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August 19, 2017

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Home sales remain flat in July, prices in Taipei decline 1.5%

The China Post news staff--July home sales in Taiwan pretty much stayed the same as June, despite the soon-to-be-implemented real-value property registration system, data from different brokerage firms showed yesterday.

In fact, sales in Greater Taipei dropped by as much as 15 percent in July compared to June, some of the data showed.

In terms of price, the average in Taipei has dropped 1.5 percent from June, ending a three-month winning streak. Used homes were sold at an average of NT$537,000 per ping in July, the data showed. One ping equals 3.3 square meters.

As for New Taipei City, used home prices averaged NT$323,000 per ping in July, a decline of 1.2 percent from June's NT$327,000.

In response to these results, brokers said homebuyers might have taken a wait-and-see attitude prior to the implementation of real-value property registration on Aug. 1. Their hesitancy led to a sales slowdown, which in turn contributed to the price decline, they said.

"In the beginning of July, sales were pretty stable in key Greater Taipei districts such as Daan, Xinyi, Xindian and Sanchong. Yet sales went down toward the end of the month," said Hsu Chia-hsin, researcher with the H&B Group.

"People may be thinking that prices may fall after the new system takes effect, and that's why they're holding off their purchases," she said.

The real-value property registration system aims to make home transactions and prices more transparent, in the midst of out-of-control price increases resulting from speculation.

Separately, the Taipei and New Taipei City Governments yesterday said that they would not significantly raise their cities' land value on which the land tax is based.

Both made the remarks after concerns that local governments may increase land value were raised now that real-value property registration is in place.

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