Taipei-Transactions of residential and commercial property in the six largest cities in Taiwan grew more than 10 percent year-on-year in 2017 on a technical rebound from low sales a year earlier, according to statistics compiled by the six city governments.
The data showed transactions of homes, shops and offices in Taipei, New Taipei, Taoyuan, Taichung, Tainan and Kaohsiung totaled 203,879 units in 2017, up 11.85 percent from 2016, when 182,287 units were bought and sold.
It was the first time in four years that housing transactions in the six cities posted a year-on-year increase, rebounding from a level in 2016 that was the lowest for any year since records were first kept in 1991, the data showed.
Tseng Ching-der, a research manager with Sinyi Realty Inc., said the increase in transactions in 2017 showed signs that the local property market has stabilized after the slump seen in 2016, and he expected the upturn to continue this year.
Analysts said the growth in housing sales largely resulted from a rebound in buying interest in the fourth quarter, a traditional peak season for people wanting to buy a home to live in rather than for investment purposes.
According to the data, housing sales in Taipei, the most watched property market in Taiwan, grew 9.06 percent in 2017 from a year earlier to 23,447 units, and transactions in New Taipei, the most populous city in the country, soared 21.63 percent to 52,020 units.
Property sales in Taoyuan fell 4.86 percent year-on-year to 35,610 units, while transactions in Taichung, Tainan and Kaohsiung rose 20.1 percent, 17.8 percent, and 8.6 percent, respectively, to 39,332 units, 19,495 units and 33,975 units in 2017, the data showed.
Taiwan Realty analyst Chen Ping-chen said New Taipei experienced the highest growth in 2017 because of the launch of new projects in Xindian, Xinzhuang, Shulin and other districts.
In December alone, Taipei outperformed its five counterparts with a 23.9 percent month-on-month increase in housing transactions at 2,553 units, the data showed.
Tseng said the sales in Taipei were the highest in 17 months, backed by active buying in Wenshan District where a new residential complex developed by Huaku Development Co. came on the market.
For the month, housing transactions in New Taipei grew 7.94 percent from a month earlier to 4,732 units, while sales in Taoyuan fell 16.26 percent month-on-month to 3,142 units, the data showed.
Property sales in Taichung and Tainan rose 11.88 percent and 13.71 percent, respectively, from a month earlier to hit 3,927 units and 2,040 units in December, while sales in Kaohsiung fell 7.41 percent to 2,848 units, the data indicated.
Housing transactions in the six cities as a whole totaled 19,242 units, up 2.1 percent from a month earlier, according to the data.
Source: Overseas Community Affairs Council