The prices of prime residential property in Taipei have fallen faster over the past year than in any major global city with the exception of Tokyo and Moscow, real-estate consultants Knight Frank said.
The average luxury home price in 39 cities in the world covered by the Knight Frank Prime Global Cities Index rose 4 percent in the fourth quarter of last year from a year earlier after an 3.8 percent year-on-year increase in the third quarter.
However, luxury home prices in Taipei fell 8 percent from a year earlier, only better than Tokyo (down 8.8 percent) and Moscow (down 11.2 percent).
Taipei rose two notches in the rankings from the third quarter, when luxury home prices fell 8.9 percent from a year earlier, Knight Frank said.
The decline in prices in Taipei eased in part because Taiwanese businesspeople in China are moving funds back to Taiwan and investing them in property to avoid China’s crackdown on tax evasion by foreign investors, Knight Frank research associate director of Andy Huang (黃舒衛) said.
Huang said the sale prices of some luxury homes in Taipei’s downtown area have shown signs of rebounding.
The index was compiled from government statistics, including data from central banks of the nations where the cities are located, Knight Frank said.
In Taipei, a luxury home was defined as a residence costing at least NT$80 million (US$2.61 million), but it was defined differently in other nations.
In the latest index, 25 cities saw their luxury home prices increase and 12 saw prices fall, with prices in two cities unchanged.
Shanghai took the top spot after luxury home prices there rose 27.4 percent year-on-year, ahead of Beijing (up 26.8 percent) and Guangzhou (up 26.6 percent).
Kate Everett-Allen, a director of Knight Frank’s international operations, said that although Chinese authorities have taken action to rein in skyrocketing home prices, only second-tier cities felt the pinch.
First-tier cities such as Shanghai, Beijing and Guangzhou still saw prime home prices increase sharply, she said.
Rounding out the top 10 in the rankings were Seoul (up 16.6 percent), Toronto (up 15.1 percent), Vancouver (14.5 percent), Sydney (up 9.3 percent), Melbourne (up 8.8 percent), Berlin (up 8.7 percent) and Cape Town (up 8.3 percent).
London ranked 35th after the price of residential property fell 6.3 amid lingering concerns over a move by the UK to start the Brexit process.
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
coverage expansion: The industrial PC maker has proposed to acquire 3.938 million Aures shares to strengthen its global smart retail presence Leading industrial PC maker Advantech Co (研華) plans to acquire Aures Technologies SA, a French company known for its point-of-sale (POS) and kiosk equipment, to expand its global coverage in smart retail products and services. Advantech proposed to acquire 3.938 million Aures shares from the French firm’s major shareholder and through a public tender offer at up to 6.7 euros per share, the PC maker said in a statement after announcing the deal at the Taiwan Stock Exchange late on Friday. The company aims to acquire up to 100 percent equity of Aures, a well-known brand in the western market with a