RESULTS OF TAXATION?Savills Taiwan said that self-occupancy needs drove sales during the second quarter, adding that increased taxes have squeezed rental yields
Taipei Timesa
Date: Jul 01, 2015
By: Crystal Hsu / Staff reporter
Commercial property transactions totaled NT$9.1 billion (US$292.9 million) in the second quarter, falling 69 percent from a year earlier and 24 percent from the first quarter, as a new property tax weighed on the market, brokers said yesterday.
“The property market apparently has yet to hit bottom, although the new property tax has settled,” said Gordon Kao (高銘頂), general manager at Savills Taiwan Ltd, the local branch of a British property consultancy.
Kao voiced concern that the local commercial property market could further deteriorate with the impending imposition of new income taxes on property gains starting next year. [FULL STORY]