September property transactions in Taipei fall to 14-year low
Transactions of residential and commercial properties in Taipei fell in September to 2,419 units, the lowest number for the month in 14 years, Yung Ching Realty Group said Friday.
The number represented a 3.3 percent year-on-year decline in transactions of homes, shops and offices, the real estate agency said, citing cautious sentiment about the local property market amid a slowdown of the domestic economy.
The 2,419 transactions in September were also the lowest recorded in the capital city for that month since 2001, although the month-on month growth was 24.4 percent, largely in reflection of a low comparison base, Yung Ching said.
Huang Shu-wei, a manager in Yung Ching’s research department, said that among the city’s 12 districts, only Zhongshan and Neihu recorded transactions of more than 300 units in September.
The composite index of domes- tic economic activity flashed a “blue light” in August for the third consecutive month, indicating economic sluggishness, he said.
Due to weakening global demand, Taiwan’s economy may contract in the third quarter, Huang said. The forecast was less optimistic than an earlier government estimate that the economy would grow by 0.1 percent in the quarter.
The gloomy economic data and third-quarter forecast have under- mined investor confidence in the local property market, he said.
Meanwhile, in New Taipei, the most populous city in Taiwan, transactions of homes, shops and offices fell 32.8 percent year onyear in September to 3,223 units, the lowest number for that month since 1999 and a 14 percent decline from August, Huang said.
In each of the 28 districts of New Taipei, sales of residential and commercial property were fewer than 400 units, which also reflected worry over the slowing economy, Huang said.
Only the districts of Banqiao, Xinzhuang, Tamsui and Zhonghe recorded transactions of more than 300 units in September, he said.
Banqiao, Xinzhuang and Tamsui districts recorded the highest number of transactions in the city in September, registering 341, 322 and 306 units, respectively, according to another real estate company, Taiwan Realty.