Overview of the 2025 Market Conditions

2025 年市場狀況概述

Taipei’s real estate market in 2025 is experiencing a noticeable cool-down after several years of heated growth. Transaction volumes have fallen sharply, and price momentum has stalled amid tighter credit conditions and economic uncertainties taipeitimes.com taipeitimes.com. In the first quarter of 2025, only about 63,000 property transfers were registered nationwide – a 20% drop year-on-year and the weakest volume in eight years taipeitimes.com. Across Taiwan’s six largest cities (including Taipei), housing transactions plummeted over 20% year-on-year by mid-2025 taipeitimes.com. This slowdown follows a period of surging activity in 2024; for example, home sales in the first half of 2024 had soared by 27% year-on-year amid economic recovery taipeitimes.com. However, sentiment shifted in late 2024 as global economic headwinds and new lending restrictions dampened buyer confidence.

2025 年台北的房地產市場在經歷了幾年的快速增長後，明顯降温。由於信貸條件收緊和經濟不確定性，交易量急劇下降，價格動能停滯。2025 年第一季度，全國僅登記了約 63,000 宗房產轉讓，同比下降 20%，是八年來的最低交易量。在台灣六大城市（包括台北），到 2025 年中期，住房交易同比下降超過 20%。這一放緩緊隨 2024 年活動激增的時期；例如，2024 年上半年，房屋銷售同比激增 27%，得益於經濟復甦。然而，隨着全球經濟逆風和新的貸款限制在 2024 年底打擊了買家的信心，市場情緒發生了轉變。

Several factors are contributing to Taipei’s 2025 housing slump. The Central Bank’s implementation of selective mortgage credit controls (starting September 2024) has raised borrowing costs and reduced leverage for buyers taiwanhousing.tw taiwanhousing.tw. Banks now require larger down payments (loan-to-value ratios were cut roughly 10 percentage points for second homes) and have eliminated interest-only grace periods, making financing more stringent taiwanhousing.tw taiwanhousing.tw. Would-be buyers are also exercising caution: nearly 80% of surveyed house hunters prefer to “wait on the sidelines” until at least 2026 given the uncertain economy and tighter credit taipeitimes.com taipeitimes.com. Taiwan’s GDP is still growing (around 3% forecast for 2025) and interest rates remain relatively flat cbreemail.com, but high borrowing costs (mortgage rates ~2.5%+ even at state banks taipeitimes.com) and global trade tensions are undermining real estate sentiment.

多個因素導致了 台北 2025 年的住房低迷。中央銀行實施的選擇性 按揭信貸控制（自 2024 年 9 月開始）提高了借款成本，減少了買家的槓桿。銀行現在要求更高的首付款（第二套房的貸款價值比大約減少了 10 個百分點），並取消了僅付利息的寬限期，使融資變得更加嚴格。潛在買家也在謹慎行事：近 80% 的調查房屋獵手錶示，考慮到經濟不確定性和信貸收緊，他們更傾向於_“在場外觀望”_，至少要等到 2026 年。台灣的 GDP 仍在增長（預計 2025 年約為 3%），利率相對平穩，但 高借款成本（即使在國有銀行，按揭利率也在 2.5% 以上）和全球貿易緊張局勢正在削弱房地產市場的信心。

Critically, housing prices in Taipei have begun a modest correction. This is not a crash, but the frothy appreciation of 2020–2024 has leveled off. In Q4 2024, average housing prices nationwide fell 6.6% from the previous quarter, and all six major cities saw price declines taiwannews.com.tw taiwannews.com.tw. Taipei City’s prices dipped about 3% in Q4 (vs Q1 2024), a relatively mild drop compared to steeper corrections in southern cities like Kaohsiung (-10%) taiwannews.com.tw taiwannews.com.tw. By Q1 2025, Taipei’s average home price stood at roughly NT$1.233 million per ping (~US$38,000 for 3.3m²) – the highest in Taiwan taiwannews.com.tw taiwannews.com.tw, but growth has flattened. More sellers are cutting asking prices to close deals, with discounts of 10–12% off list price now common in Taipei – the widest gap since the pandemic era taipeitimes.com taipeitimes.com. In short, 2025’s market is characterized by weakening demand, rising inventory, and gentle price softening, especially in segments and regions that saw the biggest run-up.

關鍵是，台北的房價已經開始小幅修正。這並不是崩盤，但 2020 年至 2024 年的過快上漲已經趨於平穩。在 2024 年第四季度，全國平均房價較上一季度下降了 6.6%，所有六個主要城市的房價均出現下跌。台北市的房價在第四季度下降了約 3%（與 2024 年第一季度相比），相比於高雄等南部城市的更大幅度修正（-10%）而言，降幅相對温和。到 2025 年第一季度，台北的平均房價約為 每坪 NT$1.233 百萬（約合 3.3 平方米 38,000 美元）——在台灣最高，但增長已趨於平穩。越來越多的賣家降低要價以達成交易，台北的折扣普遍在 10% 至 12% 之間——這是疫情以來的最大差距。總之，2025 年的市場特徵是需求減弱、庫存上升和價格温和回落，尤其是在經歷了最大漲幅的細分市場和地區。

Residential Real Estate Trends in 2025

2025 年住宅房地產趨勢

The residential property sector in Taipei has shifted from a seller’s market to a more balanced or even buyer-favorable market in 2025. Homebuyers have more negotiating power than in previous years. According to Evertrust, the average bargaining range (difference between asking and closing prices) widened to around 10–12% in early 2025, whereas at the peak of the market in mid-2024 it was in the single digits taipeitimes.com taipeitimes.com. Taipei sellers led with the deepest discounts (about 12.8% off asking on average), followed by New Taipei (11.5%) and Tainan (11.1%) taipeitimes.com taipeitimes.com. This indicates that would-be buyers are successfully pushing for price concessions, a trend driven by the tighter credit environment and more abundant supply.

2025 年，台北的 住宅物業市場 已從賣方市場轉變為更平衡甚至買方有利的市場。購房者的議價能力 比以往幾年更強。根據 Evertrust 的數據，2025 年初，平均議價範圍（要價與成交價之間的差額）擴大至約 10% 至 12%，而在 2024 年中期市場高峰時，這一差距僅在個位數。台北的賣家提供了最深的折扣（平均約 12.8%），其次是新北市（11.5%）和台南（11.1%）。這表明，潛在買家正在成功爭取價格讓步，這一趨勢受到信貸環境收緊和供應充足的推動。

Housing supply has indeed increased. A record 100,000 new housing units are slated for completion across Taiwan in 2025, raising concerns of oversupply in certain regions taipeitimes.com. While Taipei City itself has limited land for large new developments, the greater Taipei metro (including New Taipei) has seen numerous projects in recent years. Notably, housing starts (new constructions) in 2024 dropped to a five-year low nationwide as developers grew cautious taiwannews.com.tw taiwannews.com.tw. In some areas with high inventories – for example, New Taipei’s redevelopment zones – builders actually delayed or scaled back projects in late 2024 after the credit tightening taiwannews.com.tw taiwannews.com.tw. This pullback in construction could eventually moderate supply growth. But in the near term, Taipei’s housing stock is plentiful thanks to the previous building boom, and unsold inventory remains elevated (many developers still hold numerous unsold pre-sale units) taiwannews.com.tw. As a result, buyers have more choices and less urgency, further cooling price pressure.

住房供應 確實有所增加。預計 2025 年台灣將完成創紀錄的 100,000 個新住房單位，這引發了對某些地區過剩供應的擔憂。雖然台北市本身可用於大型新開發的土地有限，但大台北地區（包括新北市）近年來有許多項目。值得注意的是，2024 年的住房開工（新建項目）在全國範圍內降至五年來的最低點，因為開發商變得謹慎。在一些庫存高的地區——例如新北市的重建區——開發商實際上在 2024 年底因信貸收緊而 推遲或縮減項目。這種建設的回撤可能最終會緩和供應增長。但在短期內，由於之前的建築熱潮，台北的住房庫存充足，未售出的庫存仍然較高（許多開發商仍持有大量未售出的預售單位）。因此，買家有更多選擇，緊迫感降低，進一步減輕了價格壓力。

Home price trends vary by segment. In the pre-sale (new build) market, prices remain relatively high – buoyed by developers’ earlier optimism – but sales rates have slowed. In Q2 2024, the average pre-sale price nationwide hit NT$530,300 per ping (≈NT$16 million for a 30 ping apartment), up 6.7% from the prior quarter taipeitimes.com taipeitimes.com. However, by Q4 2024, signs of price correction emerged even in new projects. The median national house price fell to about NT$338,600 per ping in Q4 taiwannews.com.tw taiwannews.com.tw, and price cuts of ~6% became common to move inventory taiwannews.com.tw taiwannews.com.tw. Taipei’s prime projects still command a premium (often NT$1 million+ per ping), but sellers are now more flexible under pressure. As one analyst noted, unlike the boom years when owners held firm, many sellers in 2025 are willing to negotiate or lower asking prices to offload units taiwannews.com.tw taiwannews.com.tw. This is especially true for investors holding multiple properties, who face higher carrying costs due to new taxes and lending rules (detailed in a later section).

