Prices for old apartments in Taipei city fall 10.84%: firm

According to a survey released by the brokerage firm, prices have fallen for most of the island's old, non-elevator apartments ever since the new registration system took effect in August 2012. This is especially the case in Taipei, H&B said.

“Except for an irregularity in which an apartment in Datong District was sold for NT$200,000 a ping, prices fell by a significant margin. Wenshan and Wanhua Districts, for example, saw prices fall 24.17 percent and 26.84 percent, respectively,” said Hsu Chia-shin, researcher with H&B.

Prices were more stable in Xinyi and Shilin, two of the more upscale districts of Taipei, she said.

Hsu attributed the price decline to various factors, including the revelation of real transaction prices on the government's home registration website, and constrained budgets from buyers who were unable to keep prices high.

Another factor that caused a price drop was the realization that urban revitalization programs, which caused old apartment prices to soar in recent years, were not that attractive, she said.

“This has become the case after the Wenlinyuan Incident,” she said.

In the Wenlinyuan Incident, all residents of an old apartment complex except one agreed to have the building torn down to allow the construction of a new one, called Wenlinyuan. Yet the protest staged by the one opponent has kept the new building from being constructed, leaving all other residents essentially homeless.

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