uarterly ReviewTaiwan Real Estate

(2016 Q2) Q

Landscape at Le Pouldu, used with perm

ission

2 Taiwan Sotheby's International Realty Taiwan Real Estate Quarterly Review (2016 Q2) 3

台灣蘇富比國際房地產 研究報告 (Q2 2016)

房地產市場概要

內政部與各都的買賣移轉棟數資料顯示，2016

年第 2季全台買賣移轉棟數約為 6.6萬棟，相

較於第 1季的 4.3萬棟，季增 53％，季增幅度

創下 16年來新高，顯示房市買氣出現回穩。

2015年受到房市政策干擾，不少投資者的購

買意願轉為觀望態度，不過在央行房貸限制解

禁後，為市場注入買氣信心，購屋買氣逐漸回

流，進而帶動第 2季的買賣移轉棟數回籠。全

台 2016年第 1季買賣移轉棟數為 4萬 3,182棟；

第 2季則為 6萬 5,861棟，若以上半年度來觀

察，依然會感到房市疲弱，但如分成季度來看，

房市交易市場正逐漸回溫中。

住宅價格方面，台北市地政局日前發佈 4月住

宅價格指數，結果顯示 4月全市交易量共 923

件，較 3月回升 22.25%；交易總金額則隨交易

量上升至 224.68億，較上月增加 29.07%；住宅

價格指數為 109.72，較上月微跌 0.09%。其中

大樓公寓交易比重呈小幅上揚。資料顯示，北

市 4月交易量以南港區成長最為驚人，增幅達

104%，減幅最大則為中正區，為 15.69%，中山

區則依舊穩坐交易熱區之冠，交易件數為 143

件，北市標準住宅總價為 1,373萬，單價則為

每坪 50.49萬，整體住宅指數仍呈現緩步下跌

走勢，房價更已跌回 102年 7月水準。

預售屋銷售市場，據住展統計，代表新建案市

況的 6月住展風向球總分為 31.7分，雖然對應

燈號仍為藍燈，但最重要的來客組數與成交組

數有上揚趨勢，推升整體分數，距離黃藍燈只

有 0.3分，隨著第 3季新建案推案量增，未來

風向球轉黃藍燈的機率將有越來越高的趨勢。

同時，6月新成屋、預售屋市場出現變化，建

商讓利減價多是已交屋的餘屋案，但目前出現

在預售屋讓利的比例正逐漸增加，此外，因大

幅讓利後銷售速度較快，這對於房地產整體交

易市場，有助市場活絡，進而逐步回穩較正常

的交易情況。

總經概要

主計總處公布第 2季國民所得概估顯示，

第 2季經濟成長率為 0.69%，比 5月時預

測的 0.48%增加 0.21個百分點。在半導體

市況回溫下，我國佔出口最大宗的電子商

品轉成正成長，終結連 4季衰退；加上農

工原料價格跌幅收斂，主要貨品除了紡織

品外，減幅皆明顯縮小。第二季商品及服

務輸出實質成長 0.65%，內需方面與 5月

預測數相去不遠，資料指出，在車市因舊

換新補貼政策激勵下，買氣回升，及行動

電話介於新舊產品交替空窗，一多一空影

響下，整體零售業營業額年增 1.21%。

財政部公布 6月海關進出口貿易初步統計

資料，6月出口 228.9億美元，年減 2.1%，

已經連續 17個月衰退。據資料顯示，受

到全球景氣成長步調滯緩影響，6月出口

仍衰退，連 17黑，創下史上最長衰退紀

錄，初估第 3季可望由負轉正，最慢會落

在 9月。據資料顯示，最近半導體市況轉

佳，但仍不夠強勁，無法彌補其他產業出

口衰退的缺口，加上 6月有長假，工作天

數減少，不利出口。因此，6月出口仍呈

現衰退，但相較 5月出口減幅 9.6%，6月

出口減幅已縮小，由於油價回穩，電子產

品逐漸消化庫存，大多數出口產品跌幅呈

現縮減趨勢。

物價方面，6月消費者物價指數年增率

（CPI）為 0.9%，扣除蔬果、能源的核心

CPI則為 0.8%，主計總處指出，物價仍屬

穩定成長。觀察 CPI七大類變動，漲幅最

高者仍是食物類年漲 4.55%，但相較前幾

個月漲幅已有趨緩；交通及通訊類因油料

費跌 7.26%、整體仍下跌 1.46%；居住類

則跌 0.75%，主因是燃氣及電費分別跌一

成四與一成一所致。

Property Market Overview

According to data published by the Ministry of Interior

and city governments, home transaction volumes for 2Q16

grew by 53% q-q from 43,000 units to 66,000 units, setting

a new record for quarterly growth rate in 16 years, as well

as indicating stabilizing demand. While hawkish policies

have directly led to a slowdown in 2015, the Central Bank’s

removal of credit control has attracted a return of potential

buyers to the proper ty market, boosting home sales in

2Q16. Home transaction volumes for 1Q16 was 43,182 units

and 65,861 for 2Q16 respectively. While the figures might

still seem weak from a semi-annual perspective, in contrast

to previous quar ters the housing market appears to be

rebounding.

As published by the Taipei City Government’s Department

of Land Administration, transaction volumes in the city

increased by 22.25% m-m to 923 units in April, with a rise

