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September 20, 2017

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Xinyi District property prices twice as high as eight years ago

The China Post news staff--Average property prices in Taipei's Xinyi District have increased by more than 200 percent over the last eight years, according to survey results released on Friday.

Prices of newly completed homes in the district have gone up from NT$244,000 per ping (1 ping = 35.57 square feet) to NT$805,000 per ping since 2003, up 230 percent. In terms of growth, real estate prices in Section Five of Zhongxiao East Road, also within Xinyi Distrixt, have increased the fastest over the last eight years, from NT$233,000 per ping in 2003 to NT$779,000 per ping this year, up 234 percent.

The survey was conducted by the media center of HouseFun, an on-line real estate brokerage house, to gauge the trends in real estate prices since 2003, when prices were at a historic low in the aftermath of an outbreak of Severe Acute Respiratory Syndromes (SARS) in the country.

Of the city's 12 districts, five others — Datong District, Neihu District, Zhongshan District, Nangang District, and Daan District — have registered increases upwards of 170 percent. Another five have reported slightly more than 100 percent hikes, while price hikes in Beitou District increased 98 percent.

In terms of per ping actual transaction prices, Xinyi district has led the pack with an increase from NT$227,000 in 2003 to NT$708,000 in 2011, up 211.89 percent; followed by Datong District, with an 181.44 percent increase from NT$167,000 in 2003 to NT$470,000 this year. Neihu was third with a 181.22 percent increase, from NT$181,000 in 2003 to NT$509,000 this year.

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