International property consultancy CBRE Taiwan (世邦魏理仕台灣) on Thursday said that it has established an office in Tainan, as property transactions have been growing faster in southern Taiwan than in the north.
The Taiwan branch of CBRE Ltd said it has expanded its operations to take advantage of a healthy property market.
The nation’s economy likely expanded 6.1 percent last year, while commercial property transactions, including plots of land, totaled NT$445.9 billion (US$16.1 billion), surpassing the NT$400 billion mark for the second consecutive year, the company said.
Deals for land in central and southern Taiwan accounted for 50 percent of the total at NT$62 billion, it said.
“We expect growth momentum to sustain this year, as major local and foreign companies have announced investment plans in southern Taiwan,” CBRE Taiwan managing director Cynthia Chu (朱幸兒) said.
The nation’s economy is expected to continue a strong showing, favorable for the property market, but interest rate hikes and measures to tighten lending pose uncertainty, CBRE Taiwan research head Ping Lee (李嘉玶) said after surveying major local investment institutes.
Land prices could hold firm on the back of real demand, but are unlikely to hit record highs, CBRE Taiwan said.
A lack of new office space and increased construction costs could drive companies with expansion plans to consider buying their own buildings, lending support to commercial property prices, it said.
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