in the nominal amount of 29% m-m to NT$22.5bn, marking

the house price index at 109.72, only 0.09% short of the

previous month. Among all types of properties, transactions

for apar tment residences have only displayed a slight

increase. The latest data points out that Nangang district has

experienced the most significant growth with a 104% monthly

surge in transaction volumes while Zhongzheng district, the

lowest ranking among all the districts, shrunk by 15.69% from

the previous month. Zhongshan district remains the most

popular with a total of 143 transactions. The data also reveals

the average home price in Taipei City is NT$13.73mn and the

standard unit price is NT$504,900 (as of April), which shows

that housing prices for all districts have continued to drift

downward to the figures set in July 2013.

Based on the real estate market indicators published by My

Housing magazine, the market index for new homes and pre-

sale homes has increased to 31.7 points in June due to rise in

the numbers of customer inquiries and deals, only 0.3 points

short of the amount required move away from the current

‘blue light’, which signals a declining proper ty market, to

‘yellow-blue light’ which implies a sluggish market. As a greater

number of projects are set to be released in 3Q16, prospects

appear to be improving gradually. This shift also comes as

a result of developers offering discounts, not only on the

leftover units like they usually do, but also on presale units in

general. Aggressive promotional and marketing events have

also accelerated pace of sales, boosting overall sentiment in

the housing market.

Economy Overview

In the latest report released by the Directorate-General of Budget,

Accounting and Statistics, the growth rate of unadjusted GDP in

2Q16 was 0.69% y-y, outperforming the figure expected in May of

0.48% by 0.21%. Thanks to the positive growth in the semiconductor

industry, electronic devices (which account for majority of Taiwan’s

export goods) have reached the end of a declining trend for four

consecutive quarters. Also, as the decline rate for agrochemical prices

has de-accelerated, price drops for all goods except textiles have also

decreased in percentage. In 2Q16, price indices for the commodity

and service groups witnessed a 0.65% hike in real annual growth,

while results for domestic demands turned out to be similar to the

expectations made in May. Total sales value for the retail industry

posted a 1.21% y-y growth as the sales for automobiles were

boosted by a subsidy program, however the mobile phone market

remained weak during this period due to a lack of new releases.

