Prime property prices in Taipei rise to 7th highest worldwide

The price of prime residential properties in Taipei climbed almost 19 percent in the third quarter of the year, putting the city in 7th place globally, according to the latest Prime Global Cities Index published by the real estate consultancy Knight Frank.

The valuation-based index, which tracks the price movement of prime properties across more than 45 cities worldwide, showed Taipei moving up three notches from the previous quarter to No.7 in the world, with housing prices rising by a quarterly 18.9 percent.

According to Andy Huang (???), marketing research director of REPro Knight Frank, Taipei's rise in the rankings, which were published Monday, meant that Taiwan's Central Bank's mortgage limits for prime residential properties were not reflected in the market.

Overall, the index surged by 9.5 percent in third quarter of the year, up from 8.3 percent in the second quarter, with some 85 percent of cities worldwide seeing a year-on-year increase in prime property prices.

In comparison, prices rose year-on-year in 76 percent of cities last quarter, with 16 of them seeing increases of more than 10 percent, the Knight Frank report showed.

Miami led the index with a 26.4 percent year-on-year rise in property prices in the third quarter, according to the report. The American city in the southern state of Florida has been attracting new remote workers seeking larger accommodation, coastal living, and lower taxes, the report indicated.

In Asia, only Seoul and Shanghai were ranked higher than Taipei, at No.2 and No. 3, respectively.

The Prime Global Cities Index tracks the performance of luxury residential prices across major global cities on a quarterly basis, using data compiled by the global research network of Knight Frank, a London-based independent real estate consultancy.

Source: Focus Taiwan News Channel