Home prices in Taipei City, New Taipei City (新北市) and Greater Taichung are expected to be more affected than other areas in the country before a new luxury tax takes effect in June, according to a report released by a real-estate agency yesterday.
The three cities have been preferred by investors when buying residential real estate and they are now scrambling to sell properties in those areas to avoid paying the tax, the report by Pacific Rehouse Co said.
The sudden increase in supply is expected to drag down home prices in the cities before June 1, when the market generally expects the luxury tax to be implemented.
The 10 to 15 percent tax, passed by the Legislative Yuan on April 15, would be imposed on sales of homes not lived in by their owners within one to two years of their purchase.
Since the bill passed, the -housing market has favored buyers, leaving a small window in which those looking for their own home could get a favorable deal, the real estate agency said.
New home construction figures from the Ministry of the Interior indicate why the imminent implementation of the luxury tax could be most felt in New Taipei City, Taipei City and Greater Taichung, Pacific Rehouse said.
New Taipei City had the most applicants for new home -construction with 33,187 units from July 2009 to February this year.
During the same period, Greater Taichung came in second with 18,136 units, followed by Taipei City with 14,181 units, Greater Kaohsiung with 11,716 units and Taoyuan County with 10,827 units.
Government officials have argued that the tax will rein in speculative home buying by investors hoping to cash in on steady rises in housing prices by quickly turning over properties.
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