Statistics from the Ministry of Finance show that, weighed by a

sluggish global economy, the nominal amount for Taiwan’s gross

expor ts in June fell by 2.1% y-y to NT$22.89bn, marking the

seventeenth consecutive monthly decline and the lengthiest in

history. Nevertheless, a modest recovery is expected to take place

in 3Q16, by September at the latest. Factors that account for the

drop in export orders in June are attributable to, first, the growth

in the semiconductor sector wasn’t strong enough to offset the loss

associated with plunges in the exports of other products; and second,

working days were reduced during the month due to Dragon Boat

Festival holiday. However, compared to the 9.6% per annum decline

seen in May, the contraction rate has already eased as oil prices

stabilized and the inventory of electronic devices fell.

According to the Directorate-General of Budget, Accounting and

Statistics, the CPI climbed by 0.9% y-y in June and 0.8% when fruits,

vegetables and energy are excluded, both within reasonable limits.

Among the seven categories of the CPI, food remained the one with

the sharpest price increase at 4.55%, but at a more modest pace

compared to previous months. The index for ‘transportation and

communication’ declined by 1.46%, thanks to a 7.26% drop in its ‘fuels

and lubricants’ subcategory. The 0.75% slip in the housing index was

mainly due to declines in fuel and electricity rates of -14% and -11%

respectively.

4 Taiwan Sotheby's International Realty Taiwan Real Estate Quarterly Review (2016 Q2) 5

台灣蘇富比國際房地產 研究報告 (Q2 2016)

105年

電子產品

資訊通信

化學品

機械

塑橡膠製品

基本金屬

精密儀器

1.59 %

-2.84 %

-1.82 %

-6.57 %

-3.39 %

-13.86 %

-32.75 %

-2.83 %

-5.69 %

-5.91 %

-11.26 %

-12.23 %

-16.85 %

-31.94 %

6月年增率 (%) 4至 6月年增率 (%)

台灣外銷訂單年增率

資料來源：經濟部

資料來源：經濟部

Source Data: MOEA

Source Data: MOEA

消費者物價指數 (2014-2016年增率)

2014

/01

2014

/02

2014

/03

2014

/04

2014

/05

2014

/06

2014

/07

2014

/08

2014

/09

2014

/10

2014

/11

2014

/12

2015

/01

2015

/02

2015

/03

2015

/04

2015

/05

2015

/06

2015

/07

2015

/08

2015

/09

2015

/10

2015

/11

2015

/12

1.49

-12.49

1.63

1.541.07

0.83

外食費

消費者物價指數

油料費

2016

/01

2016

/02

2016

/03

2016

/04

2016

/05

2016

/06

台灣每季GDP成長率%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

-1.0%

-2.0%

7.6%

4.8%

3.6%

1.2%0.5%

0.1%

1.4%

3.9%

1.4%

2.7%

1.3%

2.9%3.2%

3.7%

3.6%

3.4%

3.8%

0.52% 0.10% 0.01%

-0.80%

0.69%

1Q112Q11

3Q114Q11

1Q123Q12

4Q121Q13

2Q133Q13

4Q131Q14

2Q143Q14

4Q141Q15

2Q153Q15

1Q162Q16

2Q124Q15

資料來源：經濟部Source: Ministry of Economic Affairs, R.O.C. (MOEA)