房價趨勢 因細分市場而異。在 預售（新建）市場 中，價格仍然相對較高——受到開發商早期樂觀情緒的支撐——但銷售率已經放緩。在 2024 年第二季度，全國平均預售價格達到了每坪 NT$530,300（≈NT$1600 萬的 30 坪公寓），比前一季度上漲了 6.7%。然而，到 2024 年第四季度，即使在新項目中也出現了 價格修正 的跡象。全國中位房價 在第四季度降至每坪約 NT$338,600，價格下調約 6% 已成為常態，以便清理庫存。台北的優質項目仍然保持溢價（通常每坪超過 NT$100 萬），但在壓力下，賣家現在更加靈活。正如一位分析師所指出的，與業主在繁榮時期堅守的情況不同，2025 年的許多賣家願意談判或降低要價 以出售單位。這對於持有多處房產的投資者尤其如此，他們由於新税收和貸款規則面臨更高的持有成本（將在後面的部分詳細説明）。

Buyer demographics in Taipei’s residential market are also shifting. The government’s policies favoring first-time owner-occupiers are having an effect: the share of first-time buyers rose from ~57% in early 2023 to 61.4% by end-2024, indicating more genuine end-users in the market taiwanhousing.tw taiwanhousing.tw. Young families and singles are cautiously re-entering, helped by special mortgages (e.g. the New Youth Housing program) and by investors retreating. In fact, single-person and small-family households now dominate Taipei – nearly half of all Taiwanese households are one or two people taipeitimes.com. Taipei, New Taipei, and Kaohsiung have a particularly high number of single occupancies taipeitimes.com. This demographic trend means strong demand for smaller units and “one home per person” housing, aligning with the government’s goal of “one owner, one home” taipeitimes.com. Correspondingly, luxury speculative demand has pulled back. Even areas that saw frenzy due to tech industry news – for example, regions near new TSMC semiconductor fabs – have cooled. A survey in early 2025 showed mixed expectations for house prices near TSMC’s planned facilities, with just over half of respondents still expecting price gains and the rest predicting stability or declines taipeitimes.com. This ambivalence reflects awareness that tech-driven booms can reverse if projects stall or if speculation runs too far ahead of fundamentals.

台北住宅市場的買家人口結構 也在發生變化。政府對首次購房者的政策正在產生影響：首次購房者的比例從 2023 年初的約 57% 上升至 2024 年底的 61.4%，這表明市場上有更多真實的自住需求。年輕家庭和單身人士在特殊抵押貸款（例如新青年住房計劃）的幫助下謹慎重返市場，同時投資者也在撤退。事實上，單身和小家庭户現在主導了台北——幾乎一半的台灣家庭是一個或兩個人。台北、新北和高雄的單人居住數量尤其高。這一人口趨勢意味着對 小户型的強勁需求 和 “每人一套房” 的住房需求，與政府的_“一人一房”_目標相一致。因此，奢侈品的投機需求有所回落。即使是由於科技行業新聞而出現狂熱的地區——例如新台積電半導體廠附近的區域——也已降温。2025 年初的一項調查顯示，受訪者對台積電計劃設施附近房價的預期不一，超過一半的受訪者仍然期待價格上漲，其餘人則預測穩定或下降。這種矛盾反映出人們意識到 科技驅動的繁榮可能會逆轉，如果項目停滯或投機過度超前於基本面。

On the rental side, Taipei’s residential rents have remained relatively stable and low-yield relative to prices. Rental yields in Taipei average only around 2% annually, which is among the lowest in Asia investasian.com investasian.com. This means buying to let is not very profitable, and many investors counted on capital appreciation instead. With price growth flattening, some would-be landlords are rethinking their strategy, and more homes may return to the for-sale market. The affordability crisis remains severe: home price-to-income ratios in Taiwan hover around 15–20, and in Taipei it can take roughly 40 years of average income to afford a modest apartment investasian.com investasian.com. This has led to public outcry over housing justice, population outflow from Taipei (over 20,000 net residents left Taipei City in Q1 2025, often seeking cheaper homes in suburbs) taiwannews.com.tw taiwannews.com.tw, and continuous government efforts to tame prices.

在 租賃市場 方面，台北的住宅租金相對穩定且相對於價格收益較低。台北的租金收益率平均僅約為 2%，在亞洲屬於最低水平之一。這意味着出租房產並不十分盈利，許多投資者依賴資本增值。隨着價格增長趨於平穩，一些潛在的房東正在重新考慮他們的策略，更多的房屋可能會迴歸出售市場。可負擔性危機 依然嚴重：台灣的房價與收入比約為 15-20，而在台北，購買一套普通公寓大約需要 40 年的平均收入。這導致了公眾對住房公正的強烈呼聲，人口從台北流出（2025 年第一季度超過 20,000 名淨居民離開台北市，通常是為了尋找更便宜的郊區住房），以及政府持續努力抑制房價。

In summary, Taipei’s 2025 residential market is in a cooldown phase: sales volumes are down, price growth is turning to mild decline, and leverage-fueled speculation is ebbing. End-users are slowly regaining the upper hand, and the market is healthier in the sense that froth is being squeezed out. But affordability challenges persist, and a true buyers’ market will depend on further price adjustments or income growth.

總之，台北 2025 年的住宅市場正處於降温階段：銷售量下降，價格增長轉向温和下滑，槓桿驅動的投機正在減退。最終用户正在慢慢重新獲得主導地位，市場在某種程度上更健康，因為泡沫正在被擠出。但可負擔性挑戰依然存在，真正的買方市場將取決於進一步的價格調整或收入增長。

Commercial Real Estate Trends (Office, Retail, and Industrial)

商業房地產趨勢（辦公、零售和工業）

Commercial real estate in Taipei shows a mixed picture in 2025, with the office sector facing headwinds while some industrial/logistics segments remain robust. According to CBRE’s outlook, office vacancy rates are rising and expected to reach a seven-year high in 2025 cbreemail.com. New supply is coming online – including several premium office towers in the Xinyi and Nangang districts – outpacing current tenant demand. This surge in supply is turning Taipei’s office market into a tenant-favorable environment, a stark change after years of low vacancy. Landlords in older or non-prime buildings are likely to face increased competition and may need to offer incentives or lower rents to attract tenants. Indeed, many firms are pursuing “flight-to-quality” relocations cbreemail.com, upgrading to newer buildings with better amenities and leaving behind older offices. As a result, landlords’ bargaining power is eroding in the office segment, and rent growth is expected to be subdued in 2025.

台北的商業房地產 在 2025 年呈現出複雜的局面，辦公部門面臨逆風，而一些工業/物流領域仍然強勁。根據 CBRE 的展望，辦公空置率正在上升，預計將在 2025 年達到七年來的最高點。新的供應正在上線——包括在信義和南港地區的幾座高檔辦公大樓——超出了當前租户的需求。這一 供應激增 正在將台北的辦公市場轉變為租户友好的環境，這與多年來低空置率的情況形成鮮明對比。老舊或非優質建築的房東可能面臨競爭加劇，可能需要提供激勵或降低租金以吸引租户。事實上，許多公司正在追求_“品質遷移”_，升級到設施更好的新建築，拋棄舊辦公室。因此，房東在辦公領域的議價能力正在下降，預計 2025 年的租金增長將受到抑制。

Meanwhile, the retail property sector in Taipei is cautiously improving but not without challenges. Consumer confidence has been somewhat shaky due to stock market volatility and global economic uncertainty cbreemail.com. Thus, retailers are expanding carefully, focusing on proven locations and formats. The luxury retail segment (especially around Taipei 101/Xinyi and Zhongshan areas) has seen a rebound as tourism resumes in Asia, but neighborhood retail and shopping centers are still recovering from pandemic-era shifts to e-commerce. E-commerce growth continues to drive demand for modern logistics and warehousing space cbreemail.com. Taipei’s industrial real estate, particularly warehouses and last-mile distribution centers, remains a bright spot. Companies are investing in supply chain infrastructure; large e-commerce and 3PL (third-party logistics) firms seek high-quality logistics facilities around New Taipei and Taoyuan where land is available cbreemail.com. This has kept industrial vacancy low and rents relatively firm.

與此同時，台北的 零售物業市場 正在謹慎改善，但並非沒有挑戰。由於股市波動和全球經濟不確定性，消費者信心有所動搖。因此，零售商正在謹慎擴張，專注於經過驗證的地點和業態。奢侈品零售領域（尤其是在台北 101/信義和中山區）隨着亞洲旅遊的恢復而出現反彈，但社區零售和購物中心仍在從疫情時期向電子商務轉型的影響中恢復。電子商務增長 繼續推動對現代物流和倉儲空間的需求。台北的工業房地產，特別是倉庫和最後一公里配送中心，仍然是一個亮點。公司正在投資供應鏈基礎設施；大型電子商務和第三方物流（3PL）公司在新北和桃園尋求 高質量的物流設施，那裏土地供應充足。這使得工業空置率保持在低位，租金相對穩定。

It’s worth noting that Taipei’s commercial real estate is also influenced by broader economic shifts. The city is not a regional financial hub on the scale of Hong Kong or Singapore, but it is a headquarters city for tech manufacturers and service companies. As some tech production expands outside Taiwan, and with more people embracing remote or hybrid work, office space absorption has slowed. CBRE reports that these trends, combined with new completions, will make 2025 challenging for office landlords cbreemail.com. Conversely, any economic uptick or stabilization in trade policy (e.g. resolution of U.S.–China trade frictions) could improve business confidence and thus demand for office and retail space. For now, companies remain cost-conscious: we see firms consolidating offices or opting for smaller footprints in flexible/co-working spaces rather than large conventional leases.

