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May 30, 2017

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Taipei housing transactions in July hit 13-month record

TAIPEI--Over 4,000 properties were sold in Taipei in July, setting a 13-month high, according to the city government's Department of Land, kindling hope that the slumping property market may be on the mend.

The statistics released by the department Wednesday showed that 4,215 commercial and residential units were sold in July, up sharply from the 3,684 units sold in June, reflecting a rebound in the city's property market following a slowdown in the previous few months.

The July transaction volume of over 4,000 units is similar to the level of units sold before a luxury tax took effect in June 2011.

The tax has greatly influenced the housing market in Taiwan. During the January-March period, property transactions dropped to between 2,330 units and 2,960 units a month.

The luxury tax was put in place to curb speculation, which had sent housing prices in northern Taiwan soaring between 2009 to 2011 and made housing for average income earners unaffordable.

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