Mon, Jul 01, 2013 - Page 14 News List

No slowdown expected in property investment: experts

HIGHLY RATED:The central bank keeping policy rates unchanged and plans to revise the luxury tax are spurring almost US$5bn in real-estate development, an analyst said

By Kevin Chen  /  Staff reporter

However, it is likely take a couple of years to see mortgage rates climb to those levels, she said.

CREDIT

Meanwhile, UBS Securities analyst Ally Chen (陳玟瑾) said mortgage rates in Taiwan are primarily tied to short-term rates, which are unlikely to be raised for the remainder of the year due to a slow economic recovery.

In addition, a draft proposal for the revision of the luxury tax on the property market is still being formulated by the government, meaning that the earliest changes to the tax could be sent for legislative review would be the fourth quarter of the year, Chen said.

Under the luxury tax, the government imposed a 15 percent tax on properties resold within one year of purchase and a 10 percent tax on those resold within two years of purchase

“Selective tighter credit control remains the government’s major policy aim for the property market,” she said in a report on Wednesday.

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