World’s Worst Property Market Confronts Taiwan’s New President
- Taipei prices fall most of 35 cities globally: Knight Frank
- Home prices in the capital had been rising for over a decade
Taiwan's capital Taipei was the world’s worst property market this year.
Photographer: Billy H.C. Kwok/BloombergTaiwan’s home prices, which have fallen in the past year ending a decade-long bull run, are poised to extend declines as the economy contracts and a new presidential administration focuses on equitable wealth distribution.
Home values in Taiwan dropped 1.2 percent and transactions declined 15.5 percent since the first quarter of 2015, according to data from the Interior Ministry, while capital Taipei was the world’s worst property market in the year ended March among major cities tracked by Knight Frank LLP. Tsai Ing-wen, the island’s first female president who assumed office last week, pledged to fight a growing wealth gap and to provide affordable housing for younger generations.