Property transactions in the nation’s six special municipalities plunged last month, as a lengthy Lunar New Year holiday combined with ongoing credit tightening dampened housing market activity, data compiled by local land administration offices released on Monday showed.
The six cities recorded a total of 10,480 property transfers last month, down 42.5 percent from January and marking the second-lowest monthly level on record, the data showed.
“The sharp drop largely reflected seasonal factors and tighter credit conditions,” Evertrust Rehouse Co (永慶房屋) deputy research manager Chen Chin-ping (陳金萍) said.
Photo: CNA
The nine-day Lunar New Year holiday fell in February this year, reducing the number of working days for the market.
Before the holiday, many households focused on year-end shopping, slowing house-hunting activity.
Taipei transactions fell 27.3 percent month-on-month, while New Taipei City saw a 38.8 percent drop. Taoyuan and Taichung posted declines of 45.2 percent and 46.6 percent respectively, while Tainan and Kaohsiung recorded the steepest falls at 47.8 percent and 47 percent respectively.
Beyond the holiday effect, the central bank’s credit controls continued to weigh on market sentiment, keeping buying momentum relatively subdued, Chen said.
On an annual basis, transactions across the six municipalities fell 32.8 percent compared with February last year.
Taipei posted a 16.4 percent year-on-year decline, New Taipei City fell 31 percent and Taoyuan 36.5 percent. Taichung recorded a 41.4 percent decrease, Kaohsiung fell 40.2 percent and Tainan saw a 15.3 percent decline.
The annual contraction was partly due to calendar differences in the Lunar New Year, Chen said.
Last year, the holiday fell mostly in January, leaving more working days in February for the market and land offices.
Combined with a post-holiday rebound last year, that dampened transactions this time around.
“This year, many people remained in a holiday mindset, traveling abroad and postponing house hunting, which weighed heavily on last month’s transaction activity,” Chen said.
The market is expected to gradually stabilize in the coming months, as seasonal effects ease and buyers adapt to tighter credit conditions, Chen added.
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