Nearly 40 percent of Taiwanese expect housing prices to pick up this quarter and 10 percent predict a decline, while many expressed concern over inflation, Chinatrust Real Estate Co (中信房屋) said in a survey released yesterday.
Thirty-nine percent of respondents said that housing prices would rise in the next few months, Chinatrust Real Estate said, citing internal data.
Although the Chung-Hua Institution for Economic Research (中華經濟研究院) on Wednesday raised its forecast for Taiwan’s GDP growth this year to 5.84 percent from 5.16 percent, 42 percent of respondents said that the economy weakened last quarter from three months earlier, the real-estate broker said.
Photo: Hsu Yi-ping, Taipei Times
Restaurants and small and medium-sized retailers exited the market to stop losses after business failed to return to normal amid a level 2 COVID-19 alert, it said.
At the same time, sectors are complaining about escalating operating costs as prices for oil products, raw materials and commodities soar, it said.
Developers and builders have indicated chances are slim of price concessions in light of more expensive steel, wood, glass and other building materials, despite the government’s selective credit controls and unfavorable property tax terms, it said.
Construction might focus on apartments with a lower barrier to entry on cheaper land for the time being rather than more expensive projects, as prospective buyers might hesitate, Chinatrust Real Estate said.
For existing homes, sellers and buyers should iron out their pricing differences in a timely fashion to cope with inflation, which would eat away at wealth, it said.
About 75 percent of respondents said that things are much more expensive today than this time last year, including 30 percent who said that prices are “very expensive,” it said, adding that 45 percent said that things are “less expensive.”
Given that, respondents believe home prices would hold steady in the near future, it said.
People are willing to cut spending on clothing and recreation, if necessary, to cope with inflation, as they are not necessary items, the survey said.
Food and housing rank high on the list of concerns, as both are essential to maintain a decent life, it said.
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