值得注意的是，台北的商業房地產 也受到更廣泛經濟變化的影響。該市並不是像香港或新加坡那樣的區域金融中心，但它是科技製造商和服務公司的總部城市。隨着一些科技生產向台灣以外擴展，以及越來越多的人接受遠程或混合工作，辦公空間的吸納速度放緩。CBRE 報告稱，這些趨勢，加上新竣工的項目，將使 2025 年對辦公房東來説充滿挑戰。相反，任何經濟回暖或貿易政策的穩定（例如美中貿易摩擦的解決）都可能改善商業信心，從而提高對辦公和零售空間的需求。目前，公司仍然注重成本：我們看到企業在整合辦公室或選擇在靈活/共享空間中佔用更小的面積，而不是簽訂大型傳統租約。

In summary, commercial property in Taipei 2025 can be characterized as an evolving landscape:

總之，2025 年台北的商業物業 可以被描述為一個不斷演變的格局：

Office: Rising vacancy and more tenant leverage as supply peaks cbreemail.com. Rent growth is flat and older buildings, especially non-prime, face pressure.
Retail: Slow expansion; prime retail holds value, but overall retail demand is tempered by cautious consumer spending cbreemail.com.
Industrial/Logistics: Strong demand for warehouses and logistics centers thanks to e-commerce and supply chain investments cbreemail.com. This sub-sector is an outperformer, with stable or rising rents and low vacancy in modern facilities.

辦公： 空置率上升，租户的議價能力增強，因為供應達到峯值。租金增長持平，尤其是非優質的老舊建築面臨壓力。
零售： 緩慢擴張；優質零售保持價值，但整體零售需求因消費者支出謹慎而受到抑制。
工業/物流： 由於電子商務和供應鏈投資，倉庫和物流中心的需求強勁。這個子行業是 表現優異者，現代設施的租金穩定或上升，空置率低。

Investors in Taipei’s commercial market are thus shifting focus: some local institutional investors (e.g. insurers) are still allocating funds to real estate in 2025, but overall real estate investment volumes are expected to decline in 2025 given the cooling market cbreemail.com. Those who are investing show preference for industrial and niche sectors, or prime core assets, rather than speculative office projects. The office and retail sectors may need to wait for a clearer economic “soft landing” before seeing renewed growth.

因此，台北商業市場的投資者正在轉變關注點：一些地方機構投資者（例如保險公司）仍在 2025 年將資金分配到房地產，但整體 房地產投資額預計將在 2025 年下降，因為市場降温。那些正在投資的人更傾向於工業和細分市場，或優質核心資產，而不是投機性的辦公項目。辦公和零售領域可能需要等待更清晰的經濟 “軟着陸”，才能看到新的增長。

Forecasts and Projections for the Coming Years

未來幾年的預測與展望

Looking ahead, most analysts predict that Taipei’s property market will have a soft landing rather than a dramatic crash, but it will remain sluggish in the near term. Evertrust, Taiwan’s largest brokerage, forecasts that total property transactions nationwide will likely fall below 280,000 units in 2025, down from over 300,000 in 2024, as the market continues to cool taipeitimes.com taipeitimes.com. Modest price declines are expected to continue through 2025 – on the order of a few percentage points – unless a major shock occurs. “We’re not seeing a market crash, but there’s also no momentum for a rebound,” Evertrust’s general manager explained in June taipeitimes.com taipeitimes.com. In other words, the baseline expectation is for shrinking sales volume and moderate price correction going forward taipeitimes.com.

展望未來，大多數分析師預測 台北的房地產市場將實現軟着陸，而不是劇烈崩潰，但在短期內仍將保持疲軟。台灣最大的經紀公司永信預測，2025 年全國房地產交易總量可能會降至 28 萬套以下，低於 2024 年的 30 多萬套，因為市場繼續降温。預計 價格小幅下跌 將持續到 2025 年，幅度在幾個百分點左右，除非發生重大沖擊。_“我們沒有看到市場崩潰，但也沒有反彈的動力，”_永信的總經理在 6 月解釋道。換句話説，基線預期是 銷售量縮減和適度的價格修正 將持續。

Key factors informing these projections include:

影響這些預測的關鍵因素包括：

Continued tight credit: The Central Bank has signaled it will maintain selective mortgage restrictions until prices stabilize. As of early 2025, loan-to-value ratios for second homes are around 60% (even lower for luxury properties), and banks are enforcing rigorous income vetting taiwanhousing.tw taiwanhousing.tw. With financing “no longer friction-free”, speculative demand should remain muted taipeitimes.com taipeitimes.com. Interest rates are expected to stay flat or only gently rise, which provides some stability cbreemail.com, but there is little expectation of rate cuts that would stimulate new borrowing. In short, credit conditions will likely keep the market in check through 2025.
Supply overhang and construction pipeline: The wave of completions in 2025 adds supply in both residential and commercial segments. High new supply – e.g. 100k new homes nationwide in 2025 – will take time to be absorbed taipeitimes.com. However, leading indicators suggest a slowdown in future supply: housing starts dropped in 2024, meaning fewer new projects will hit the market in 2026–2027 taiwannews.com.tw taiwannews.com.tw. Many developers postponed projects after September’s credit tightening, especially in oversupplied areas taiwannews.com.tw taiwannews.com.tw. This could actually help balance the market in the medium term. For 2025-26, though, buyers will benefit from ample choices and developers clearing inventory, keeping price growth subdued.
Government policy stance: Policymakers in Taiwan have shown resolve in pursuing “housing justice” measures to curb speculation and improve affordability. Tax reforms (discussed below) and credit controls are part of this. It’s anticipated that the government will not loosen these measures in the next couple of years unless the economy weakens severely. In fact, further tightening steps are possible if prices tick back up too quickly taipeitimes.com. This vigilant policy approach suggests that any market rebound will be deliberately restrained. A “red-hot” resurgence like early 2024 is unlikely under the new regulatory regime.
Economic and external factors: Taiwan’s economy is forecast to grow modestly (~2–3% per year) in the near term cbreemail.com, which supports housing demand but not at a runaway pace. Export-dependent industries face uncertainty from U.S.–China trade tensions and slower global growth. Additionally, rising cross-strait geopolitical risks add a layer of caution for investors taiwannews.com.tw. Barring a major positive shock (such as a tech boom or a sudden surge of foreign capital), the demand side for real estate will likely remain cautious through 2025. On the positive side, low unemployment and wage growth in tech sectors provide underlying support for housing fundamentals in Greater Taipei, preventing any severe collapse in demand taiwannews.com.tw.

持續緊縮的信貸：中央銀行已表明將維持選擇性的抵押貸款限制，直到價格穩定。到 2025 年初，二手房的貸款價值比約為 60%（奢侈物業的比例更低），銀行正在嚴格審核收入。由於融資 “不再無摩擦”，投機需求應保持低迷。預計利率將保持平穩或僅小幅上升，這提供了一定的穩定性，但幾乎沒有降息的預期來刺激新的借貸。簡而言之，信貸條件可能會在 2025 年之前抑制市場。
供應過剩和建設管道：2025 年的完工潮為住宅和商業領域增加了供應。高新供應——例如 2025 年全國新增 10 萬套住房——將需要時間來消化。然而，領先指標表明未來供應將放緩：2024 年住房開工量下降，這意味着在 2026-2027 年將有更少的新項目進入市場。許多開發商在 9 月份信貸收緊後推遲了項目，尤其是在供應過剩的地區。這實際上可能有助於在中期平衡市場。不過在 2025-26 年，買家將受益於豐富的選擇 和開發商清理庫存，從而保持價格增長温和。
政府政策立場：台灣的政策制定者在追求 “住房公正” 措施以遏制投機和改善可負擔性方面表現出決心。税收改革（如下文討論）和信貸控制是其中的一部分。預計政府在未來幾年內不會放鬆這些措施，除非經濟嚴重疲軟。事實上，如果價格過快回升，進一步的 收緊措施 是可能的。這種警惕的政策方法表明，任何市場反彈都將被故意抑制。在新的監管制度下，像 2024 年初那樣的 “火熱” 復甦是不太可能的。
經濟和外部因素：預計台灣經濟在短期內將温和增長（約 2-3%），這支持住房需求，但不會以失控的速度增長。依賴出口的行業面臨來自美中貿易緊張局勢和全球增長放緩的不確定性。此外，日益上升的兩岸地緣政治風險為投資者增加了一層謹慎。除非出現重大積極衝擊（如科技繁榮或外資突然湧入），房地產的需求側在 2025 年之前可能會保持謹慎。積極的一面是，科技行業的低失業率和工資增長為大台北地區的住房 基本面 提供了支持，防止需求出現嚴重崩潰。

Overall, the consensus outlook for Taipei’s real estate over the next few years is one of a gentle correction and plateau. Prices are expected to drift slightly downward or flatline, rather than escalate. Volume of transactions may remain below recent averages as buyers and sellers adjust expectations. Analysts describe it as a “sluggish” or “stagnant” phase taiwannews.com.tw – essentially a necessary cooling-off after a period of exuberance.

總體而言，未來幾年台北房地產的共識展望是温和修正和平台期。 預計價格將略微下滑或保持平穩，而不是上漲。交易量可能會低於近期平均水平，因為買賣雙方在調整預期。分析師將其描述為 “緩慢” 或 “停滯” 階段——本質上是經歷了一段繁榮後的必要降温。

For potential homebuyers, this forecast means better opportunities ahead: more room to negotiate and possibly slight price bargains, especially in areas or property types that had overshot in price. As a Chinatrust Real Estate manager noted, current conditions are “better for homebuyers with genuine needs” because sellers are more flexible now taiwannews.com.tw. For investors, near-term capital gains prospects appear limited; rental yields are unlikely to improve markedly, so holding costs versus returns must be carefully weighed.

