With expectations that a government-proposed trade pact with China will facilitate cross-strait exchanges, a local real estate developer yesterday forecast that Taiwan’s property prices will rise at a low and steady pace over the next few years.
“As interest rates are still kept at extremely low levels, local real estate prices are expected to see a moderate hike of between five and ten percent per year,” Taichung-based Shining Group (鄉林集團) chairman Lai Cheng-i (賴正鎰) told reporters.
Speaking at an event to celebrate the company’s 33rd anniversary, Lai said that an economic cooperation framework agreement (ECFA) with China has built up momentum for a potential hike in housing prices.
However, Lai voiced concern about property inflation, saying that real estate developers also don’t want property prices to rise too sharply as it would not only undermine Taiwan’s competitiveness but also inadvertently affect the profits of property companies.
Remaining upbeat about Taiwan’s real state sector, Lai said that Shining is planning to push sales of NT$3 billion (US$93.2 million) and NT$5 billion in Taichung and NT$30 billion in Taipei every year, adding that total sales in Taiwan this year could reach NT$1 trillion.
“The global financial crisis caused local property sales to drop by NT$400 billion to NT$500 billion in the past two years, but with the economy picking up momentum and the signing of the ECFA, this year’s sales will pick-up,” Lai said.
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