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July 23, 2017

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Pricey capital city pushes residents to New Taipei

The number of people moving from Taipei to New Taipei City increased more than 14 percent in the second quarter, government figures have shown, as property prices in the capital city continue rising.

A total 13,254 residents of the capital city moved to the neighboring city in the second quarter, rising 14.54 percent compared to the first quarter, according to statistics from the interior ministry.

Taoyuan County was also a major destination for both Taipei and New Taipei residents wishing to relocate.

A total of 1,885 Taipei resident settled in Taoyuan in the second quarter, increasing 14.73 percent, the figures showed, while 3,877 people from New Taipei City moved to the neighboring county, rising 20.12 percent.

Observers from the real estate market said the rising property prices are a major reason behind the rise in relocation to more affordable areas.

Such a trend had been less obvious over the past year as people had hoped property prices would come down on the government's "luxury tax" measures, such as imposing an extra tax on speculative transactions, the observers said.

But prices have shown no sings of falling, with some areas seeing prices going further up to the disappointment of particularly young people looking to have their own homes, they said.

The latest move has been taken chiefly by young people who could not afford the prohibitive prices in Taipei or New Taipei and would still want comfortable living conditions, such as apartments of considerable sizes, the observers said.

Prices in some New Taipei areas and in Taoyuan in general are still affordable at less than NT$200,000 per ping (36 square feet), the observers said.

The improving transportation systems linking Taoyuan, New Taipei and Taipei are making it much easier to commute, they added.

Meanwhile in Kaohsiung, the property market has been booming, with June sales doubling from those in January this year, according to the United Evening News.

Prices in Kaohsiung are still much lower than those in Greater Taipei although average prices in some popular areas have risen more than 10 percent from about a year ago, it said.

The biggest boom in prices has taken place in Gushan district of the southern city, rising 15.9 percent to average NT$155,000 per ping, it added.

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