Property in Taiwan’s beautiful capital Taipei could fall 5-10 per cent in 2009 and the value of real estate across the island reports property services company DTZ (DTZ.L)
“Things are looking very cloudy for the real estate sector right now, and the industry will have to decide whether or not they want to push prices down further,” said Billy Yen, general manager of DTZ’s Taiwan unit.
Commercial property too does not go unaffected as an expected increase in the supply of office space has dampened demand potentially reducing rents
DTZ figures showed the value of foreign investors’ real estate investments fell to T$19.9 billion ($600 million) last year from T$44.5 billion in 2007, and the company was “even more conservative” on the sector’s outlook for this year. (Reporting by Roger Tung; Writing by Kelvin Soh, Editing by Jacqueline Wong)
Taiwans capital is home to Taipei 101 one of the island’s most iconic skyscrapers. Taipei 101 is a 101-floor landmark skyscraper located in Xinyi District, Taipei, Taiwan. The building, designed by C.Y. Lee & Partners and constructed primarily by KTRT Joint Venture.Taipei 101 received the Emporis Skyscraper Award in 2004. See Construction video Tapei 101
The main island of Taiwan, also known as Formosa (from Portuguese (Ilha) Formosa, meaning “beautiful (island)”) it is located in East Asia off the coast of mainland China, southwest of the main islands of Japan
Foreign nationals, who are resident in Taiwan and hold an Alien Registration Card, are allowed to buy residential property in Taiwan, but only if Taiwan nationals are also entitled to buy property in the foreign national’s home country, according to the “reciprocity rule”. They are required to apply to the Ministry of Economic Affairs for approval of the intended purchase.
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