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Home prices in downtown Taipei to drop in '13: CCIM

Home prices in downtown Taipei are expected to fall next year, due to stringent control measures launched by the government, said the Taiwan chapter of the Certified Commercial Investment Member Institute (CCIM) yesterday.

According to the group's 2013 real estate forecast, downtown districts including Xinyi, Daan, Songshan, Zhongzheng and Zhongshan are expected to see a price decline of up to 5 percent next year, given the luxury tax, credit control on buyers of luxury mansions, and the real-value home registration system.

For districts that surround downtown areas, such as Datong, Neihu, Shilin, Beitou and Wenshan of Taipei and Luzhou and Yonghe of New Taipei City, prices will change by plus or minus 5 percent, CCIM said.

Finally, home prices in the outskirts of Greater Taipei, such as Nangang and Wanhua Districts of Taipei and Sanchong, Xindian, Zhonghe, Banciao and Xinzhuang Districts of New Taipei, may see a home price increase of 5 percent next year as real estate there had stayed sluggish for sometime, CCIM said.

The group pointed out that amid inflation, home prices will remain high, driven by strong demand from buyers, most of whom will purchase properties for residential rather than investment purposes.

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