Tax measure fails to revive housing market
A reduction in real estate transfer tax has to led to larger numbers of potential buyers but failed to generate the expected increase in actual sales.
This is the conclusion drawn by ING Bank Economic Bureau in its Quarterly Housing Market Review which was published on Monday.
ING Bank says the disappointing result of the tax reduction is partly explained by low consumer confidence.
Growing concerns about the economy and job security has made consumers wary of long-term financial commitments.
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