對於潛在的購房者來説，這一預測意味着 更好的機會在前方：更多的談判空間和可能的輕微價格優惠，尤其是在價格過高的地區或物業類型。正如中信房地產的一位經理所指出的，當前的條件對 “有真實需求的購房者更為有利”，因為賣家現在更靈活。對於投資者而言，短期內資本增值的前景似乎有限；租金收益 不太可能顯著改善，因此持有成本與回報必須仔細權衡。

Looking beyond 2025, once the market finishes its correction and if Taiwan’s economy remains stable, the long-term trajectory for Taipei property is cautiously optimistic but not explosive. Taipei is the political and economic capital, and land supply is constrained, so housing will continue to be in demand. Demographic shifts (aging population, smaller households) could cap demand growth, but urban renewal and tech industry development (e.g. AI, semiconductor hubs) could provide new drivers. Importantly, if inflation and interest rates ease in coming years, some pent-up demand may re-enter the market. Local experts predict a “soft landing” in 2025 with a possible gentle recovery thereafter cbreemail.com – though any future rally will likely be far more moderate than the double-digit annual gains seen in 2021–2022.

展望 2025 年之後，一旦市場完成修正，並且台灣經濟保持穩定，台北房地產的長期軌跡謹慎樂觀 但不會爆發。台北是政治和經濟中心，土地供應受限，因此住房需求將持續存在。人口結構變化（老齡化、家庭規模縮小）可能會限制需求增長，但城市更新和科技產業發展（如人工智能、半導體中心）可能提供新的驅動力。重要的是，如果未來幾年通貨膨脹和利率緩解，一些被壓抑的需求可能會重新進入市場。當地專家預測 2025 年將實現 “軟着陸”，隨後可能會有温和復甦——儘管未來的任何反彈可能遠比 2021-2022 年看到的兩位數年增幅要温和得多。

Impacts of Government Policies, Taxes, and Regulations

政府政策、税收和法規的影響

Taiwan’s government has been proactive in implementing policies to cool the housing market and promote affordability, and these measures are significantly shaping Taipei’s real estate dynamics in 2025. Key policy tools include tax reforms, credit controls, and regulatory restrictions:

台灣政府在實施政策以 降温房地產市場和促進可負擔性 方面表現積極，這些措施正在顯著塑造 2025 年台北的房地產動態。關鍵政策工具包括 税收改革、信貸控制和監管限制：

Selective Credit Controls: Taiwan’s Central Bank has introduced multiple rounds of mortgage tightening (by late 2024, it was the seventh round of such controls taiwannews.com.tw). In September 2024, new rules cut allowable loan-to-value (LTV) ratios for second-home mortgages by 10%, and even more for third homes and luxury properties taiwanhousing.tw. For instance, a buyer who could previously borrow 80% for a second property might now get only 60–70%. Additionally, interest-only grace periods on mortgages were eliminated – all borrowers must start repaying principal immediately taiwanhousing.tw taiwanhousing.tw. These rules, initially targeting the big six cities, were expanded nationwide to prevent speculative flows to smaller cities taiwanhousing.tw taiwanhousing.tw. The impact has been profound: banks now demand higher down payments (often 30–40% from even local buyers, and 50%+ down payment for many foreign buyers in practice) taiwanhousing.tw taiwanhousing.tw. Stricter income and background checks are in place to weed out fake “first-time buyers” who are actually proxies for investors taipeitimes.com. Overall, getting a mortgage in Taipei is much tougher now than a couple of years ago – a deliberate move to curb leverage and cool speculation.
“House Hoarding Tax 2.0” and Property Tax Reforms: In mid-2024, Taiwan passed significant housing tax reforms aimed at penalizing multiple-home ownership and encouraging owner-occupancy. Often dubbed the House Hoarding Tax 2.0, the new system raised the annual property tax rates on non-owner-occupied homes to 2%–4.8% (from the previous 1.5%–3.6%), while cutting the rate for owner-occupied primary residences to 1% (from 1.2%) taiwannews.com.tw taiwannews.com.tw. This took effect in July 2024 with taxes payable from 2025. Importantly, the law changed how authorities count homeownership: instead of per-city, it’s now a nationwide registry, preventing investors from claiming multiple “primary homes” in different cities to dodge higher taxes taiwannews.com.tw taiwannews.com.tw. For Taipei homeowners, this means if you own two or more houses anywhere in Taiwan that aren’t rented for social purposes or your residence, you’ll face a much steeper tax bill. On the flip side, genuine owner-occupiers (including foreign residents with local residency permits) benefit: foreign permanent residents in Taiwan who live in their home are now eligible for the same low 1% self-use house tax rate taiwannews.com.tw taiwannews.com.tw. Roughly 16,000 foreigners are expected to benefit from these preferential rates starting 2025, as long as they register their residence and it’s not rented out taipeitimes.com taipeitimes.com. This policy underscores the government’s “housing for use, not speculation” stance. Early signs show it’s working: the one-home tax break and higher holding costs on extra homes have nudged more owners to sell secondary units and boosted the share of first-home buyers taiwanhousing.tw taiwanhousing.tw.
Capital Gains and Speculation Tax: Even earlier, in July 2021, Taiwan introduced tougher taxes on short-term property transactions to discourage flipping english.ey.gov.tw. Under these rules often called the consolidated housing and land income tax 2.0, properties sold within 2 years of purchase incur up to 45% tax on the gains (and 35% if sold within 2–5 years). This has significantly increased the cost of quick flips. By 2024, evidence of speculation (e.g. quick resales of pre-sale contracts) had subsided somewhat, as holding a property for only a few months is no longer lucrative due to punitive taxes english.ey.gov.tw. The government also cracked down on developers who hoard unsold new units – for example, there are higher taxes on unsold new housing inventory to prod developers to release units to the market taiwannews.com.tw. Taipei, being a prime market, saw many such policy targets and has arguably benefited: transaction data suggest fewer ultra-short-term deals and more listings of previously hoarded units, easing upward price pressure.
Housing Regulations and Social Housing: Beyond taxes, the Taipei city government and national government have taken regulatory steps such as tightening rules on pre-sale purchase and assignment. Pre-sale homes now have stricter transparency requirements and limits to prevent buyers from selling the contract before completion (a common speculative practice). Additionally, social housing programs have been expanded – Taipei City has been building thousands of affordable rental units for lower-income and younger residents. While not directly affecting private market prices much yet, the presence of public housing aims to provide an alternative and put moral pressure on landlords of subpar units. The central government’s ongoing “Healthy Real Estate Market Plan” includes measures like closer scrutiny of farmhouse land transactions (to prevent loopholes) and preventing excessive credit to real estate at the expense of other sectors mof.gov.tw.

選擇性信貸控制： 台灣中央銀行已推出多輪按揭收緊措施（截至 2024 年底，這是第七輪此類控制）。在 2024 年 9 月，新規將第二套房按揭的 貸款價值比（LTV） 降低了 10%，第三套房和豪宅的比例則更低。舉例來説，之前可以借到 80% 的第二套房買家，現在可能只能借到 60% 到 70%。此外，按揭的 只還利息寬限期 被取消——所有借款人必須立即開始償還本金。這些規則最初針對六大城市，後來擴展到全國，以防止投機資金流向小城市。影響深遠：銀行現在要求更高的首付款（通常是當地買家的 30% 到 40%，而 許多外國買家在實際操作中需要 50% 以上的首付款）。更嚴格的收入和背景審查措施也在實施，以剔除那些實際上是投資者代理的 “首次購房者”。總體而言，在台北獲得按揭貸款現在比幾年前困難得多——這是為了遏制槓桿和降温投機的故意舉措。
“房屋囤積税 2.0” 和物業税改革： 在 2024 年中，台灣通過了重要的 住房税改革，旨在懲罰多套房產的擁有者並鼓勵自住。新系統通常被稱為_房屋囤積税 2.0_，將非自住房產的年物業税率提高至 2%–4.8%（從之前的 1.5%–3.6%），同時 將自住主要住宅的税率降低至 1%（從 1.2%）。這一政策於 2024 年 7 月生效，税款從 2025 年開始繳納。重要的是，法律改變了當局計算房屋擁有權的方式：不再按城市計算，而是建立了 全國性登記，防止投資者在不同城市聲稱擁有多套 “主要住宅” 以逃避更高的税收。對於台北的房主來説，這意味着如果您在台灣任何地方擁有兩套或更多房屋且未用於社會目的或自住，您將面臨更高的税單。相反，真正的自住者（包括持有當地居留證的外國居民）將受益：在台灣居住的外國永久居民 現在有資格享受相同的 1% 自用房屋税率。預計大約有 16,000 名外國人將從 2025 年開始享受這些優惠税率，只要他們登記居住且未出租。這項政策強調了政府 “住房用於居住，而非投機” 的立場。早期跡象顯示政策有效：單套住房的税收減免和額外住房的持有成本上升促使更多業主出售次要單位，並提高了首次購房者的比例。
資本利得和投機税： 更早之前，在 2021 年 7 月，台灣推出了 更嚴格的短期物業交易税 以抑制投機。根據這些規則，通常稱為綜合住房和土地所得税 2.0，購買後 2 年內出售的物業需對收益徵收高達 45% 的税（如果在 2 到 5 年內出售則為 35%）。這顯著增加了快速轉手的成本。到 2024 年，投機的證據（例如，預售合同的快速轉售）有所減少，因為 持有物業僅幾個月已不再因懲罰性税收而有利可圖。政府還打擊囤積未售新單位的開發商——例如，對未售新住房庫存徵收更高的税，以促使開發商將單位釋放到市場。作為一個主要市場，台北成為許多政策目標，且可以説受益：交易數據顯示超短期交易減少，之前囤積的單位上市增多，緩解了價格上漲壓力。
住房法規和社會住房： 除了税收，台北市政府和國家政府還採取了監管措施，例如收緊預售購買和轉讓的規則。預售房屋現在有更嚴格的透明度要求和限制，以防止買家在完成之前出售合同（這是一種常見的投機行為）。此外，社會住房項目 也得到了擴展——台北市正在為低收入和年輕居民建設數千個可負擔的租賃單位。雖然目前對私人市場價格的直接影響不大，但公共住房的存在旨在提供替代方案，並對劣質單位的房東施加道德壓力。中央政府正在進行的 “健康房地產市場計劃” 包括更嚴格審查農舍土地交易（以防止漏洞）和防止對房地產的過度信貸，以保護其他行業。

