Taipei hous­ing prices are more than 5 times higher over 27 years

The China Post - - LOCAL -

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.

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