Taipei house prices rising

By Mo Yan-chih  /  Staff reporter

Wed, Jul 24, 2013 - Page 4

The Taipei City Government yesterday released its first official housing price index from August last year to April, showing a continuous increase in housing prices in Taipei, especially in Zhongshan (中山), Songshan (松山) and Nankang (南港) districts.

The housing price index reached 106.7 percent in April, increasing 6.7 percent since August last year. The average price of a standard house in the city, which refers to a 27 ping (89.3m2) apartment in a nine-story building that is 22 years old, is NT$13 million (US$434,390), according to the city’s Department of Land.

The price index of residential complexes in April is 109.12 percent, and the price of a unit in the complex is about NT$15 million, an increase of about 10 percent since August last year. The price index of five-story apartments is 106.38 percent, and the average price of an apartment unit is more than NT$13 million, an increase of 6.38 percent since August last year.

While housing prices in the expensive Daan (大安), Zhongcheng (中正) and Xinyi (信義) districts remain high, ranging from NT$68,500 per ping to NT$89,450 per ping in April, house prices in Nankang, Songshan and Zhongshan districts increased more during the period than in other districts, the report said.

Taipei Deputy Mayor Chang Ching-oh (張金鶚) said the housing price increase in the three districts reflected the public expectation of the potential in the area because of major development projects, including the construction of the MRT’s Songshan Line and the renovation of Songshan Railway Station.

On average, the city’s housing price has increased steadily since February as buyers regain interest in the housing market, he said.

“The purpose of the official housing price index is to give people an idea of the trend and rate of increase in real-estate prices. Offering transparent and credible information on housing prices will avoid any manipulation in the housing market,” he said.

Chang, a real-estate market expert, said the city will publish its housing price index every month from now on to promote transparency in the housing market, and will give in-depth analyses on housing prices in each district when the city collects more data on real-estate transactions.