Only really big countries (Canada or Australia) would have that. It’s not happening in small countries.
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I wonder if the issue is not big vs small but the East Asian effect, where the capital city acts like a contemporary imperial center of sorts, concentrating resources in a way that would be unimaginable in confederations such as Canada.
Guy
Developers buying everything in Berlin.
The economy will start growing once:
- US signs a free trade deal with Taiwan.
- Japan follows the US.
- After Japan, trade barriers in Asian will fall like dominoes, and Taiwan won’t be left behind.
I lived in Taiwan the first half of the 1980s as a child. Back then, not many cars. I visited in 1993 and things were drastically different. Went back again 2001, 2006, 2013, 2014. Booming economy and rapidly rising living standards are what’s expected.
I’ve posted the growth numbers. The economy was doing fine until the 2008 crisis. You might not have seen anything booming when you looked outside your window, growing it still was.
You have to grow the pie if you’re gonna raise living standards.
This describes by mom’s side of the family to a T. And it’s why we have six or seven homes in the US now. But you know the reason for the upshot in land prices is because Taiwan went from agrarian to industrial in a short time?
Every country is a pussy except the United States right now.
The economy wasn’t doing fine prior to 2008 , it was already starting it’s decline.
Source myself and my friends who worked in various industries at the time, many of which migrated to China after year 2000.
Also there was the George and Mary credit card crisis and the SARS crisis . They weren’t small things .
All owner occupied places I’ve been to have been renovated and do not fit your description. What you are describing is some rental slum dwelling.
Hes kind of right though.
Houses can be difficult to maintain over many decades here because of water getting into the walls.
Huh? not trying to be rude but that means nothing. Anecdotes are pointless. Every single estimation puts Taiwan’s pre-great recession growth in 6-8 percent annual growth range. So regardless of how you or your friends did the economy at large was as booming as it gets.
Also, the economy is picking up again, 2.6-2.8 ain’t bad for a rich country, but of course it won’t last cause that growth is mostly due to global growth which will go down the drain very soon. Pretty sure both US and China will hit major problems in the next 3 years.
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So Taipei is on par with London and Paris? lol what a deal!
Lots of crazy real estate prices, Met someone from Uzbekestan last year and she said even in their Capital Samarkand the price of a new 1000sq ft condo 2 bed 2 bath is now inflated to 500k USD…she doesn’t understand how thats justified either. I suspect a lot of money is being made on real estate speculation there too
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Where are these huge growth rates you are taking about ?
I was here in Taiwan all that time and the economy was never booming . Believe me, I’ve seen other booming economies and this wasn’t one of them.
Wage growth completely stalled in the 2000s. How do they stall in a booming economy exactly ?
As booming as it gets ? During a time of global economic expansion prior to the financial crisis?
And as I mentioned there were a few serious challenges like the credit card crisis and the SARs crisis.
Booming all the way…from the first Asian tiger to the last. Don’t get me wrong, I want Taiwan to get better.
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I think you did not really read my post. You realize London’s population is three times that of Taipei, right? You can check prices for Vienna and Munich and then look at Taipei real estate. The differences are not that big currently.
I did read it, Was being sarcastic since in a healthy real estate market the price is temepred by the cost to rent, income and overall real vacancy. So London or Berlins average income of renter vs Taipei weighs into the real value of the house.
In regards to Taipei being small, If New Taipei City and even Taichung now weren’t so expensive then I would buy that argument. New Taipei City is full of empty new apartments, entire buildings and they kept building more expecting the same price.
Actually many are slashing prices now in New Taipei and there is a lot more room to slash before there is a balance point between Price to own, Availabiliy, Income and Rental price. The population is also seeing a decline on top of everything else.
Local income is only a factor if the real estate buyers are also local and they actually want to rent out the apartment.
tbh, I don’t think they are (you have to keep in mind that nobody pays the sticker price).
Edit: Does not mean that I can afford it, I just think the prices are inline with global reality.
I think this would affect areas like Linkou first and foremost, which really has a lot of new housing.
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Which is really a big Taipei commuter suburb. There’s no lack of housing in Taiwan from North to South anyway! It’s quite different than places like Hong Kong and Singapore .
Greater Taipei has a very substantial population but it’s only growing slightly and Taipei city is negative itself.
Taichung has vast amounts of land on the edge of the city that was cleared and rezoned for new developments, I wonder how much will actually get built on with residential apartments. Taichung does have a growing population though.
Down south it’s all negative pop growth I believe.
Problem is we do not have that many owner occupied places. In our buiding, 2 out of 8 units are owner dwellings, the rest are rentals. Other buildings in the block may have one or none. Ours is an area of “high value”, close to MRT, astronomical rents for business…which means high rotation.
We need more people owning as they take care of stuff…unless like most owners of 80 properties, who care only about the space occuipied, and will hold on 50 or more years to a crumbling decaying eyesore because they want to sell it for a gazillion zillion NTD. Heaven forbid spending money on maintenance or paying taxes.
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That site is a joke.
It’s pretty foolish to believe that London and Berlin’s housing situation is healthy. Idk about Berlin other than it’s been inflated a lot over the past couple of years, besides, Germans rent a lot more than they buy, but London’s housing is an utter disaster. The rich Arabs and Chinese are buying everything. The real estate price and rent are both appalling for their average income.
Are you disputing Taiwan’s wages stalled from the early 2000s?