Luxury residential prices may continue to fall in Q3: realtor

Taipei-Luxury residential prices in Taipei may continue to fall in the third quarter by 5 percent to 8 percent, an executive of real estate firm REPro Knight Frank said on Wednesday.

During a press conference to discuss the latest second-quarter Prime Global Cities Index, REPro Knight Frank, the Taiwanese branch of global real estate consultancy Knight Frank, revealed that Taipei currently ranks 39th on its index.

The index, which tracks the movement of luxury residential prices across 41 cities worldwide, found that Taipei's luxury residential real estate prices fell 6.5 percent in the 12 months to June 2017.

While prices may continue to fall in the third quarter, the company's vice president of research, Huang Su-wei (???), forecast that the number of luxury residential transactions will remain steady, especially with the upcoming mayoral election in 2018.

Overall, the index experienced a 4.4 percent increase in the year to June 2017, although the two cities topping the list -- Guangzhou and Toronto -- saw a slowdown in growth rates.

Compared to the other three major cities of the "Four Asian Tigers," a name given to the four regions of Taiwan, Singapore, Hong Kong and South Korea, which experienced rapid development in the 1970s, Taiwan's capital is falling behind with its ranking of 39th.

Taipei is the only one that has sustained a drop in prices, whereas Seoul experienced an annual growth of 19.9 percent, Hong Kong 8.1 percent, and Singapore 3.5 percent.

Source: Focus Taiwan News Channel