More than 50 percent of the public expected housing prices in the greater Taipei area to drop in the short and long term following the central bank’s credit tightening measures to curb property speculation in the region, a quarterly survey by Evertrust Rehouse Group (永慶房仲集團) showed yesterday.
The survey, conducted between July 1 and July 4 — following the central bank’s hike in its key policy rates on June 24 — said 58 percent of respondents anticipated that home prices in Taipei City would decline in the next three months, while 51 percent said property prices in Taipei County would see a decline in the short term.
“The percentage is far higher than recorded in other areas. This means that the central bank’s measures to contain soaring housing prices in select cities are effective,” Evertrust general manager Yeh Ling-chi (葉凌棋) said, adding that public expectations of hikes in housing prices in the near term had reversed.
From a long term perspective, 54 percent of homebuyers polled expected real estate prices in Taipei City to edge down in the year to come, with 50 percent saying that the prices would decline in Taipei County as well, the survey said.
Nevertheless, Yeh said that respondents were upbeat about the property market in central and southern Taiwan and expected housing prices in those areas to rise in the following year because of the recently inked trade pact with China.
Nearly 35 percent of homebuyers surveyed said they would purchase homes in the second half of this year, compared with 42 percent recorded in the first quarter, while 40 percent said the first half of next year would be a better time to enter the market, up from 25 percent last registered, the survey said.
“This indicates that the current buying momentum in the real estate market remains [positive]. As soon as property prices decline, homebuyers will enter the market,” Yeh said, adding home prices are expected to correct themselves for one to two quarters following the central bank’s credit tightening.
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