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New homes in 6 major cities in Taiwan cost over NT$10 million

TAIPEI, Taiwan -- New homes in six major cities in Taiwan were priced at more than NT$10 million (US$336,825) on average, showing the local property market was still booming despite the government's efforts to curb skyrocketing prices, a sales agency said Saturday.

U-Trust Rehouse, one of Taiwan's leading realty agencies, said new homes constructed within the last five years cost home buyers more than NT$10 million in the cities of Taipei, New Taipei, Hsinchu, Taichung and Kaohsiung, as well as the county of Taoyuan.

In Tainan City, however, new housing carried a price tag of only NT$9.13 million on average, which seemed more affordable to home buyers, U-Trust Rehouse said.

The property sales agency used statistics compiled under the current property price registration system for the first 10 months of this year.

The government implemented a property price registration rule in August 2012 to try to ensure market transparency and dampen speculative interest at a time when most wage earners say they could not afford to buy a home. Previously, home owners and buyers were not registering the actual sales price.

The average price of new homes in Taipei City reached NT$29.8 million, the highest among the six major cities. U-Trust Vice President Liu Pin-yao said land supply in Taipei City is scarce so the number of new homes has been limited, which has kept the prices high.

Liu said consumers who want to reside in Taipei City but cannot afford expensive new homes in the city should look for second-hand homes that are more than five years old.

Prices of homes which were constructed five to 10 years ago in Taipei City hit NT$20.54 million on average, while homes that are more than 10 years old were priced at NT$18.51 million on average.

Liu said new homes located in New Taipei City can serve as a good alternative to those in Taipei City as the average price of new homes completed within the past five years cost NT$16.5 million in New Taipei, much lower than home prices in Taipei City.

New Taipei City homes that are five to 10 years old and those that are more than 10 years old were priced at NT$10.98 million and NT$8.42 million, respectively, according to U-Trust.

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