Taiwan defies property curbs with an impressive rise in sales
Taiwan defies property curbs with an impressive rise in sales
It’s not just Mainland China that’s feeling the heat
Six cities in Taiwan saw a 37.5 percent year-on-year hike in the volume of housing transactions in January, Taipei Times reported.
A total of 15,656 units were transacted in these cities, according to data released by the respective city governments. Analysts noted that the number could have easily risen if there had been more working days last month.
A consolidating economy, plus more political certainty, factored into the rise in transactions. “Some buyers, especially those with real demand, decided to end their sitting on the sidelines after the government took action to lower holding costs and encourage urban renewal,” Sinyi Realty Inc researcher Tseng Ching-der told the Times.
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Most of the transactions transpired in New Taipei City, where 4,984 units were sold or a 70.1 percent rise from last January, while Taipei accounted for only 1,763 units, up 24.5 percent. The next highest spike was recorded in Tainan, where housing purchases soared 39.1 percent to 1,445 units. In Taoyuan, the gain was 32.3 percent, representing sales of 2,516 units.
Around 2,897 homes were sold in Taichung, a rise of 27 percent from a year ago, while Kaohsiung saw a 20.4 percent rise in purchases to 2,518 units.
January’s sales figures mark a departure from last year when housing transactions nationwide dropped 16.1 percent to 245,000 units, a record low, data from the Ministry of the Interior showed. Only 152 units in the luxury segment were sold in Taipei in 2016, compared with 314 units in 2015, according to H&B Business Group.
The increases also defy a series of property curbs, rolled out on Jan. 1, that includes up to 45 percent in capital gains taxes on properties nationwide.
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Source: Property Report