Housing transactions could drop to 10-year low: market insiders


CNA

TAIPEI — Housing transactions in Taiwan in 2014 could reach the lowest point since 2003, according to a local Chinese-language newspaper report based on government statistics and comments from insiders.

The volume of transactions in the 2014 housing market could fall under 329,000, property sales brokers told the United Evening News which published the report on Friday. Their concerns mainly stemmed from the markets’ under-performance since October, the beginning of the sector’s peak season.

Local real estate agencies such as Taiwan Realty Co. and H and Business Group said transactions in Taipei alone fell up to 6.5 percent in October.

That figure has added to the woes as transactions during the first eight months only hit 216,000, a 12 percent year-on-year decline, according to statistics released by the Interior Ministry.

Sarah Liu, a researcher for Taiwan Realty, said market perspectives in November could become even worse due to municipal elections, when buyers tend to be more conservative.

Liu said she expects annual transactions to drop by 12 to 15 percent this year.