 deals to 2.2 deals per week last month, while reception sites met with 22 groups of potential buyers per week, down from 28 in July, it said, adding that interest was sluggish Keelung and Yilan.
Newly completed homes amounted to 400 apartment units with only one complex in Keelung valued at more than NT$1.5 billion, it said.
However, concession rates fell 0.27 percentage points to 10.49 percent, as developers showed no intention of conceding to facilitate transactions, Ho said, adding that the inflexible stance was due to the absence of selling pressure.
Rather, developers are seeking to find buyers online, with the number of projects for sale online rising to 1,024 projects, Ho said.
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