New Taipei City (新北市) residents are more likely to believe that the luxury tax will affect housing prices in their market than residents of three other metropolitan areas, a survey showed yesterday.
Of respondents from New Taipei City, 58.4 percent said the tax would push housing prices down in their area, slightly higher than the 57.3 percent of Taipei City respondents who expected a similar impact in their city, according to the survey conducted by Cathay Financial Holdings Co (國泰金控).
Just over half (53.5 percent) of respondents in Greater Taichung and 46.4 percent of respondents in Greater Kaohsiung believed the luxury tax would push prices lower in their respective markets, the survey found.
Overall, 44.1 percent of the residents polled thought housing prices in their areas would fall between 5 percent and 20 percent thanks to the luxury tax, but another 44.5 percent expected little change.
The Legislative Yuan on Friday passed a bill that would impose a sales tax, dubbed a “luxury tax,” of up to 15 percent on the sale of second homes within two years of their purchase.
Government officials have argued that the tax will rein in speculative home-buying by investors hoping to cash in on steady increases in housing prices by quickly turning over properties.
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