Taipei (Taiwan News) -- Valuation, research & consulting agency DTZ /Cushman & Wakefield Taiwan is gloomy about the local housing market as weak demand will continue well into 2018. The agency sees no recovery occurring until 2019.
DTZ Taiwan General Manager Billy Yen said the transaction volume in the local housing market last year hit a record low and the year 2017 likely looks worse, amounting to between 200,000 and 250,000 units.
Yen said the real bottom has yet to arrive and anticipated that the return to a good cycle will take years as it has in the past. He advised those planning to purchase homes can start window shopping now and consider buying in 2018.
The UK's independent real estate consultancy Knight Frank recently published its Global House Price index in which Taiwan ranked No. 2 globally for the sharpest fall in housing prices, with an annual decline of 8.9 percent, second only to Ukraine.