The Decline of Store Transactions in Beishi: Landlord Cries as Business Slumps

Landlord Cries as Transactions of Million-Dollar Stores in Beishi Plummet by 50%

The landlord of a store in Beishi is in distress as real-price registration statistics reveal a significant decline in transactions. In the first four months of the year, there were only 66 transactions of million-dollar stores in Beishi, marking a staggering annual decrease of 50%. Real estate brokerage experts attribute this decline to the dismal price difference between bids, a relatively empty housing market, and the reluctance of owners in prime locations to sell their properties. As a result, the momentum of stores in Beishi remains weak.

Despite the reduced impact of the epidemic on the market, many business districts have yet to regain their previous levels of prosperity. According to real price data, there were only 66 transactions in Taipei City with a unit price of over one million yuan from January to April this year. This represents a 50.7% decrease compared to the 134 transactions recorded during the same period last year. The turnover for this year has been cut in half. The average transaction price shows little difference, standing at 1.291 million yuan per ping, which is 20,000 yuan higher than last year’s figure of 1.271 million yuan.

Lang Meinan, Director of Our Housing Planning and Research Office, explains that despite the government’s focus on anti-property policies in the residential market and the significant slowdown of the epidemic, storefront rents are still struggling to reach their previous highs. This, coupled with the availability of other financial commodities and real estate options, has led to a decline in trading volume.

The market’s bearish sentiment is also evident on Zhongxiao East Road, where four out of the top five transactions in Taipei City from January to April took place. One of these transactions, located on Yongkang Street, had a unit price of 2.384 million yuan per ping, with a total price of 130 million yuan. However, the other three transactions on Zhongxiao East Road, which were situated in alleys, did not command high unit prices. Overall, the transactions of million-dollar stores in Taipei this year have seen a sharp drop in both volume and price.

Huang Xiankuan, manager of the Renai Guangfu Franchise Store of Zhushang Real Estate, acknowledges that the current real price reveals less than ideal figures. In the past, the unit price of first-floor stores on the main road of Zhongxiao East Road, and even in the alleys, would exceed twice that of the second floor. However, the unit price of medieval mansions in Donglu Lane on Zhongxiao East Road can now exceed one million yuan, while the transaction price of storefronts is less than 2 million yuan. This indicates that the storefront market is still at a low level.

The overall housing market is currently bearish, with sellers reluctant to sell due to unfavorable timing. Particularly, owners of stores in prime locations have closed their listings, resulting in a limited supply of high-quality properties in the market. Both buyers and sellers are adopting a wait-and-see approach, leading to low transaction volumes.

The slow recovery of street stores can be attributed to changes in the consumption field. The emergence of diversified shopping malls and department store business models in China has led to a decrease in the willingness of consumers to visit street stores. Department stores are struggling to drive foot traffic to surrounding street stores, limiting the overall benefit to the business district’s development.

Apart from the Ximending and Zhongshan Station business districts in Taipei City, where rents have remained stable, most stores have not seen significant changes in rent since the onset of the epidemic. This provides room for bargaining in store prices, attracting self-use buyers and reducing the proportion of investment properties.

As the market continues to face challenges, it remains to be seen how the recovery will unfold for store owners and landlords in Beishi and other business districts.

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Op in Beishi, with only 66 transactions recorded in the first four months of the year. This marks a significant annual decrease of 50%.

Real estate brokerage experts attribute this decline to several factors. Firstly, there is a dismal price difference between bids, which means that buyers and sellers are not able to agree on a mutually beneficial price. This has led to a relatively empty housing market, with fewer transactions taking place.

Additionally, owners in prime locations are reluctant to sell their properties. This could be due to various reasons, such as holding onto their assets for future potential value appreciation or uncertainties in the market that make them hesitant to let go of their properties.

Despite the reduced impact of the epidemic on the market, many business districts, including Beishi, have yet to regain their previous levels of prosperity. The decline in transactions reflects the weak momentum of stores in Beishi.

It’s worth noting that the situation is not unique to Beishi, as similar trends are observed in Taipei City. The real price data for Taipei City shows that there were only 66 transactions with a unit price of over one million yuan from January to April this year, representing a 50.7% decrease compared to the same period last year. The turnover for this year has been cut in half.

Overall, the decline in transactions of million-dollar stores in both Beishi and Taipei City can be attributed to a combination of factors such as the price difference between bids, a relatively empty housing market, and the reluctance of owners in prime locations to sell their properties. These factors have resulted in a decline in trading volume and weak momentum for stores in these areas.