The combined impact of these policies in 2025 is a market with far less speculative fever. Investors now face higher carrying costs (annual taxes) and lower leverage, making it less attractive to hold empty apartments in Taipei waiting for price gains. Many multiple-home owners are offloading units or refraining from new purchases, which increases supply for end-users. Meanwhile, genuine buyers benefit from slightly lower prices and tax breaks on their primary home. On the regulatory side, the playing field is a bit fairer: foreign buyers, for example, are treated more equally for tax if they actually reside in their Taipei home taiwannews.com.tw taiwannews.com.tw, though they still face bank hurdles (banks prefer locals or at least foreigners with local income for mortgages taiwanhousing.tw taiwanhousing.tw).

這些政策在 2025 年的 綜合影響 是市場的 投機熱度大幅降低。投資者現在面臨更高的持有成本（年度税收）和更低的槓桿，使得在台北持有空置公寓以等待價格上漲的吸引力降低。許多多套房產的擁有者正在出售單位或停止新購，這增加了最終用户的供應。同時，真正的買家受益於略微降低的價格和對主要住宅的税收減免。在監管方面，競爭環境變得更加公平：例如，外國買家如果實際居住在台北的家中，税收待遇更加平等，儘管他們仍面臨銀行的障礙（銀行更傾向於當地人或至少是有當地收入的外國人申請按揭）。

It’s important to note that these policy measures are not without side effects. They have contributed to the current drop in sales and sentiment – essentially pricking what some viewed as a housing “bubble.” The Central Bank has warned of Taiwan’s housing market being over-leveraged and aims to avoid a hard landing like in China taiwannews.com.tw. So far, a gradual deflation of the bubble seems to be happening: Q4 2024’s 6.6% price drop was a direct result of the September credit curbs and stricter financial inspections that “hit the market hard” taiwannews.com.tw taiwannews.com.tw. Policymakers seem willing to tolerate a short-term slowdown in order to achieve long-term stability and housing affordability improvements. Buyers and sellers in Taipei have adapted to this new normal of heavy government involvement. Anyone looking to invest or purchase must be aware of these rules – ignoring them can be costly (e.g. a foreign buyer might be surprised by needing 50% down and immediate full repayments, or an investor might mis-price their returns with the new taxes).

需要注意的是，這些 政策措施並非沒有副作用。它們導致了當前銷售和情緒的下降——本質上刺破了某些人視為房地產 “泡沫” 的現象。中央銀行警告稱台灣的房地產市場過度槓桿，旨在避免像中國那樣的硬着陸。到目前為止，泡沫的逐步去泡沫化似乎正在發生：2024 年第四季度 6.6% 的價格下跌直接源於 九月的信貸限制和更嚴格的金融檢查，這些措施對市場造成了 “嚴重衝擊”。政策制定者似乎願意容忍短期的放緩，以實現長期的穩定和 住房可負擔性改善。台北的買家和賣家已經適應了這種政府高度介入的新常態。任何想要投資或購房的人都必須瞭解這些規則——忽視它們可能會造成高昂的代價（例如，外國買家可能會驚訝於需要 50% 的首付和立即全額還款，或者投資者可能會因新税收而錯誤估算回報）。

In summary, government policies in 2025 are fundamentally reshaping Taipei’s real estate: tamping down speculation, nudging the market toward end-user driven activity, and slowly steering prices toward more sustainable levels. These measures are a key reason the market outlook is stable-to-slow rather than boom-or-bust.

總之，2025 年的政府政策正在根本上重塑台北的房地產：抑制投機，推動市場向以最終用户為驅動的活動轉變，並緩慢引導價格朝向更可持續的水平。這些措施是市場前景穩定至緩慢而非繁榮或崩潰的關鍵原因。

Investment Opportunities and Risks

投資機會與風險

From an investment perspective, Taipei real estate in 2025 presents a mix of cautionary tales and selective opportunities. The market’s recent performance suggests that investors must be very strategic and long-term oriented, as quick profits are no longer easy. Here we break down opportunities and risks:

從投資的角度來看，2025 年的台北房地產呈現出 警示故事與選擇性機會的混合。市場近期的表現表明，投資者必須 非常具有戰略性和長期導向，因為快速獲利已不再容易。以下是機會與風險的分析：

Key Opportunities:

關鍵機會：

Buyer’s Market Conditions: The current slump offers well-capitalized buyers a chance to enter Taipei’s housing market on better terms than a few years ago. With prices correcting slightly and sellers more open to negotiation, investors (especially those looking for a primary residence or long-term hold) can negotiate favorable deals in 2025 taipeitimes.com taiwannews.com.tw. For example, a luxury condo in Xinyi that might have had zero discounts in 2022 could potentially be acquired at 10% below asking now. End-users planning to live in the property stand to benefit the most, as they can take advantage of lower tax rates for owner-occupiers and lock in historically low interest rates before any future rises.
Prime Locations Hold Value: Even during the correction, Taipei’s prime districts (Daan, Xinyi, etc.) have retained value better than others taiwannews.com.tw. These central areas, with their limited supply and strong amenities, are more “resilient” – they dipped only ~2–3% in late 2024 vs. much larger drops in fringe cities taiwannews.com.tw taiwannews.com.tw. Investors with a long horizon may find central Taipei properties a relatively safe asset in Taiwan, offering capital preservation and prestige. Should the market rebound in a few years, prime areas typically lead the recovery. In addition, high-end segments in Taipei are somewhat insulated by wealth (many owners are high-net-worth individuals who are less pressured to sell).
Emerging Districts and Redevelopments: Taipei continues to undergo urban renewal. Districts such as Nangang (with the growing tech office cluster and new MRT lines) or parts of New Taipei like Banqiao and Xinzhuang (with new infrastructure and rezoning projects) offer growth potential. Prices there are lower than downtown Taipei but could appreciate as these areas develop into secondary commercial hubs. For instance, Taoyuan’s Qingpu area (slightly outside Taipei) has drawn many young buyers due to new transport links taiwannews.com.tw – an example of how connectivity can drive real estate value. Investors looking beyond Taipei City might consider these peri-urban hotspots which benefit from spillover demand and government development plans.
Logistics and Industrial Real Estate: As mentioned, the logistics sector is thriving. Investors (particularly institutional players or REITs) could explore warehouse acquisitions or development on Taipei’s outskirts. Modern logistic facilities enjoy strong demand from e-commerce, and yields there are higher than residential yields. Taiwan’s position in high-tech manufacturing and the need for inventory storage also underpin this segment. Similarly, science park real estate around Hsinchu or Taichung, though outside Taipei, can be an opportunity – serving the semiconductor supply chain (however, one must be wary of volatility tied to tech cycles).
Foreign Buyer Niche: Taiwan is one of the few places in the Chinese-speaking world where foreigners can own freehold property investasian.com, and Taipei is a very livable city. While foreigners face the same market risks as locals (and strict reciprocity and residency rules), those planning to live in Taiwan might find Taipei real estate attractive for lifestyle reasons. With the new tax law treating foreign residents like locals for primary homes taiwannews.com.tw taiwannews.com.tw, a foreign professional living in Taipei could buy a home and enjoy low holding taxes (1% annually) – a relative bargain compared to many global cities. This is more of a lifestyle opportunity than a pure investment play, but over long periods, owning in Taipei can hedge against rent inflation and currency changes.

