Tue, Aug 02, 2016 - Page 11 News List

Real estate likely to remain stagnant due to tax increases

By Crystal Hsu  /  Staff reporter

Housing transactions stayed virtually unchanged in the nation’s six special municipalities last month from a year earlier, and could drop to a record-low for the entire year, as housing tax hikes are likely to drive away prospective buyers.

A total of 18,259 real-estate properties changed hands in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung last month, nearly flat from 18,225 in July last year, the respective city governments said on their Web sites.

The latest figures represented a 7 percent increase when compared with the volume for last month, attributed to the completion of new home projects in Taipei and Taoyuan, government data showed.

Transfers reached 2,766 units in Taipei last month, an increase of 25 percent from a year earlier, as Highwealth Construction Co (興富發) delivered its residential project in Wanhua District (萬華).

Completion of apartment complexes in Taoyuan increased transactions by 26 percent year-on-year to 4,030 units last month, the local government said.

Relative affordability helped sustain trading in Taoyuan, where property funds flowed in recent years to take advantage of ongoing construction on the MRT extension project linking Taoyuan and Taipei, Taiwan Realty Co (台灣房屋) said.

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