PRICE FALLS:The property market has taken a downturn amid property taxes and market expectations of further reductions, while builders continue to drop asking prices
Date: Oct 19, 2015
By: Crystal Hsu / Staff reporter
Property transactions are likely to slump more than 30 percent this year, though developers have lowered asking prices by between 10 percent and 20 percent to spur buying interest, but to little avail, online research body HouseFun (好房網) said yesterday.
Property transfers — including homes, commercial space and land deals — might shrink 32.43 percent to NT$2.5 trillion (US$76.91 billion) this year, based on HouseFun’s forecast, compared with NT$3.7 trillion last year, according to the government’s Web site.
HouseFun head Ni Tze-jen (倪子仁) attributed the downturn to property tax hikes and expectations of deep price falls. [FULL STORY]