買方市場條件： 當前的低迷為資金充足的買家提供了比幾年前更好的進入台北住房市場的機會。隨着價格略微修正，賣家更願意進行談判，投資者（尤其是那些尋求主要居所或長期持有的投資者）可以在 2025 年 談判出有利的交易。例如，2022 年可能沒有折扣的信義區豪華公寓，現在可能以低於要價 10% 的價格獲得。計劃在該物業居住的最終用户將受益最大，因為他們可以利用業主的較低税率，並在未來任何上漲之前鎖定歷史低利率。
優質地段保持價值： 即使在調整期間，台北的優質區域（大安、信義等）保持價值的能力優於其他區域。這些中心區域由於供應有限和強大的配套設施，更加 “有韌性”——它們在 2024 年底僅下跌約 2-3%，而邊緣城市則大幅下跌。擁有較長投資週期的投資者可能會發現 台北市中心的物業在台灣是相對安全的資產，提供資本保值和聲望。如果市場在幾年內反彈，優質區域通常會引領復甦。此外，台北的高端市場在一定程度上受到財富的保護（許多業主是高淨值個人，他們不太受迫於出售）。
新興區域和再開發： 台北繼續進行城市更新。像南港（擁有不斷增長的科技辦公集羣和新的捷運線路）或新北市的板橋和新莊（擁有新的基礎設施和重新規劃項目）等區域提供了增長潛力。那裏的價格低於台北市中心，但隨着這些地區發展成為次級商業中心，可能會升值。例如，桃園的青埔地區（稍微位於台北之外）由於新的交通連接吸引了許多年輕買家——這是連接性如何推動房地產價值的一個例子。希望超越台北市的投資者可能會考慮這些 城市邊緣熱點，它們受益於溢出需求和政府發展計劃。
物流和工業房地產： 如前所述，物流行業蓬勃發展。投資者（特別是機構投資者或房地產投資信託）可以探索在台北郊區的倉庫收購或開發。現代物流設施受到電子商務的強勁需求，收益率高於住宅收益率。台灣在高科技製造業中的地位以及對庫存存儲的需求也支撐了這一領域。同樣，位於新竹或台中的 科技園區房地產，儘管位於台北之外，也可以成為一個機會——服務於半導體供應鏈（然而，必須警惕與科技週期相關的波動）。
外國買家細分市場： 台灣是華語世界中少數幾個允許外國人擁有永久產權的地方之一，台北是一個非常宜居的城市。雖然外國人面臨與當地人相同的市場風險（以及嚴格的互惠和居留規則），但那些計劃在台灣生活的人可能會因為生活方式的原因而發現台北房地產具有吸引力。隨着新税法將外國居民視為本地居民，外國專業人士在台北可以購買住房並享受低持有税（每年 1%）——與許多全球城市相比，這是一種相對划算的選擇。這更多是一種 生活方式機會 而非純粹的投資機會，但在長期內，擁有台北的房產可以對抗租金通脹和貨幣變化。

Key Risks:

關鍵風險：

Overvaluation and Low Yields: By many metrics, Taipei’s property is overpriced relative to fundamentals. Rental yields around 2% mean that after property taxes, maintenance, and inflation, an investor’s net return from renting out a Taipei apartment is often near zero investasian.com investasian.com. This is a glaring risk: one is essentially betting solely on capital appreciation. If prices stagnate or fall, the investment could underperform basic savings or other assets. With an average 30 ping ( ~100 m²) apartment costing US$600k–$700k in Taipei investasian.com investasian.com, the cost-to-income ratio is extreme – local salaries (~US$1,500/month median) simply do not support such prices investasian.com investasian.com. There is a real risk of a longer-term price correction or at least years of price stagnation as incomes catch up. International comparisons are telling: Taipei is nearly as expensive as Singapore per square meter, without the same global financial center status or land scarcity investasian.com investasian.com. This suggests limited upside in the near future.
Policy and Regulatory Risk: The government’s heavy hand means policy can change investment math overnight. For example, a new “anti-hoarding” tax or further credit tightening could be implemented if prices don’t moderate enough. Foreign investors face the risk of changing reciprocity treaties or additional barriers if, say, geopolitical relations sour. Even now, foreigners must ensure their home country allows Taiwanese to buy property there, or Taiwan won’t allow them to buy (reciprocity rule) taiwanhousing.tw. Mainland Chinese buyers, who were once supporting segments of Taipei’s luxury market, have largely disappeared after Beijing restricted overseas purchases investasian.com investasian.com – a reminder that political decisions can pull out a whole class of buyers. Continued cross-strait tensions or any instability can also impact values (Taipei’s risk profile includes earthquake and military conflict risk, which some foreign investors find concerning investasian.com).
Illiquidity and Leverage Risk: With volumes down and transactions at multi-year lows, real estate in Taipei has become less liquid. An investor might find it takes significantly longer to sell a property now than during the boom. If one has leveraged up (though leverage is now limited, some investors still take secondary loans or unregulated financing), they could be stuck in a down market with carrying costs. The cost of carry has risen with new taxes: owning multiple vacant flats means paying up to 4.8% of assessed value in tax yearly taiwannews.com.tw taiwannews.com.tw – a steep bill that can eat into an investor’s capital if prices aren’t rising. Should interest rates rise in the future (not expected immediately, but a risk in a few years), highly leveraged owners could be squeezed further.
Competition from Other Markets: Regionally, investors may find better prospects elsewhere. For instance, Malaysia or Vietnam offer higher rental yields and growth, Singapore offers more stability, etc. investasian.com investasian.com. There’s an opportunity cost to parking capital in a flat market. Some analysts openly suggest that Taiwan’s real estate has “very little profit left” and that one could find better returns in frontier markets or even other asset classes investasian.com investasian.com. The risk for an investor is that Taipei’s market might underperform for a decade while their money could have compounded elsewhere.

高估與低收益： 從多個指標來看，台北的房地產相對於基本面被高估。租金收益率約為 2%，這意味着在扣除物業税、維護費用和通貨膨脹後，投資者從出租台北公寓中獲得的淨回報往往接近於零。這是一個明顯的風險：投資者實際上是在單純押注資本增值。如果價格停滯或下跌，投資可能會表現不如基本儲蓄或其他資產。以台北平均 30 坪（約 100 平方米）公寓的價格在 60 萬到 70 萬美元之間，成本與收入的比例極為不合理——當地工資（中位數約為 1500 美元/月）根本無法支撐這樣的價格。長期價格修正的真實風險，或者至少是收入追趕的多年價格停滯。國際比較顯示：台北每平方米的價格幾乎與新加坡相當，但沒有同樣的全球金融中心地位或土地稀缺性。這表明近期上漲空間有限。
政策與監管風險： 政府的強勢干預意味着政策 可以在一夜之間改變投資的數學。例如，如果價格沒有足夠緩和，可能會實施新的 “反囤積” 税或進一步收緊信貸。外國投資者面臨着互惠條約或額外障礙變化的風險，例如，如果地緣政治關係惡化。即使現在，外國人也必須確保他們的母國允許台灣人在那裏購買房產，否則台灣將不允許他們購買（互惠規則）。曾經支持台北奢侈市場的大陸買家，在北京限制海外購房後大多消失——這提醒我們，政治決策可能會使一整個買家羣體退出市場。持續的 兩岸緊張關係 或任何不穩定因素也可能影響房產價值（台北的風險特徵包括地震和軍事衝突風險，這讓一些外國投資者感到擔憂）。
流動性與槓桿風險： 隨着交易量下降，交易處於多年低點，台北的房地產變得不那麼流動。投資者可能會發現，現在出售房產所需的時間顯著長於繁榮時期。如果一個人已經加槓桿（儘管現在槓桿有限，一些投資者仍然會採取二次貸款或不受監管的融資），他們可能會在下行市場中被困，承擔持有成本。持有成本 因新税收而上升：擁有多套空置公寓意味着每年需支付高達 4.8% 的評估價值作為税款——這是一筆沉重的賬單，如果價格沒有上漲，可能會侵蝕投資者的資本。如果未來利率上升（雖然預計不會立即發生，但在幾年內是一個風險），高槓杆的業主可能會進一步受到擠壓。
來自其他市場的競爭： 在區域內，投資者可能會發現其他地方的前景更好。例如，馬來西亞或越南 提供更高的租金收益和增長，新加坡 則提供更多的穩定性等。將資本停放在一個平淡的市場中存在 機會成本。一些分析師公開表示，台灣的房地產 “幾乎沒有利潤可言”，並且可以在前沿市場甚至其他資產類別中找到 更好的回報。投資者面臨的風險是，台北的市場可能會在十年內表現不佳，而他們的資金本可以在其他地方增值。

In summary, investing in Taipei real estate in 2025 is a cautious game. It can make sense for those seeking a home or a long-term store of value in a prime location, and there are pockets of growth (logistics, certain districts). However, speculative investing for quick gains is largely out – the market “begs for a correction” and arguably is undergoing one investasian.com investasian.com. Prudent investors will weigh the low yield/high price environment carefully. Risk mitigation strategies include: focusing on properties with unique value (e.g., near top schools or upcoming MRT lines), keeping leverage low, and maintaining a long investment horizon to ride out cycles. Also, diversification is key – many local investors historically put a huge share of wealth into property; the current climate suggests balancing with other investments to reduce exposure to this slow market phase.

