“The property market is heading for a downturn in both transactions and prices, although some developers seek to push prices higher with their own capital,” Cushman & Wakefield Taiwan managing director Billy Yen (顏炳立) said. The strategy would prove to be overreaching and impractical in light of a global economic slowdown and monetary tightening, Yen told a media briefing. Cushman & Wakefield Taiwan managing director Billy Yen speaks at a news conference in Taipei yesterday. Commercial property transactions shrank 17.6 percent year-on-year to NT$125.8 billion (US$4.1 billion) last year, while land deals plunged more than 40 percent to NT$171.8 billion, the property consultancy said. Profits from property transactions on the part of companies are subject to income taxes of 20 percent, while individuals might pay up to 40 percent, depending on their income level.

Source: Taipei Times January 05, 2023 22:14 UTC