As published by the Central Bank, the average interest

rate for new mortgage loans issued by five leading

banks has fallen to 1.724%, setting a new record low

since September 2010. Mainly due to a handover period

of social housing units which boosted the basis in

Taoyuan in June, the nominal amount of new mortgages

declined by NT$2.1bn (-5.05% m-m) to NT$39.209bn,

while still posting an increase of NT$5.293bn compared

to the previous year. The weighted average interest rate

for new loans issued by the five banks is 1.583%, or

依據央行公布今年 6月五大銀行新承做房貸利率降

至 1.724%，創 2010年 9月以來新低，新承做房貸

金額也來到 392.09億元，較 5月減少 20.88億元，

月減 5.05%，但較去年同月則增加 52.93億元，主

要是受到桃園合宜住宅陸續交屋、基期較高的影響

所導致。根據央行統計，6月五大銀行新承做放款

加權平均利率為1.583%，較5月的1.551%上升0.032

個百分點，主要是因週轉金及消費性貸款利率上升

資料來源：央行Source: Taiwan Central Bank

中央銀行利率

3.50%

3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%

2012/04

2012/10

2013/04

2013/10

2014/04

2014/10

2015/04

2015/07

2015/09

2015/11

2016/01

2016/03

2016/05

0.201%

0.859%

1.500%

2.686%

% 金融業隔夜拆款利率

中央銀行重點現率 臺銀基準利率

十年期公債殖利率

6 Taiwan Sotheby's International Realty Taiwan Real Estate Quarterly Review (2016 Q2) 7

台灣蘇富比國際房地產 研究報告 (Q2 2016)

資料來源：央行Source: Taiwan Central Bank

五大銀行購屋貸款金額與利率Oc

t-09

Feb-

10Ju

l-10

Oct-1

0Fe

b-11

Jun-

11Oc

t-11

Feb-

12Ju

n-12

Oct--

12

Feb-

15

Oct--

14

Jun-

14

Feb-

14

Oct--

13

Jun-

13

Feb-

13

Jun-

15

Jun-

16

Oct-1

5Fe

b-16

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%1,000

700

800

900

600

500

400

200

300

100

0

金額(NT$十億) (Amount NT$1bn) 貸款利率% (Rate)

購屋貸款金額 購屋貸款利率

Residential Property Market

The residential property market for the Greater Taipei region

has entered a stage of mild price correction and consolidation.

According to the Taipei City Construction Management Office,

only 1,433 building permits were issued during the first half

of the year, falling by 53.7% y-y or 3,097 units from same

period last year, and 56.7% or 3,309 units compared to the

second half of last year. In May, only 3 permits (comprising of

56 units) were issued, setting a new low which is linked to

a strategy of developers postponing new projects, a trend

that is caused by surging property holding costs, high vacancy

rates and a dismal economic environment. In 2Q16, the city

government issued a grand total of a mere 22 building permits

(492 units), a 47.7% decline from the previous quarter. The

reformed property taxes and the Central Bank’s restrictions on

mortgage lending for luxury properties not only rendered the

developers unwilling to launch constructions, but also initiated

a slowdown in the resale market, with the housing transaction

volumes during the first six months only posting 9,198 units, far

less than the average of 20,000 to 30,000 units in years prior.

In the luxury property segment, demand remains weak as

hawkish policies continue to weigh on the market. By the end

of May, a total of only 29 units with sale prices over NT$100mn

or an average price of NT$1mn per ping were sold. Among

the 29 transactions, 9 of them (23%) are located within the

Zhongshan district, with the most expensive property being

the‘Taipei Palace (台北一號苑 ), at NT$295mn. Xinyi district

placed runner-up with 7 luxury home transactions, one of

which being the NT$225mn sale of the‘Taipei-Xinyi ( 台

北 信 義 ), residence. Next are the Zhongzheng and Da’an

districts, both with 4 transactions, 3 in Neihu district, and one

transaction each in Songshan and Shilin. Located within the

Zhongzheng district,‘Botanic Gardens Villa (松濤苑 ), topped

the list again with an average sale price of NT$2.7M per ping.