總之，在 2025 年投資台北房地產是一場謹慎的遊戲。對於那些尋求在優質地段擁有一個家或長期價值儲存的人來説，這可能是合理的，並且有一些增長的空間（物流、某些區域）。然而，投機性投資以獲取快速收益在很大程度上已不再可行——市場 “迫切需要修正”，並且可以説正在經歷這樣的過程。謹慎的投資者將仔細權衡 低收益/高價格 的環境。風險緩解策略包括：關注具有獨特價值的物業（例如，靠近頂級學校或即將開通的捷運線路），保持低槓桿，並保持較長的投資視野以度過週期。此外，分散投資是關鍵——許多當地投資者歷史上將大量財富投入房地產；當前的氣候表明，應與其他投資進行平衡，以減少對這一緩慢市場階段的暴露。

District-Level Real Estate Dynamics in Taipei

台北地區房地產動態

Taipei City is a collection of diverse districts, each with its own real estate profile. Property prices and demand differ markedly from district to district, influenced by factors like location, development, amenities, and new supply. Here’s a breakdown of Taipei’s real estate dynamics at the district level:

台北市是一個由多樣化區域組成的集合，每個區域都有其獨特的房地產特徵。各區的房價和需求差異顯著，受位置、開發、設施和新供應等因素的影響。以下是台北各區房地產動態的細分：

Da’an District: Renowned as Taipei’s most prestigious residential district, Da’an consistently has the highest property values in the city. It’s centrally located (home to Da’an Forest Park, top schools, and National Taiwan University nearby) and well-served by MRT lines. In recent data, average prices in Da’an range roughly NT$1.2–2.0 million per ping (US$400k–650k per 3.3m²) for apartments taiwanhousing.tw taiwanhousing.tw. This puts a standard 30 ping (99 m²) Da’an apartment easily above NT$36 million (US$1.2M). Da’an’s desirability (for both locals and expats) keeps demand resilient. Even in the 2024–25 correction, Da’an prices have held up; it’s often the benchmark for Taipei’s luxury market. However, being a mature area, new supply in Da’an is limited – most properties are resales or redevelopments of older buildings. Investors prize Da’an for its stability and liquidity (there’s always some demand for Taipei’s “Beverly Hills”).
Xinyi District: The modern Xinyi district – Taipei’s finance and shopping hub, where Taipei 101 is located – rivals Da’an for top spot. Xinyi’s upscale condos in the 101 vicinity and “Xinyi Planning Area” often see prices in the same ballpark as Da’an (NT$1M+ per ping) vpon.com. The area around Sun Yat-sen Memorial Hall and Xinyi Anhe MRT is particularly pricey vpon.com. Xinyi’s appeal is its luxury high-rises, entertainment amenities, and corporate offices; it’s the go-to district for high-end developments. Real estate dynamics here include a mix of residential and office components – some units in Xinyi are serviced apartments or mixed-use. Supply is still growing slightly (e.g., new luxury towers like the Taipei Sky Tower project). In 2025, Xinyi condos remain in demand, though the ultra-high prices mean the pool of buyers is small. Many owners are wealthy families or investors from Taiwan’s business elite. The rental market in Xinyi caters to expatriates and executives, but yields are low relative to price. During the recent market slowdown, Xinyi saw fewer transactions, but prices haven’t notably crumbled – sellers prefer to hold unless they get their asking, knowing Xinyi’s unique cachet.
Zhongzheng and Songshan: These districts form part of Taipei’s core as well. Zhongzheng District (which includes the Presidential Office, Chiang Kai-shek Memorial area) has a mix of government offices and older residential neighborhoods. It has some luxury pockets (e.g. near National Taiwan University Hospital area or civic center), but also many older buildings. Average prices in Zhongzheng are just slightly below Da’an – roughly in the NT$800k–900k per ping range as of a couple years ago vpon.com. Songshan District, especially in areas like Minsheng Community and around Nanjing East Road, is another high-price area with averages often above NT$800k per ping vpon.com. Both districts have convenient access and established communities. During the boom, these areas saw gentler growth compared to outskirts (because they were already high), and in the cooling they’ve had gentle declines. Songshan has some new upscale projects (e.g. around the Taipei Arena and in Nanjing/Fuxing vicinity) that keep its profile high. Zhongzheng, with many old apartments, might see more redevelopment in coming years due to urban renewal programs targeting aging buildings.
Zhongshan and Shilin: Zhongshan District is partly very central (the corridor running north of Taipei Main Station through Zhongshan MRT and up to Dazhi/Mirramar area). It’s a district of contrasts: trendy upscale enclaves near Zhongshan MRT and Dunhua North, but also older low-rise neighborhoods. Certain parts like Dazhi/Tianmu (which is actually in Shilin District, but adjacent to Zhongshan’s Dazhi) host expatriate communities and large luxury units. Zhongshan’s average prices are high-mid range (~NT$750k/ping in 2022 data) vpon.com, buoyed by pockets of wealth. Shilin District on average is slightly cheaper (~NT$650k/ping) vpon.com, but it contains Tianmu, a wealthy suburb-like area where houses and apartments can be very pricey (Tianmu often rivals Da’an on a per ping basis for luxury homes). Shilin also includes much of Yangmingshan (mountain area), with some luxury villas and also cheaper older homes. In 2025, Shilin and Zhongshan see stable demand especially from families – Shilin for its space and international schools (good for expats), Zhongshan for its centrality. The MRT extension (Red line) into Tianmu is not yet realized, so those areas rely on buses/car, tempering demand growth.
Neihu and Nangang: These two eastern districts are Taipei’s tech and business parks. Neihu became a technology hub with many IT corporate headquarters and also has middle-class residential neighborhoods. Nangang has the Nangang Software Park, Exhibition Center, and a growing number of high-rises. Real estate in Neihu has average prices in mid-tier (~NT$600k/ping) vpon.com, although some new projects top NT$800k. Nangang was historically cheaper, but with all the development, parts of it have risen quickly. Both districts have seen significant new supply – modern condos aimed at young professionals who work in the area, often at slightly more affordable prices than downtown. The completion of the Circular Line MRT and other transit improvements boosted their appeal. However, they are also more exposed to market swings; when the market was hot, Neihu/Nangang prices jumped fast, and when it cools, these districts have many units on the market. In 2025, if one is looking for a newer condo with facilities at a (relatively) lower cost, Neihu and Nangang provide options. Vacancy in some new buildings is notable, though, so buyers can negotiate deals (developers might offer discounts or perks on remaining units).
Wanhua, Datong, Wenshan, Beitou: These districts generally represent the more “affordable” side of Taipei City (though affordable is very relative here). Wanhua is Taipei’s oldest district (historically called Mangka or Bangka) and has many heritage sites, but also a stigma as a less affluent area. It consistently has one of the lowest average house prices in the city – around NT$500–700k per ping on average (some old flats even under NT$400k/ping) newhouse.591.com.tw price.cthouse.com.tw. Wanhua’s Ximending area has seen new development (e.g., some high-rises marketed to young buyers), but overall it remains cheaper. In 2024–25, Wanhua’s lower price point actually attracted first-time buyers; one can get a small apartment for NT$10–15 million, which is almost impossible in Da’an or Xinyi estate.ltn.com.tw estate.ltn.com.tw. Datong is adjacent to Wanhua, with historic Dihua Street and traditional markets. It also has lower-mid prices (~NT$630k/ping in 2022) vpon.com vpon.com and has been undergoing gentrification. Wenshan (southernmost, including Muzha) is a quieter residential area with good MRT (Brown line) coverage; prices there can be under NT$700k/ping as well, and it’s popular for families seeking better air and more space (it borders the zoo and hills). Beitou (northern hot spring district) has a mix – hot spring luxury condos versus older buildings. Average is in NT$600–700k range. These outer districts tend to see less volatile price changes – they didn’t soar as much in the boom, so they aren’t dropping as much now. They benefit from “bargain hunting” when buyers who are priced out of central Taipei look for any Taipei address they can afford. Indeed, some of the best-selling residential communities in 2024 were in Wanhua, precisely because a NT$10–12 million budget could get a new small flat there – something impossible in eastern districts facebook.com estate.ltn.com.tw.
New Taipei City (surrounding districts): While not part of Taipei City proper, it’s relevant to consider that districts just outside Taipei’s border (in New Taipei) strongly affect and are affected by Taipei’s market. Areas like Yonghe and Zhonghe (just across the river from southern Taipei), and Banqiao (to the southwest) have seen their prices climb to near-Taipei levels. In fact, Yonghe and Zhonghe in New Taipei have some neighborhoods with prices on par with Taipei’s lesser districts – they are extremely dense and sought-after due to short commutes (just a bridge away from Taipei). According to one analysis, Yonghe, Zhonghe, and Banqiao now boast per-ping prices approaching those of Taipei’s cheaper districts, often exceeding NT$600–800k/ping in top projects vpon.com vpon.com. Banqiao’s new Xinban Special District is a modern city center in its own right, with high-rises, malls, and government offices; it’s a big draw for people leaving Taipei. As noted earlier, Taipei City lost population to these areas – for instance, Taoyuan and New Taipei had net population inflows as people moved out to more affordable housing with new MRT links taiwannews.com.tw taiwannews.com.tw. This city-to-suburb migration trend is likely to persist, meaning strong demand in New Taipei’s close-in districts and a moderation of Taipei City’s growth. Investors might consider New Taipei districts as alternatives: they often offer better rental yields since purchase prices are a bit lower while rents aren’t proportionally lower (since many people are willing to rent there and commute).

