Property seekers return to Taiwan market after taxing year

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Six major markets pick up steam

New Taipei, one of six major cities that posted double-digit increases in housing transactions last month. Kit Leong/Shutterstock

The number of residential and commercial property transactions across the island nation’s six major cities — Taipei, New Taipei, Taoyuan, Taichung, Tainan and Kaohsiung — rose to 20,351 units in June, a 19 percent year-on-year increase. The figure also marks a 16 percent hike in the month to June.

Experts believe the Taiwanese market could be stabilising at last after last year’s cooling measures helped pull home transactions to a record low 245,396 units. Transactions in the six cities then collapsed by 16.6 percent.

The property curbs, enforced 1 January, included a lock-in period on resales and a levy of as much as 45 percent on second home sales.

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Residential and commercial sales could reach 260,000 units by December at the current rate, Tseng Ching-der, research manager at Sinyi Realty Inc, told the Central News Agency.

Around 98,633 units of homes, shops, and offices combined in the six cities were sold in the first six months of 2017, a 20 percent increase from the same period last year.

New Taipei witnessed the highest ascent in residential transactions, rising 31 percent on-month in June to 5,614 units. New housing inventory in the city lured an influx of property seekers for end use.

Commercial and residential transactions in the city posted an on-year increase of 48 percent.

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