Despite the slow market, prices remain resilient for luxury

homes. As revealed in the property market value registration

system, a ninth-floor unit in the‘Mandarin Oriental Residences

住宅市場

大台北地區房市交易進入盤整期，根據台北

市建管處最新資料顯示，今年上半年，建管

處核發住宅建照戶數僅 1,433戶，不但較去年

同期的 3,097戶大減 53.7%，更較去年下半年

3,309戶降了 56.7%，高持有成本加上整體環

境景氣欠佳、空屋率高，導致房市交易市場

表現緊縮。因此，建商做出減產保價的策略

因應，台北市 5月僅核發三件建照、戶數 56

戶，創下單月新低紀錄；以季度來看，今年

第 2季台北市僅核發 22件建照、戶數 492戶，

較首季減幅 47.7%，寫下單季新低，當前受到

新制房屋稅、央行緊縮豪宅貸款的衝擊，讓

建商請照意願低落，而中古屋市場交易也顯

得冷清。今年台北市 1至 6月的建物買賣移

轉棟數，只有 9,198棟，與過往 2至 3萬戶以

上的水準相去甚遠。

豪宅方面，受央行政策未鬆綁及整體環境氛

圍影響，截至五月前，總價億元以上，單價

一坪百萬元以上的住宅交易案僅 29件，以中

山區成交 9件最多、占比約 31％，中山區最

高成交價為「台北一號院」的 2.95億元。排

名第二的是信義區 7件，最高成交價為「台

北信義」2.25億元，而排名第三的中正區、

大安區各 4筆，內湖區 3筆，松山區、士林

區各 1件，而中正區的「松濤苑」每坪 270

萬元，依然是成交單價之冠。目前，交易雖

冷，但成交價仍居高不下，以文華苑為例，

近日實價資料揭露 9樓成交一戶，每坪 199.7

萬元，逼近每坪 200萬元，交易總價達 5.66

億元，是今年以來最高總價的住宅交易案，

資料來源 : 內政部，住展Source: MOI，Myhousing Magazine

台北市房屋買賣轉移棟數及均價

25.4 25.733.1 33.2 35.1 37 38.1

44.752.9

57 53.2

65.268.5

74.1

84

92.487.5 85

86.4

48,19345,007

37,333

47,778

55,311

62,55764,339

68,976

63,70964,112

63,61163,344

38,571 39,496

32,02329,904

3,9789,198

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

1Q16

2Q16

10,000

0

20,000

30,000

40,000

50,000

60,000

70,000

80,000 100

90

80

70

60

50

40

30

20

10

0

成交量 每坪均價/(NT$萬)

北市成交量 北市預售屋均價

49,918

所致。值得注意的是，在央行連 4季降息下，

6月五大銀行新承做房貸利率來到 1.724%，

較 5月下滑 0.007個百分點，不僅連 12個月

走跌，更創近 6年來單月新低。

0.032% higher than in May, a consequence of higher interest

rates for revolving and consumer loans. Taiwan’s Central Bank

have trimmed interest rates for the fourth time in a row. The

1.724% average interest rate not only marks a new-low in six

years, but also the twelfth consecutive month of decline.

8 Taiwan Sotheby's International Realty Taiwan Real Estate Quarterly Review (2016 Q2) 9

台灣蘇富比國際房地產 研究報告 (Q2 2016)

全台大型商用不動產交易量 (億元)

2011.1Q

2011.2Q

2011.3Q

2011.4Q

2012.1Q

2012.2Q

2012.3Q

2012.4Q

2013.1Q

2013.2Q

2013.3Q

2013.4Q

2014.1Q

2014.2Q

2014.3Q

2014.4Q

2015.1Q

2015.2Q

2015.3Q

2015.4Q

2016.1Q

2016.2Q

137.7

279.2

555.8

372.4343.3

519.1

246293.3

208.5

355.3335.1

95.9

154.7

337.6

226.3

84.9 86.3 90.449

291

529.5

68.2

資料來源：台灣蘇富比國際房地產Source: Taiwan Sotheby's International Realty

北市商辦大樓空置率及租金行情

Q1 Q2 Q3 Q4

11.0%

10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

2011

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4 Q4 Q1

2014

Q1 Q2 Q2Q3

2015 2016

2,150

2,100

2,050

2,000

1,950

1,900

1,850

1,800

空置率 租金行情

空置率 租金(月/坪)

