Property transactions in Taiwan’s 6 major cities down in July

Taipei--Transactions of residential and commercial property in Taiwan's six major metropolitan areas fell in July from a month earlier as the property market entered its traditionally slow time of the year.

A total of 17,062 homes, offices and shops were bought and sold during the month in the six cities - Taipei, New Taipei, Taoyuan, Taichung, Tainan and Kaohsiung - down 16.2 percent from June, when property transactions rose 16 percent from May, according to statistics from the governments of the six municipalities.

The July figure was also down 7 percent from a year earlier, the figures showed.

Tseng Ching-der (???), a research manager with Sinyi Realty Inc. (????), said the sales data indicated that Taiwan's property market has entered its slow season, typically seen in the third quarter, and he felt it was unlikely for property sales to stage a significant rebound any time soon.

According to Tseng, the local property market peaked in May and June, and especially in June, when property transactions in Taiwan reached an 18-month high at 26,500, including 20,351 in the six biggest cities, because of a large volume of new home deliveries.

In addition to the slow season effects, Charlene Chang (???), a spokesperson for Taiwan Realty Enterprise, said potential home buyers were reluctant to raise their bids to meet the offers of sellers, slowing down the pace at which deals were being struck.

Chang cautioned that the market slowdown could continue for the rest of the year.

Taipei, which is the most closely watched property market in Taiwan, saw property transactions fall 9.7 percent in July from a month earlier and fall 29 percent from a year earlier to 1,976 units.

The year-on-year decline suffered by Taipei was the steepest among the six major cities last month, the data showed.

Transactions of residential and commercial property in New Taipei, the most populous city in Taiwan, totaled 4,223 units, down 24.8 percent from a month earlier but up 2 percent from a year earlier, according to the data.

Sales of homes, offices and shops in Taoyuan fell 7.7 percent in July from a month earlier to 3,214 units, while transactions in Taichung fell 19.3 percent from a month earlier to 3,143 units. Sales in Taoyuan were also down 20 percent year-on-year from a year earlier, while sales in Taichung rose 12 percent year-on-year.

Housing transactions in Tainan and Kaohsiung totaled 1,537 units and 2,969 units in July, respectively, down 15.7 percent and 11.3 percent from a month earlier. But sales in Tainan were up 3 percent from a year earlier, while sales in Kaohsiung were down 2 percent year-on-year.

Source: Focus Taiwan News Channel