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June 27, 2017

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50% willing to purchase homes, despite tax: poll

Over 50 percent of people were willing to purchase homes during the second quarter, despite the implementation of the luxury tax on June 1, a survey by Chinatrust Real Estate revealed yesterday.

However, most people were anticipating a price decline in the aftermath of the tax and have therefore slashed their home purchase budgets by 4 percent to NT$6.88 million.

According to the poll, most people still felt unaware about growth in the economy as various factors have suggested. About 68 percent of respondents said they haven't had a pay raise or haven't seen their companies expand.

However, most people view real estate as a value-retaining investment, and 54 percent said they were willing to purchase homes, an increase from the survey for the first quarter.

Potential homebuyers on average set aside a budget of NT$6.88 million for home purchasing and NT$3.07 million for down payments, a decline of 4 percent and 4.6 percent, respectively, from the first quarter, the poll showed.

"There is a 9.5 percent increase in people who believe that they can talk sellers into slashing prices by 20 to 30 percent," said Cheng-Yu Cheng-chuan, chairperson of Chinatrust Real Estate. "And indeed some homebuyers picked up good bargains during the second quarter, prior to the implementation of the luxury tax."

While the luxury tax aims to crack down on speculation, there wasn't a significant decline in people who purchased properties for investment purposes, according to the poll.

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