10.4%

1,998

2,066 2,067

2,058

2,0552,0382,032

2,023

2,052

2,053

2,060

2,068

2,075

2,0432,054

2,098 2,095

2,084

2,089

2,0832,076

2,070

9.4%8.9%

8.9%8.5%

8.0%8.1%

8.8%

9.3%

8.9%8.4%

8.1%7.4%

7.4%

7.0%7.5%

7.2%

6.5% 5.0%

4.9%5.9%

7.1%

資料來源：台灣蘇富比國際房地產Source: Taiwan Sotheby's International Realty

商辦市場

今年不動產市場的商圈店面交易也因整體環境受到

衝擊。根據台北市實價登錄資料顯示，台北市今年

上半年的店面交易件數，相較於去年同期下滑了

46.1%；商圈店面陸續傳出空置率提高、租金水準

下跌走勢，以目前的市場氛圍看來，今年台北市店

面交易恐難再現去年交易熱度。另一方面，在商辦

的部分，今年第 2季商用不動產交易市況回溫，億

元以上商用不動產交易金額約 291億元，較第 1季

大增六倍，累計 2016年上半年共約 339億元，與

2015年同期的 171億元相比，年增 98%；其中，

投資金額最大者為壽險業。近來陸客來台銳減，對

於商圈收益造成衝擊，根據實價登錄資料顯示，台

北市各行政區交易件數下滑，僅萬華區提升。而其

他行政區表現就不如預期，店面交易件數皆明顯下

滑，其中，以大同區下滑最多，高達 87.5%；在交

易數量方面，則以中山區居冠。交易單價方面，今

年店面最高單價在萬華區中華路一段，交易單價每

坪 389.98萬元，去年則是大安區忠孝東路四段店

面，交易單價 649.98萬元，店面行情依目前大環境

的氛圍下難創新高。商辦的買方投資者，主要還是

以壽險業為大宗，商圈店面市場受到觀光業及景氣

影響，商辦不動產因有壽險業者的支撐力道，原因

是壽險業者受惠於央行降息的利多， 而吸引更多資

金進入市場，此外，壽險業的不動產投資報酬率與

中央銀行降息屬連動利率，近幾次的降息將讓壽險

業者投資不動產門檻降低，可期待將會帶動商辦買

氣，進而促使商用交易市場的熱絡。截至上半年統

計，壽險業交易總額 165億元、佔比 48.7%，其次

據資料顯示，近期成交的「文華苑」，市場上的租

金成交行情約在 45~55萬元；台北信義近來的市場

租金行情，依樓層高低等不同，成交租金也約落在

28~32萬元，均顯示整體豪宅租售市場行情仍有相

當支撐力。豪宅價格具備支撐力的主因是整體數量

不多，具稀有性，價格因此持續維持在高檔，使得

豪宅市場的價格在短期內難以明顯下修。

Commercial Property Market

In terms of commercial real estate, the market has

also been stalled pressured by weak economic growth.

During 1H16, transaction volume of for storefront

properties fell by 46.1% y-y as vacancy rate increases

and rental rates deflate. On the contrary, nominal

transaction volumethe office market posted a total

value of reached NT$29.1bn for proper ties with

prices for over NT$100M in 2Q16, six times the

value of 1Q16, primarily thanks due to the property

investments ownedmade by insurance companies.

Total Aggregate nominal transaction value of the two

quarters combined is NT$33.9bn, recording posting a

98% growth from the NT$17.1bn in 1H2015. The sharp

decline in storefront transactions could be attributed

to the slump in inbound Chinese tourismtourists.

