Housing transactions grow over 30% in March

Taipei--Transactions of residential and commercial property for March staged a significant rebound, up more than 30 percent from February, with the local economy showing signs of recovery, according to market statistics.

Data compiled by Yung Ching Realty Group (????), one of the largest property sales agencies in Taiwan, indicated that transactions of homes, offices and shops nationwide grew 32 percent from February.

Yung Ching said increased buying interest in the local property market comes after Taiwan's exports posted a year-on-year increase for the fifth consecutive month in February and the composite economic indicator flashed a stable "green light" for eight months in a row.

The six largest cities in Taiwan -- Taipei, New Taipei, Taoyuan, Taichung, Tainan and Kaohsiung -- also reported more than 30 percent month-on-month growth in housing transactions in March, Yung Ching said.

The statistics showed that sales of residential and commercial property in Taipei, the capital city and most closely watched property market in the country, rose 36 percent from a month earlier in March, while transactions in New Taipei in northern Taiwan, the most populous city on the island, grew 33 percent.

Transactions in neighboring Taoyuan rose 30 percent and sales in Taichung, central Taiwan, grew 31 percent, with sales in Tainan and Kaohsiung in the south rising 30 percent each, the data indicated.

Hsieh Chi-chieh (???), a senior manager at Yung Ching, said that despite a rebound in transactions, home prices in Taiwan for March continued to move in a narrow range, fluctuating up or down 2 percent in the month.

Sinyi Realty Inc. (????), another major property sales agency also released data, indicating that transactions of residential and commercial property around the country in March rose 35.5 percent from a month earlier, up 14.4 percent from a year earlier.

According to Sinyi Realty, sales in Taipei and New Taipei grew 28.7 percent and 31.5 percent, respectively, from a month earlier and rose 12.6 percent and 11.7 percent, respectively, year-on-year.

Tseng Ching-der (???), a research manager with Sinyi Realty, said the sales rebound in March came after many buyers for self-dwelling purposes returned to the market, but there has been no sign that property investors jumped into the market on a large scale.

H&B Business Group (?????) data showed an even more robust increase in transactions for March with sales up 41.2 percent from a month earlier. H&B said that transactions in New Taipei grew more than 60 percent month-on-month, the largest increase among the six major cities, while growth in Taipei and Taoyuan topped 40 percent.

Source: Focus Taiwan News Channel