Housing prices in Taipei soared by almost 200 percent in the past 20 years, showing the fastest growth among the six special municipalities in Taiwan, according to a research report released by Sinyi Realty Inc (信義房屋).
From 1995 to last year, home prices in Taipei rose 196.5 percent from NT$229,000 (US$7,387) per ping (3.3m2) to NT$679,000 per ping on average, Sinyi Realty said.
In New Taipei City, the most populous city in Taiwan, housing prices rose 145.3 percent during the 20-year period to NT$368,000 per ping from NT$150,000 per ping on average, the report showed.
In Taoyuan, home prices increased by 80.3 percent during the same period to NT$193,000 per ping, while prices in Taichung gained 89.3 percent to NT$195,000 per ping on average, according to the report.
The growth of home prices in Tainan and Kaohsiung was much lower than the four other municipalities during the 20-year period, with the rate not surpassing 50 percent, the report said.
In Tainan, home prices rose 49.4 percent to NT$133,000 per ping, while the cost in Kaohsiung increased by 47.3 percent to NT$165,000 per ping on average, the report indicated.
Stanley Su (蘇啟榮), a manager of Sinyi Realty’s research division, said that since the government has launched a tax reform plan in which property sellers are to face up to 45 percent in capital gains tax, the local property market is expected to become stable and mature.
The capital gains tax was passed by the Legislative Yuan earlier this month and is scheduled to become effective on Jan. 1 next year.
Under the new tax, gains on the sale of property will be taxed based on the actual gains. Moreover, sellers will be taxed more if they were not living in the property and had not owned it for a certain number of years, under the new tax measure.
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