REPro Knight Frank has launched a new residential team in Taipei to capitalise on anticipated demand for local and international residential properties. The expansion of the business to the residential market in Taiwan, backed by a strong global network and solid local pedigree, further strengthens Knight Frank’s foothold in the international prime residential market.
Cliff So, Executive Director of REPro Knight Frank, together with a team of 10 experienced residential specialists, will handle sales of both local and international residential properties, focusing on key international investment markets including the United Kingdom, the United States, Japan and Australia.
Michael Tseng, Executive Chairman at REPro Knight Frank, says, “Knight Frank has been one of the leaders in the international prime residential market in many key locations for more than 30 years. Our strong local experience, backed by an extensive global network of international real estate professionals, together with Knight Frank’s recent strategic partnership with Douglas Elliman in the United States, gives us a strong foundation to provide a best-in-class service to our clients in Taiwan.”
Colin Fitzgerald, Managing Director at Knight Frank Greater China, says, “Asia saw the largest rise in its wealth population compared to other regions across all wealth brackets. It is an integral part of Knight Frank’s global plan to continue to grow in Asia. Taipei is central to this with 22 local billionaires in 2014 and ranked as the 4th largest billionaire population in Asia in the same year. We are pleased to see REPro Knight Frank enhancing its services offering by adding a new residential team which will definitely strengthen our position in Taiwan as a leading, all-rounded real estate consultancy.”
In 2014, the amount invested by Taiwanese buyers on overseas residential properties totalled about NT$50 billion, up 25% from 2013. This is fundamentally a trend since the implementation of property cooling measures in Taiwan in 2012 where many local investors have switched their investment focus to international real estate for higher capital appreciation and rental yield.
Cliff So explains, “Since the implementation of the cooling measures in Taiwan, most property investors have adopted a conservative strategy. The speculators have left the market and hence mainly end-users have remained on the market. In 2014 alone, transaction volume in residential market across Taipei City and New Taipei City dropped 22%, which was the largest drop in the past five years.”
Source: Ministry of the Interior, Republic of China (Taiwan)
Cliff So adds, “The recent announcement of the new capital gain tax scheme could further weaken the confidence of property investors, and hence they may be more eager to dispose their residential properties before the launch of the new tax regime in 2016; buyers will then enjoy a greater negotiation power with more property options available on the market.
“All these factors could potentially propel real estate investors in Taiwan to seek for opportunities to invest in overseas properties. Knight Frank’s international network of 370 offices in 55 countries across six continents, coupled with our new residential team in Taiwan, will enable us to advise and assist our investors with the best real estate investment opportunities globally.”
In view of the keen demand for overseas investment opportunities in prime residential property, REPro Knight Frank will be exhibiting an exclusive collection of apartments at one of London’s prime riverside developments, Royal Wharf, in Taipei at Cathay Financial Conference Centre on 5 and 6 June 2015. More details to follow in a week’s time.