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September 21, 2017

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Traffic crashes property price website again

The China Post news staff--The government's property price inquiry website yesterday crashed for the second day since its launch, as its server was unable to handle the heavy traffic from people eager to find out actual transaction prices in the market.

A message was posted on the website saying services would not be available until today, with land administration officials disclosing that they were constructing a cloud computing system to ease the traffic.

Within five minutes of the website's launch at midnight, Tuesday, it had logged more than 3,000 visitors. At its peak, more than 6,000 people were visiting the website, crashing its services, according to the United Evening News.

The congestion did not improve yesterday, forcing the Interior Ministry's Department of Land Administration to shut down the website.

The crash of the website has angered many netizens who were looking to receive updated information on the property market from the website, which publishes actual transaction prices.

Beginning from Aug. 1, all real estate transactions have to report their actual prices to the authorities in line with the government's policy to prevent speculation in the property market. Information about August transactions was made publicly available online on Thursday.

Real estate agents said that as the information has shown that actual transaction prices were not at high as previously believe, potential sellers may now scramble to sell off their property before more information arrives, reducing their bargaining power.

In Taipei's upscale Xinyi District, it was commonly thought that prices would start from at least NT$700,000 per ping (36 square feet), but most of the transactions shown on the website were between NT$500,000 and NT$700,000 per ping, the United Evening News said.

Xinyi District still recorded the highest-priced transaction — a luxury apartment sold for NT$238 million. The apartment (excluding the parking spaces) is estimated at NT$1.65 million per ping, the highest unit price of all August transactions disclosed so far.

In Taichung, the honor of having the most expensive property went to an upscale luxury apartment building where former President Chen Shui-bian's daughter Chen Hsing-yu recently bought a unit. The information from the website shows that an apartment in the building was sold for NT$87.5 million, or NT$570,000 per ping.

In New Taipei, the most expensive property was a Xindian house with a floor space of over 1,000 pings, costing NT$152 million.

In Kaohsiung, the most expensive transaction was NT$45.2 million for an apartment.

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