House prices stand at 9.35 times general income in Taiwan in 2016

2017/04/17 19:11:59 fontsize-small fontsize-default fontsize-big
(CNA file photo)

(CNA file photo)

Taipei, April 17 (CNA) Average house prices were 9.35 times the general income in Taiwan in the third quarter of last year, the highest ever, according to housing affordability data released Monday by the Construction and Planning Agency (CPA) under the Ministry of the Interior.

The data also shows that the mortgage burden for Taiwanese people was 38.49 percent in Q3 last year, meaning that every month, nearly 40 percent of their disposable income was spent on mortgage payments.

The mortgage burden was 1.35 percentage points higher than a quarter earlier, and 2.4 percentage points higher than the same period of the previous year, the data indicates.

In terms of the ratio of home prices to income, an increase of 0.37 times from the previous quarter and a rise of 0.82 times from the same period of the previous year were recorded.

The CPA said that in Q3 last year, the degree of housing affordability was "reasonable" in only five out of 20 counties and cities in Taiwan -- Yunlin County, Pingtung County, Chiayi City, Chiayi County and Keelung City -- while in Taipei and New Taipei, it was "excessively low."

Apart from Penghu County and Taitung County, in which no efficient data was acquired for the CPA's Q3 housing affordability survey in 2016, the other counties and cities had a "slightly low" degree of housing affordability in that period, the agency said.

(By Chen Cheng-wei and Elizabeth Hsu)
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