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Taiwan new home market flashes green light in Sept.

Taiwan's pre-construction and newly completed home market for September was given the green light for stability, following a recovery in the housing industry, said My Housing Magazine yesterday.

According to the trade publication, its new home sales composite index was between 40 and 42 for each month from May to August. This score was represented by a yellow-blue signal for sluggishness. Yet for September the score rose to 46 — the green signal range.

My Housing Magazine attributed the score improvement to various factors, including efforts by developers and insurers to buy land parcels and properties in the wake of the third round of quantitative easing measures launched by the U.S. Federal Reserve in September.

Developers had been concerned with the prospect that only a few people would show up at pre-construction or new home sites to inspect properties. Yet in September, such site inspections increased by between 20 and 40 percent compared to July and August, the magazine said.

According to My Housing, unless properties were located prime areas, it took developers longer to close deals last month.

The magazine also said that the gap between initial and final prices - in effect the room for price negotiation — increased to 14.1 percent in September. In August, the figure was 14 percent, an increase of 0.9 percent from July.

“This indicates that the government's measure to register homes based on real values hasn't been effective in lowering prices,” My Housing said.

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