Housing transactions in northern Taiwan hit new low in 2016

Taipei--Transactions of residential and commercial property in northern Taiwan for 2016 fell to a record low of around 29 percent of available properties, in reflection of stagnant buying interest, real estate market magazine My Housing (????) reported Thursday.

The number of new houses and pre-construction homes for sale in northern Taiwan last year totaled 42,076 but only 12,116 units were sold, representing a sales rate of 28.8 percent.

Among the cities and counties in northern Taiwan, New Taipei had the most homes for sale, at 15,490 units, followed by Taoyuan with 12,500 units, while Hsinchu County had 3,839 units and Taipei had 3,589 properties for sale.

Compared with a relative shortage in Taipei, there was a sufficient supply of houses in New Taipei, Taoyuan and Hsinchu, said Ho Shih-chang (???), a research manager at the magazine.

In terms of administrative districts, Jhongli in Taoyuan had most housing units for sale at 3,344, while Taoyuan district had 2,820, Jhubei in Hsinchu County had 2,436 and Xindian and Banqiao in New Taipei had 2,088 and 2,050, respectively, according to Ho.

For Jhongli alone, its supply of housing was almost on a par with that of the whole of Taipei, Ho indicted, adding that new housing projects that went on sale in Jhongli last year were mainly located in the oldest part of the district and in Neili, where strong housing buying sentiment prodded developers to launch more construction projects.

The release of more new housing projects in Taoyuan was mainly stimulated by administrative rezoning proposals put forward by the local government, Ho added.

The sluggish sales could also be attributed to caution on the part of buyers, who stayed largely on the sidelines since there was wide anticipation that home prices would trend lower, according to Ho.

Source: Focus Taiwan News Channel