Transactions of residential and commercial properties in Taipei and New Taipei City (新北市) for last month rose more than 15 percent from a month earlier, as the impact of the two-year luxury tax — designed to curb rising property prices — faded, according to statistics released yesterday.
Citing the statistics, Evertrust Rehouse Co (永慶房屋), one of the nation’s leading property sales agencies, said transactions of shops, offices and homes in the two major cities in northern Taiwan grew 15.8 percent month-on-month last month, two years after the luxury tax was implemented.
Effective from June 2011, the luxury tax is aimed at curbing soaring property prices in the local market, in particular in northern Taiwan.
Under the tax scheme, a 15 percent tax was introduced on second homes not occupied by the owners and sold within one year of purchase. For such homes sold within two years of purchase, the sales tax was set at 10 percent.
Evertrust researcher Andy Huang (黃舒衛) said that a lot of sellers put their properties bought before the tax implementation up for sale because they were no longer subject to the tax levy.
On the back of an increased supply in the market, the total number of property sales in Taipei was 4,043 units last month, up 20 percent from June, while transactions in New Taipei rose 13.7 percent from a month earlier to 8,066 units, Huang said.
Huang said Taipei’s Neihu District (內湖) attracted many home buyers last month, when developers launched new residential property projects and supply of second-hand homes expanded in the area.
For New Taipei, booming new home sales in Sinjhuang (新莊), Zhonghe (中和), Sindian (新店) and Banciao (板橋) districts boosted the entire transactions in the city, Huang said.
Huang said that as the central bank is keeping interest rates low in a bid to boost the local economy, property transactions in Taipei and New Taipei are expected to stay stable in the second half of this year.
Meanwhile, local media cited statistics compiled by Sinyi Realty Inc (信義房屋), another property agency, as reporting that sales of residential and commercial properties for last month in Greater Taichung and Greater Tainan rose 17 percent and 12 percent respectively, from the previous month to hit 5,198 units and 2,163 units.
The EU and US are nearing an agreement to coordinate on producing and securing critical minerals, part of a push to break reliance on Chinese supplies. The potential deal would create incentives, such as minimum prices, that could advantage non-Chinese suppliers, according to a draft of an “action plan” seen by Bloomberg. The EU and US would also cooperate on standards, investments and joint projects, as well as coordinate on any supply disruptions by countries like China. The two sides are additionally seeking other “like-minded partners” to join a multicountry accord to help create these new critical mineral supply chains, which feed into
Elon Musk’s lieutenants have reached out to chip industry suppliers, including Applied Materials Inc, Tokyo Electron Ltd and Lam Research Corp, for his envisioned Terafab, early steps in an audacious and likely arduous attempt to break into the production of cutting-edge chips. Staff working for the joint venture between Tesla Inc and Space Exploration Technologies Corp (SpaceX) have sought price quotes and delivery times for an array of chipmaking gear, people familiar with the matter said. In past weeks, they’ve contacted makers of photomasks, substrates, etchers, depositors, cleaning devices, testers and other tools, according to the people, who asked not to
Japan approved ￥631.5 billion (US$3.97 billion) in additional subsidies to hasten Rapidus Corp’s entry into the high-stakes artificial intelligence (AI) chipmaking arena, ramping up support for a project widely regarded as a long shot. The capital is intended to bankroll Rapidus’ work for information technology firm Fujitsu Ltd, one of the initial customers that Tokyo hopes would get the signature endeavor off the ground. The new money raises the fees and investments that the government is injecting into the start-up to ￥2.6 trillion by the end of the current fiscal year to March next year, the Japanese Ministry of Economy, Trade and
The founder of Chinese property giant Evergrande Group (恆大集團) has pleaded guilty to charges of fraud and bribery, a court said yesterday, the latest blow for what was once the country’s leading developer. Evergrande’s rise was propelled by decades of rapid urbanization and rising living standards, but in 2020, its access to credit dramatically narrowed when the government introduced curbs on excessive borrowing and speculation. The company defaulted in 2021 after struggling to repay creditors. Founder Xu Jiayin (許家印), 67, known as Hui Ka Yan in Cantonese, was reportedly held by police in 2023, with Evergrande saying he had been subjected to
RSS