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September 25, 2017

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Real estate market to boom in late September: magazine

TAIPEI, Taiwan -- A real estate industry magazine yesterday announced that the total value of newly constructed homes throughout Northern Taiwan may reach NT$400 billion toward the end of September, vastly exceeding previous estimates of NT$300 billion.

According to My Housing Magazine (住展雜誌), the so-called 928 period at the end of September, which coincides with a series of national holidays in the fall, is one of the busiest times for the local housing market.

The magazine noted that the local housing market has been adversely impacted by a number of government measures, including heightened regulatory limitations, increased tax obligations imposed on speculators and concerns relating to ongoing real estate tax reforms.

A survey conducted by the magazine revealed that new home construction projects in the six Northern Taiwan administrative districts this year are valued at about NT$230 billion, a marked increase from last year's NT$180 billion. In addition, the total value of new constructions throughout Taiwan has exceeded over NT$300 billion and is trending towards NT$400 billion, propelled by a surge in new projects launched by developers at the conclusion of Ghost Month, a traditionally inauspicious time to purchase a new home.

In terms of Taipei City, the most expensive construction project is located in Xinyi District (信義), priced at about NT$1.4 million per ping.

A ping is approximately 3.306 square meters.

In New Taipei City, Banqiao District (板橋) rebounded from a lull with a newly launched development project. New residence projects are expected to be launched in Xizhi District (汐止), Nanshijiao (南勢角) business area and Linkou District (林口), said the magazine.

In Taoyuan County, the largest housing project will be launched by Lih Pao Constructions (麗寶) with a price tag of NT$4 billion.

While the magazine retained an upbeat outlook on the housing market over the 928 period, the publication warned that a number of lingering concerns remain on the horizon, such as impending real estate tax reforms as well as other factors. The magazine noted that the 928 period is especially crucial for real estate developers, who are seeking to unload their properties on the market before interest rates are raised by regulators, and before the expected turbulence from the upcoming elections. According to the magazine, following the 928 period, the next boom in home properties release will fall at around January next year, or the Lunar New Year in the following month.

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