Taipei housing prices are more than 5 times higher over 27 years
Results of a survey conducted by a local housing magazine show that housing prices in metropolitan Taipei in the past 27 years have increased more than fivefold, and that to buy a 150-square-meter apartment, a double-income family would have to spend the entire salary of both partners for 45 years.
My Housing magazine reported that housing prices in Taipei have continued to increase over the decades and that between 2001 and 2014, the accelerated hikes since the early 1990s has driven housing prices to a level beyond the affordability of not only the average-income single person, but also the average double-income family.
According to the survey, the average monthly salary in Taiwan in May this year was NT$37,489 (around US$1,200), an increase of 18.3 percent over the average NT$31,690 in 1988.
Meanwhile, housing prices in Taipei today are more than five times higher than those of 1988.
According to the survey results, in 1988 a 150-square-meter apartment would cost around NT$7.38 million, equivalent to the total amount of a couple’s salaries earned in 9.7 years.
Using the Taiwanese land measurement unit of a ping, the survey indicates that in 1988, newly built housing cost an average NT$164,000 per ping (around 3.3 square meters), which had risen to NT$901,000 as of the second quarter of this year.