Treasury: Median home price fell 7.4% in 2010

January 26, 2011 19:30

The Ministry of Finance reported that the median home price was 0.6% lower in December 2010 than in November, and was 7.4% lower than in December 2009.

The Central Bureau of Statistics, in contrast, has reported consistently rising home prices in its monthly resident-owned apartments survey.

The Ministry of Finance asserted that the increase in purchases of apartments for investment was due to the rise in the purchase tax on investors, which came into effect in January. Investors therefore brought forward purchases to avoid the higher tax rate.

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