Almost 70 percent of Taiwanese own real estate which they hope to use to support their retirement or leave as inheritance to their children, a survey by HSBC Taiwan said.
A total of 67 percent of respondents owned their houses and 36 percent of them owned multiple homes, the survey found, adding that home ownership is particularly high among people aged 54 and older, at 92 percent.
It is the first time that the bank held the survey, which it launched to assess the value of the public’s real-estate holdings.
Nearly half of all homeowners, 46 percent, said that they consider real estate a safe investment and 43 percent said they plan to use their properties to meet their financial needs after retirement, the study said.
Local banks have been offering reverse mortgages under which homeowners receive monthly payments from banks, which will auction off the houses after the borrowers pass away.
Such arrangements are intended to help the nation’s fast-growing elderly population meet its financial needs, as younger people might struggle to take care of their parents.
Another 40 percent of home-owners said they aim to pass on their properties to the next generation and 23 percent said they expected the properties to help foot medical bills, HSBC said.
Taiwanese assign great importance to real estate, counting on it to meet investment and retirement needs, support their families and leave a legacy after they are gone, HSBC Taiwan head of retail banking and wealth management Linda Yip (葉清玉) said.
However, it is better to diversify and expand one’s portfolio, adding bonds, mutual funds, foreign currency and insurance policies to hedge against inflation, downside risks and emergencies, Yip said.
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