Taipei, Transactions of residential and commercial properties in Taiwan in its six municipalities for July rose about 15 percent from a year earlier at a time when the local economy remained on the road to recovery, according to data compiled by the six municipalities.
In July, transactions of homes, shops and offices in Taipei, New Taipei, Taoyuan, Taichung, Tainan and Kaohsiung rose to about 19,700 units. The July figure was also up 5 percent from a month earlier.
Hsieh Chi-chieh (???), a senior manager at Yung Ching Group, one of the largest realtors in Taiwan, said that after the local economy made a strong showing in the first quarter of this year, there were signs that home buyers became more willing to jump into the market.
According to the Directorate General of Budget, Accounting and Statistics, Taiwan's gross domestic product (GDP) grew 3.02 percent from a year earlier. The second-quarter growth appeared even more significant, hitting 3.29 percent.
The housing sales data showed that transactions of residential and commercial property in Taipei, the most closely watched property market in Taiwan, totaled 2,714 units, up 37 percent from a year earlier and also up 23 percent from a month earlier.
Meanwhile, sales of homes, shops and offices in New Taipei, the most populous city in Taiwan, hit 5,537 units, up 31 percent from a year earlier but down 2 percent from a month earlier.
Tseng Ching-der (???), a research manager with Sinyi Realty Inc., said the transaction growth in Taipei was the highest among the six municipalities in July, with the number of unit sales above 2,000 units for the third consecutive month.
As for New Taipei, Tseng said it was also the third straight month for the number of sales units to top 5,000 in July.
Judging from the figures of Taipei and New Taipei, Tseng said, the property markets of the two municipalities have climbed out of their previous doldrums and headed into a recovery.
Meanwhile, transactions of residential and commercial properties in Taoyuan and Taichung totaled 3,307 and 3,375 units, respectively, up 3 percent and 7 percent from a year earlier. Taoyuan's July figure rose 6 percent from a month earlier and the figure in Taichung also rose 3 percent.
Housing sales in Tainan reached 1,810 units, up 18 percent from a year earlier and also up 1 percent from a month earlier, while property transactions in Kaohsiung totaled 2,925 units, down 1 percent from a year earlier but up 8 percent from a month earlier.
After a strong July, Chang Ching-yun (???), head of research at National Realty, expressed caution about August, as the ghost month on the Lunar calendar will fall in the month.
Ghost month will kick off Aug. 11 and end Sept. 9. In local society, consumers tend not buy big-ticket items such as homes and cars in a bid to avoid bad luck.
Chang said lingering trade friction between the United States and China and the local elections scheduled for November could create uncertainty over the property market for the rest of the year.
Source: Focus Taiwan News Channel