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May 30, 2017

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Taipei housing transactions up almost 9% in July

TAIPEI--Transactions of residential and commercial properties in Taipei staged a rebound in July, rising almost 9 percent from a month earlier, according to statistics released by Sinyi Realty Inc. Saturday.

Sinyi Realty, one of Taiwan's leading property sales agencies, cited statistics that said transactions of homes, offices and shops in Taipei totaled 2,702 units in July, up 8.9 percent from the 2,482 units that changed hands in June.

Transactions in the districts of Daan, Zhongzheng, Zhongshan and Songshan beat the average to rise 10-28 percent from a month earlier, the statistics showed.

Tseng Ching-der, a research analyst at Sinyi Realty, said that the month-on-month increase in transactions was technical in nature as the June figure provided a low comparison base for the city.

After the government came up with more tightening measures to rein in the local property market, buying interest has been seriously hit. Tseng said that a transaction volume lower than 3,000 units for a month in Taipei was considered low.

In late June, the central bank announced a cap to the loan-to-value (LTV) ratio -- the percentage of a home's value that a bank is allowed to loan to property buyers -- which impacted investors' willingness to jump into the market.

Tseng said as the government is planning to change the home tax rules to further lower home market speculation, low transaction levels could continue for the rest of the third quarter, a traditional slow season in the local property market.

Outside of Taipei, Tainan in the south saw residential and commercial property transactions for July rise 6.5 percent from June to 1,823 units on the back of an increase in new home deliveries.

Closer to Taipei, neighboring New Taipei saw 5,115 units traded, or a decrease of 4.1 percent, while Taoyuan County fell 6 percent month-on-month to 3,558 units.

Market analysts said that as the local property market will continue to slow in the second half of this year, buyers are expected to have a better chance for bargains in negotiations with sellers.

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