Presale housing projects in northern Taiwan for the sales season beginning on Monday next week total NT$213.46 billion (US$6.59 billion), a 17.2 percent pickup from a year earlier, as developers apparently emerge from monetary tightening and unfavorable policy measures, property research My Housing Monthly found.
It is the highest volume since 2021, when the government tightened property taxes, raised interest rates and banned transfers of presale house purchase agreements to slow capital flows to the property market and curb house price hikes, the magazine’s spokesman Chen Ping-chen (陳炳辰) said.
The change in sentiment has to do with Taiwan’s improving economy and ongoing rallies on the local bourse, which lends support to a wealth effect, Chen said.
Photo: Hsu Yi-ping, Taipei Times
The government’s interest subsidy for first-home purchases has also motivated people to take action, Chen added.
Presale houses even reaped a windfall from the April 3 earthquake, which measured magnitude 7.2 on the Richter scale, and the ensuing aftershocks, as new houses are believed to be more quake resistant, the analyst said.
New Taipei City would see the entry of NT$102.7 billion of presale projects, accounting for 48.1 percent of the overall volume, as developers plan to build major apartment complexes of over NT$10 billion in Sanchong (三重), Jhonghe (中和) and Linkou (林口) districts, the publication said.
These second-tier districts have gained popularity in recent years on the back of relative affordability, and enhanced transport convenience and ease of living, Chen said.
In addition, Banciao (板橋), Wugu (五股) and Damshui (淡水) districts would have presale projects valued between NT$3 billion and NT$6 billion, the publication said.
Taoyuan and Taipei would be home to presale projects of NT$52.6 billion and NT$48.35 billion, contributing 24.6 percent and 22.7 percent respectively, Chen said.
Developers are seeking to introduce residential complexes near Taiwan Taoyuan International Airport, which is building a new terminal to meet growing demand for cross-border air traffic as Taiwan’s importance on the world stage continues to rise, Chen said.
Presale projects in Taipei are concentrated in Wenshan (文山), Zhongzheng (中正) Zhongshan (中山) and Beitou (北投) districts.
The capital city always captures the attention of developers, although soaring house prices have scared away young and less well-off buyers, Chen said.
Developers in Hsinchu City and Hsinchu County were relatively quiet, given the overall volume was at NT$5 billion.
The conservative practice mainly reflects a patient strategy on the part of developers who opt to digest unsold houses on hand first, rather than cut prices to facilitate sales, Chen said.
Some had to postpone marketing schedules due to failures in obtaining licenses or building reception facilities, the analyst said.
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