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September 23, 2017

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Luxury home prices in Taipei tumble

TAIPEI, Taiwan -- Price growth of Taipei's luxury homes plummeted the most among the world's top cities in the third quarter of this year, according to a report released Wednesday.

Out of the 37 cities tracked by global real estate consultant Knight Frank in its Prime Global Cities Index, Taipei's luxury house prices dropped 8.9 percent annually, performing far worse than the second worst in the ranking, Delhi, India, whose Q3 performance slumped 4.9 percent from the same time last year.

Vancouver continued to lead the annual rankings for the sixth consecutive quarter in terms of price growth of luxury homes.

The Canadian city surged 31.6 percent compared to the same time last year. Second in line was Shanghai, with an increase of 23.4 percent compared to September 2015.

Seoul climbed four spots from No. 7 to No. 3, with its annual growth improved by 17.5 percent.

Overall, the world's top cities saw a slowdown in price growth over the last quarter, despite an average annual growth rate of 3.8 percent, the report indicated.

The rate of growth declined in 48 percent of the cities tracked by the index compared to the last quarter, the report stated.

Looking forward, the real estate consultant predicted that Vancouver may surrender its top spot next quarter, given its poor quarterly performance of an only 1.5 percent rise in the three months leading up to September.

According to Nicholas Holt, Knight Frank Asia-Pacific Research Director, Chinese cities dominated the top ten rankings for annual price growth of the Prime Global Cities Index, including Shanghai, Guangzhou and Beijing.

However, the report stated that local governments have enacted a range of measures this month to cool demand, suggesting a more muted outlook.

Taipei in 'Hibernation'

Real estate experts quipped that Taipei had entered its "hibernation period" in terms of the price growth of luxury homes.

The Central Bank's restrictions on loans and additional taxes on housing, luxury homes and property speculation are the main causes for the situation, experts said.

According REPro Knight Frank Taiwan's (瑞普萊坊) research department chief Huang Shu-wei (黃舒衛), only 79 purchases for mansions priced over NT$100 million were made this year through November.

The number was more than halved from 251 purchases made last year, Huang said.

Herald Real Estate Investment Consulting Limited (匯泓不動產投資顧問) Deputy Director Wu Yi-lun (吳懿倫) said, "it is very costly to own a mansion today because of heavy taxes."

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