Many Taiwanese expect housing prices to fall amid the COVID-19 pandemic, with the correction likely to persist through the third quarter, a survey by Evertrust Rehouse Co (永慶房屋) released yesterday showed.
Sixty-three percent of respondents said that housing prices would decline in the next six months, weighed by the coronavirus outbreak, which has sickened more than 170,000 people and killed at least 6,600 worldwide.
The weakening sentiment is not surprising, as international research bodies have trimmed forecasts for the global economy and central banks have cut interest rates to support growth, Evertrust Rehouse spokesman Jay Hsieh (謝志傑) said in a statement.
It is the first time the nation’s largest broker by number of offices released its quarterly survey via e-mail rather than disclosing it at a news conference, which was done to support social distancing.
Nearly 50 percent expect the correction to range between 5 and 10 percent, while 14 percent expect a more drastic decline, the survey said.
Only 4 percent said housing prices would pick up, while 33 percent expected prices to be flat.
“The local property market would deteriorate further if global authorities fail to contain the disease in a timely fashion,” Hsieh said, adding that being small and open, Taiwan is susceptible to external shocks.
However, a steep price correction is unlikely in Taiwan, where the number of infections is relatively low at 67 as of yesterday, Hsieh said.
The sentiment is weakest in Taipei, Taichung and Hsinchu as residents in those areas are more sensitive to market volatility, Evertrust said.
Sellers would have to demonstrate greater pricing flexibility, Hsieh said.
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