The nation’s housing price index in the second quarter of this year rose 0.67 percent from three months earlier to 105.9 as home prices picked up across Taiwan on the back of real demand and asset allocation needs, Ministry of the Interior data showed.
Tainan reported the biggest advance at 1.31 percent, followed by Taichung’s 1.19 percent, Taoyuan’s 0.68 percent and Kaohsiung’s 0.38 percent gain, the data showed.
Housing prices inched up 0.2 percent in Taipei and 0.09 percent in New Taipei City.
Photo: Ann Wang, Reuters
The price hikes came even though Taiwan’s GDP contracted 0.58 percent during the April-to-June period when the COVID-19 pandemic inhibited consumer spending, but failed to weaken interest in real estate.
Deputy Minister of the Interior Hua Ching-chun (花敬群) said the price increase had to do with improving infrastructure in central and southern Taiwan, which explains why the uptick was less evident in the greater Taipei area.
Compared with a year earlier, the housing price index grew at an average of 1.38 percent, the data showed.
Meanwhile, housing affordability improved as the average mortgage burden fell 0.66 percent from the previous quarter and 1.42 percent from a year earlier to 34.64 percent, the ministry said.
Lower borrowing costs accounted for lower mortgage burdens in almost all parts of Taiwan except Taipei, it said.
The central bank in March cut the rediscount rate to a record low of 1.125 percent in the hope of easing financial burden on households amid the pandemic.
State-run and private lenders took the cue and reduced their interest rates.
Mortgage burden declined 2.58 percent in Taichung, fell 1.9 percent in New Taipei City and shrank 0.92 percent in Taoyuan, the ministry said.
Tainan and Kaohsiung saw mortgage payments softening 0.63 percent and 0.75 percent respectively, it said.
Taipei bucked the decline with a 0.51 percent gain to 57.57 percent, it said.
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