Housewives become killers in Taipei property auctions
Staff Reporter 2013-06-15 09:16
A property auction in Taipei. (Internet photo)
Many people in Taipei are interested in buying apartment homes auctioned off by courts, our sister paper China Times reports. The market for May grew approximately 16% compared with the same period of last year.
"Housewives actually drove many investors away in the auctioned real estate market," said Hsu Chia-hsin, head of H&B Business Group's enterprise research department. "Their bids are often a lot higher than [the properties] are actually worth so they win. Many investors could only relocate to the Taoyuan area (adjacent to Taipei) and seek their favorite auctioned properties."
Hsu said that auctioned properties in Taipei's Zhongzheng district have been the most hotly contested. In May, there were 11 properties up for auction and nine of them were sold. Datong, Neihu, Songshan and Xinyi districts have also been popular, with 60% of properties in these districts finding a buyer.
Taipei's Da-an, Zhongshan and Wanhua districts were less popular, however.
