Shift in Greater Taipei home prices to continue

Yen Ping-li, general manager with real estate advisor DTZ, also forecast that this year, home prices in Greater Taipei may fall 10 percent.

He made the remarks during a news conference yesterday, where DTZ briefed on the status of the home market in the fourth quarter of 2012 and offered its outlook on the market this year.

According to him, home sales have been affected by various government control measures, for example the real-price registration system under which buyers need to report the real prices they purchased their properties with. The measure aims to provide transparency in the market.

These measures are expected to result in what Yen called a “domino effect” in Greater Taipei's home market.

“Say home prices in downtown Taipei City drop by 5 percent. This will lead to a 10-percent drop in the outskirt districts of the city, for example Neihu and Nangang districts,” he said. “The correction will then spill over to districts in New Taipei City, where prices may go down by 15 percent.”

Overall, prices in Greater Taipei may fall 10 percent this year, he said.

Yen also expressed downbeat sentiment for Taiwan's commercial real estate this year, saying sales in the first half may fall by 50 percent, due largely to a government measure that prevents insurers from offering high prices.

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