Thu, Feb 24, 2011 - Page 11 News List

Consultant worried by property prices in New Taipei City

Staff Writer

Soaring home prices in New Taipei City (新北) have prompted a real estate consultant to voice overheating concerns, the -Chinese-language United Daily News reported yesterday.

Billy Yen (顏炳立), general manager at DTZ Debenham Tie Leung International Property Advisers (戴德梁行), an international real estate provider, told the Taipei-based daily he remained optimistic about the overall property market, but believed home prices in New Taipei City were too high.

“It is an exaggeration that delayed purchases may end up being unaffordable purchases later,” Yen said. “Expectations of price hikes have prompted many to overprice their products and create false demand.”

Housing units in Linkou District (林口) are priced between NT$500,000 and NT$600,000 per ping (3.3m2), while units in Banciao District (板橋) and Sinjhuang District (新莊) are offered at NT$800,000 and NT$600,000 per ping respectively, Yen said.

The asking prices are approaching or have exceeded their counterparts in Neihu (內湖), Nangang (南港), Beitou (北投) and Wanhua (萬華) districts in Taipei, Yen said.

“It is an odd phenomenon because it would make more sense to buy housing in the capital instead,” said Yen, who is normally bullish about real estate properties.

Jeremy Shive (薛健平), general manager at Sinyi Realty Co (信義房屋), the nation’s only listed brokerage, said the economic fundamentals are favorable for the property market, but he welcomed stronger tightening measures to rein in housing prices.

“There are just too many speculators in the market,” Shive said.

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