Septem­ber prop­erty trans­ac­tions in Taipei fall to 14-year low

The China Post - - BUSINESS -

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.

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