Luxury home prices in Taipei last quarter jumped 18.9 percent year-on-year, the second-best performer in Asia and seventh-fastest globally, as low interest rates and a shortage of homes fueled demand, a survey released on Monday by property consultancy Knight Frank LLP found.
The London-based consultancy revealed the findings in a quarterly report showing that prime housing prices in 46 major cities around the world rose 9.8 percent from a year earlier, the fastest acceleration since 2007.
In Asia, Taipei’s increase was only surpassed by Seoul’s 20.3 percent, while Dubai topped the survey globally with a 44.4 percent advance, followed by 42.4 percent in Moscow and 28.2 percent in Miami.
Photo: Hsu Yi-ping, Taipei Times
In Taipei, presale projects accounted for most of the transactions, little affected by credit controls and unfavorable policy measures that impose punitive income taxes on contract transfers, Knight Frank Taiwan researcher Andy Huang (黃舒衛) said.
The most transactions were reported for an upcoming luxury residential complex on Dunhua N Road and a landmark presale project in Nangang District (南港), where housing prices are catching up with apartment prices in the city’s central districts, Huang said.
The hikes in upscale housing prices likely had to do with rising inflationary pressure, as various surveys have shown that Taiwanese favor real estate over other investments as a hedge against inflation, he said.
Some funds might seek shelter in real estate as Russia’s invasion of Ukraine plays havoc with global equity markets, he added.
However, central bank is due to review its monetary policy tomorrow, while the Ministry of the Interior is drafting a bill that aims to impose heavy fines on dishonest housing advertisements, Knight Frank said.
The consultancy said it expects global central banks to turn hawkish and tighten regulations this year, with the US Federal Reserve likely to raise interest rates four times, while Singapore has raised taxes for all home buyers, including developers.
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