Taipei-Taipei came bottom of the 2018 property market outlook rankings for the Asia Pacific region, according to a survey released by PricewaterhouseCoopers (PwC).
In the survey, which was jointly conducted by PwC and the U.S-based Urban Land Institute, Taipei, the capital city of Taiwan, remained in 22nd place.
It was the second consecutive year Taipei has come bottom of the survey, called the Emerging Trends in Real Estate Asia Pacific 2018, after the city placed 22nd in investment outlook and 20th in development outlook for property, the accounting firm said.
The latest survey was based on the opinions of more than 700 property market professionals, including investors, property developers, real estate agencies, mortgage providers and financial consultants, PwC said.
PwC Taiwan said as Taipei is the most watched property market in Taiwan, the results show investors remain downbeat about the property market in the country as a whole.
For Taipei to remain at the bottom of the rankings two years in a row is a worrying sign for Taiwan's property market, indicating the government needs to consider how to improve the investment environment and stabilize the local property market, PwC Taiwan said.
In the latest survey, Sydney and Melbourne took first and second place, respectively, after the two cities posted high property investment returns and high property rentals, up from ninth and 16th place, respectively, in the previous survey.
Singapore came third ahead of Shanghai (No. 4), Ho Chi Minh City (No. 5), Shenzhen (No. 6), Tokyo (No. 7), Guangzhou (No. 8), Auckland (No. 9) and Osaka (No. 10), the survey found.
PwC said property markets in major Chinese cities such as Shanghai, Guangzhou and Shenzhen have been supported by the growing Chinese economy, while the market in Singapore is expected to bounce back, which is attractive to investors.
The accounting firm said the commercial property market in Vietnam has also become one of the major targets for investors.
In addition, PwC said the property markets in Tokyo and Osaka received a boost from low interest rates.
Source: Focus Taiwan News Channel