Among all districts of Taipei City, only Wanhua bucked

the downward trend. While Datong declined the most

by 87.5% y-y, Zhongshan remained the leadertop forin

transaction volume. In 2015, a storefront at Zhongxiao

East Road (Da’an District) recorded thefetched the

highest average price per most expensive transaction

at NT$649.98mn per ping, succeeded followed by

a proper ty located on Zhonghua Road (Wanhua

District) sold at NT$3.8998mn this year. As central

bank trims cut the discount rate and also mandatory

hurdle rate for insurers’ investment proper ties,

the commercial real estate market is rendered

has become more investment-friendlyattractive to

insurance companies, which might in turn give boost

to the market itself. In the first half of the year, 48.7%

(NT$16.5bn) of the transaction value is contributed by

insurance companies and 28.3% (NT$9.59bn) made by

technology companies. One notable example is Taiwan

Life’s NT$16.5bn purchase of the ‘Han-Lai New World

Center(漢來新世界中心 )’, the leaseback transaction

(文華苑 ), was recently sold for NT$566mn, marking

a unit price of NT$1.99mn per ping (almost NT$2mn/

ping) and was most high-priced deal this year. Rental

value of the Mandarin Oriental Residence is estimated

to be between NT$450,000 to NT$550,000 and

NT$280,000 to NT$320,000 for Taipei-Xinyi (rent

difference affected by the floor number of the unit).

These are all indicators for a strong rental market,

where scarce supply has kept rents at an elevated level.

10 Taiwan Sotheby's International Realty

台灣蘇富比國際房地產

房市政策展望

因第 2季因新任總統就職，市場對新政府上任後

的房市政策採觀望態度，讓房市整體交易量處於

較為低檔的表現，第 2季全國平均房價較首季呈

現價跌量穩格局，台中以北房價均較上季出現

2.4%~12.26%跌幅，南部價格持穩，北部、中部

價格均出現下跌狀況。

而政府推出的各種購屋優惠政策中，以實施多年

的青安優惠房貸較為受青睞，2016年青安貸款新

承作案量創下新紀錄，顯示投資客逐漸退場，首

購自住客進場，平價屋買氣上升。 房地產市場不

景氣，部分房市指標已轉趨回溫現象，自住需求

的投資人可開始佈局，以尋找較大之利基點及進

場時機。

Property Policy Outlook

Following the inauguration of the new president,

uncertainties loom large over the property market as

demand stayed muted during 2Q16. Compared to the

previous quar ter, average proper ty prices in general

slipped while transaction volumes remained steady. A

price decline in the magnitude of 2.4% to 12.26% has

been seen in the cities north of Taichung, while little has

changed in the southern parts of the country.

Among the many housing incentive programs rolled out

by the government, the Youth Housing Loan program is

regarded as the most successful. In 2016, the program

set a new record by enabling the most first-time buyers

to enter the market, signaling a recovery in the housing

market and an opportunity for prospective buyers. We

therefore expect first-time homebuyers to continue to

support the still tepid demand for properties in 2H16.

LOCAL EXPERTSGLOBAL REACH

品牌傳承　名望威遠

蘇富比拍賣會自 1744 年創立以來，憑藉悠久的歷史與豐富經驗，以獨到的藝術眼光

及審慎的企業精神，成為國際享負盛名的拍賣會品牌。

跨越國際　領導業界

承襲蘇富比拍賣會的傳統，蘇富比國際房地產於 1976 年成立，主要業務為跨國房地

產代理機構，提供客戶最專業的豪宅仲介服務，並在全球豪宅銷售市場佔據領導的地

位。目前蘇富比國際房地產在全球 61 個國家設有超過 825 間服務據點，由 18,000+

名房地產顧問提供全方位的服務。

藝術生活　品位居家

2012 年 3 月台灣蘇富比國際房地產正式營運，我們從生活美學的角度出發，善用豐

富的全球行銷資源及寶貴的客戶資料庫網絡，透過專業的團隊，提供國內及國外住

宅、商辦、店面的買賣與租賃服務，更有移民、財務等諮詢服務。

拓及全球、深耕臺灣

為科技業的 95.9億元、佔比 28.3%。其中，台灣

人壽砸下 165億元購買高雄市漢來新世界中心，

成交關鍵是投報率超過 2.5%，該案屬售後租回，

不僅投報率高於金管會規定壽險業投資不動產的

最低門檻，也符合當前市場上較好的收益標準。

with a 2.5% return rental yield not only meetssatisfies the

required return rate for insurance companies but also

suffices appears to be as a good bargain for the current

market.

12 Taiwan Sotheby's International Realty

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