TAIPEI (Taiwan News) — With the COVID-19 pandemic reducing international travel, foreign purchases of real estate in Taiwan slipped by 9.6 percent in 2020 compared to the previous year, reports said Thursday (Feb. 4).
Higher taxes and new measures preventing money laundering might also have contributed to the decline, CNA reported.
The number of buildings purchased dropped to 1,221 from 1,350, according to Ministry of the Interior data. While the number of land transactions fell by 21.7 percent to 3,036, the acreage affected by the deals actually rose by 3 percent.
Of the six special municipalities, Taichung proved the most popular destination for foreign real estate investors. It was the only city that recorded growth, with foreigners buying 213 buildings, a rise of 18.3 percent compared to 2019.
Analysts suggested that Taiwanese business people overseas registering foreign companies might have been the driving force behind the rise, according to the report. The central Taiwan city also saw an increase of 13.2 percent for land sales to foreign nationals or entities.
New Taipei City was still the area registering the highest number of land transactions, even with the number of plots involved falling by more than 40 percent compared to the previous year.
Stable economic development amid the pandemic guarantees that foreign investors will continue to regard Taiwan as a safe destination to do business, analysts said.