大安區： 被譽為台北最負盛名的住宅區，大安區的房產價值始終位居全市最高。該區地理位置優越（附近有大安森林公園、頂尖學校和國立台灣大學），且交通便利，擁有多條捷運線路。根據最新數據，大安區的平均房價大約在 每坪新台幣 120 萬至 200 萬（每 3.3 平方米約合 40 萬美元至 65 萬美元）之間。這使得一套標準的 30 坪（99 平方米）的大安公寓價格輕鬆超過新台幣 3600 萬（約合 120 萬美元）。大安區的吸引力（對本地居民和外籍人士而言）使得需求保持強勁。即使在 2024-25 年的市場調整中，大安的房價依然堅挺；它常常被視為台北奢侈市場的基準。然而，作為一個成熟區域，大安的新供應有限——大多數房產為二手房或老舊建築的重建。投資者看重大安的穩定性和流動性（台北的 “比佛利山莊” 總是有一定的需求）。
信義區： 現代的 信義區——台北的金融和購物中心，台北 101 就位於此——與大安區爭奪首位。信義區 101 附近及 “信義規劃區” 的高檔公寓價格通常與大安區相當（每坪新台幣 100 萬以上）。圍繞國父紀念館和信義安和捷運站的區域尤其昂貴。信義區的吸引力在於其奢華的高樓、娛樂設施和企業辦公室；它是高端開發的首選區域。這裏的房地產動態包括住宅和辦公成分的混合——信義區的一些單元是服務式公寓或混合用途。供應仍在略微增長（例如，台北天空塔等新奢華大樓項目）。到 2025 年，信義區的公寓仍然有需求，儘管超高的價格意味着買家池相對較小。許多業主是富裕家庭或來自台灣商業精英的投資者。信義區的租賃市場主要面向外籍人士和高管，但相對於價格，收益較低。在最近的市場放緩中，信義區的交易量減少，但價格並未顯著下跌——賣家更傾向於持有，除非能達到他們的要價，因為信義區獨特的魅力。
中正區和松山區： 這兩個區域也是台北的核心部分。中正區（包括總統府、蔣介石紀念館區域）有政府辦公樓和老舊住宅區的混合。該區有一些奢華的區域（例如靠近國立台灣大學醫院或市民中心），但也有許多老舊建築。根據幾年前的數據，中正區的平均價格略低於大安區——大約在每坪新台幣 80 萬至 90 萬之間。松山區，尤其是在民生社區和南京東路附近，是另一個高價區域，平均價格通常超過每坪新台幣 80 萬。這兩個區域交通便利，社區成熟。在繁榮時期，這些區域的增長相對温和（因為它們已經較高），而在市場降温時，它們的價格也出現了温和的下滑。松山區 有一些新的高檔項目（例如圍繞台北小巨蛋和南京/復興附近），保持了其高檔形象。中正區 由於許多老公寓，可能在未來幾年會因城市更新計劃而進行更多重建。
中山區和士林區： 中山區 部分區域非常中心（從台北車站北側的走廊經過中山捷運站一直到大直/美麗華區域）。這是一個對比鮮明的區域：中山捷運站和敦化北路附近有時尚高檔的社區，但也有許多老舊的低層住宅。某些區域如 大直/天母（實際上在士林區，但鄰近中山的大直）有外籍人士社區和大型奢華單元。中山區的平均價格處於中高檔水平（2022 年數據約為每坪新台幣 75 萬），受到財富聚集的支撐。士林區 的平均價格略低（約每坪新台幣 65 萬），但它包含天母，這是一個富裕的郊區，房屋和公寓的價格可能非常高（天母的奢華住宅在每坪價格上常常與大安區相當）。士林區還包括大部分陽明山（山區），有一些奢華別墅和較便宜的老房子。到 2025 年，士林和中山區的 需求穩定，尤其是來自家庭的需求——士林因其空間和國際學校（適合外籍人士）而受歡迎，中山區因其中心位置而受到青睞。捷運延伸（紅線）尚未實現，因此這些區域依賴公交/汽車，抑制了需求增長。
內湖和南港： 這兩個東部區域是台北的科技和商業園區。內湖成為了一個科技中心，許多 IT 企業總部設在此，同時也有中產階級住宅區。南港有南港軟件園、展覽中心和越來越多的高樓。內湖的房地產平均價格處於中檔水平（約每坪新台幣 60 萬），儘管一些新項目的價格超過 80 萬。南港歷史上價格較低，但隨着開發的推進，部分區域的價格迅速上漲。這兩個區域都經歷了 顯著的新供應——現代公寓面向在該地區工作的年輕專業人士，價格通常比市中心稍微實惠。環狀線捷運的完工和其他交通改善提升了它們的吸引力。然而，它們也更容易受到市場波動的影響；當市場火熱時，內湖/南港的價格迅速上漲，而當市場降温時，這些區域有許多單位待售。到 2025 年，如果有人在尋找設施齊全的較新公寓，內湖和南港提供了選擇。一些新建築的空置率顯著，因此買家可以談判交易（開發商可能會對剩餘單位提供折扣或優惠）。
萬華、大同、文山區、北投： 這些區域通常代表台北市更 “實惠” 的一面（儘管 “實惠” 在這裏是相對的）。萬華是台北最古老的區域（歷史上稱為 Mangka 或 Bangka），有許多遺產景點，但也有作為較不富裕地區的污名。它的平均房價始終是全市最低之一——大約 每坪新台幣 50 萬至 70 萬（一些老公寓甚至低於每坪新台幣 40 萬）。萬華的西門町區域經歷了新的開發（例如，一些面向年輕買家的高樓），但總體上仍然較便宜。在 2024-25 年，萬華的低價位實際上吸引了首次購房者；在這裏可以以新台幣 1000 萬至 1500 萬購得一套小公寓，這在大安或信義區幾乎是不可能的。大同區 與萬華相鄰，有歷史悠久的迪化街和傳統市場。它的價格也較低（2022 年約為每坪新台幣 63 萬），並且正在經歷城市更新。文山區（最南端，包括木柵）是一個較安靜的住宅區，捷運（棕線）覆蓋良好；那裏的價格也可能低於每坪新台幣 70 萬，受到尋求更好空氣和更多空間的家庭的歡迎（它靠近動物園和山丘）。北投（北部温泉區）則有混合——温泉豪華公寓與老舊建築。平均價格在新台幣 60 萬至 70 萬之間。這些外部區域往往經歷 較少波動的價格變化——在繁榮時期它們並沒有飆升，因此現在也沒有大幅下跌。它們受益於 “撿漏”，當被中央台北的價格擠出的買家尋找任何他們能負擔得起的台北地址時。實際上，2024 年 最暢銷的住宅社區在萬華，正是因為新台幣 1000 萬至 1200 萬的預算可以在這裏購得一套新的小公寓——這是在東區幾乎不可能的。
新北市（周邊區域）： 雖然不屬於台北市本身，但值得考慮的是，台北邊界外的區域（在新北市） 對台北市場有着強烈的影響。像 永和和中和（就在台北南部河對岸）以及板橋（西南方向）等區域的房價已攀升至接近台北的水平。事實上，新北市的永和和中和有一些社區的價格與台北的較低區域相當——它們非常密集且受到追捧，因為通勤時間短（距離台北僅一座橋之遙）。根據一項分析，永和、中和和板橋現在的每坪價格接近台北較低區域的水平，在一些頂級項目中常常超過每坪新台幣 60 萬至 80 萬。板橋的新 新板特區 本身就是一個現代城市中心，擁有高樓、購物中心和政府辦公樓；它對離開台北的人們具有很大的吸引力。如前所述，台北市的人口流失到這些區域——例如，桃園和新北市的人口淨流入，因為人們搬到更實惠的住房，享受新的捷運連接。這種 城市到郊區的遷移 趨勢可能會持續，意味着新北市近郊區域的需求強勁，而台北市的增長將趨於平緩。投資者可能會考慮新北市的區域作為替代選擇：它們通常提供更好的租金收益，因為購房價格較低，而租金並沒有成比例降低（因為許多人願意在這裏租房並通勤）。

To summarize Taipei’s district dynamics: central districts (Da’an, Xinyi, Songshan, etc.) have the highest prices and most stable demand, serving as the barometers of the luxury market. Peripheral districts (Wanhua, Wenshan, etc.) offer relatively lower entry prices and tend to attract first-time buyers and those on budgets, and they can see bursts of activity when affordability worsens in the city center. During the current market softening, we see that luxury districts are resilient but quiet (few forced sales, minor price dips), whereas mid-priced districts see more activity as buyers hunt for deals (but also not a collapse, since their prices weren’t excessively high to begin with). The interplay of Taipei City with New Taipei City is also crucial – improvements in regional transportation (new MRT lines, etc.) can quickly alter demand patterns. For example, when the new Wanda MRT line (under construction) opens, it will connect Wanhua/TVG areas with southern New Taipei, possibly boosting values along that route.

總結台北的區域動態：中心城區（大安區、新興區、松山區等）價格最高且需求最穩定，是奢侈市場的晴雨表。外圍區域（萬華區、文山區等）則提供相對較低的入市價格，往往吸引首次購房者和預算有限的買家，當市中心的可負擔性惡化時，這些區域會出現活動的高峰。在當前市場放緩的情況下，我們看到 奢侈區表現出韌性但較為平靜（幾乎沒有強制銷售，價格小幅下跌），而 中價位區域則更為活躍，買家在尋找交易（但也沒有崩潰，因為它們的價格本身並不高）。台北市與新北市的互動也至關重要——區域交通的改善（如新地鐵線路等）可以迅速改變需求模式。例如，當新的萬大地鐵線（正在建設中）開通時，將連接萬華/TVG 地區與新北市南部，可能會提升沿線的房價。

Ultimately, real estate in Taipei is highly localized. Prospective buyers or investors should study district-level trends: one neighborhood might be overbuilt and soft, while another a few kilometers away has pent-up demand and limited supply. Taipei’s property market is not monolithic, and a savvy strategy in 2025 is to focus on micro-locations – the “location, location, location” adage holds very true, whether it’s proximity to an MRT station, a top school district, or a new development zone.

最終，台北的房地產市場高度本地化。潛在買家或投資者應研究區域級別的趨勢：一個社區可能過度開發且市場疲軟，而幾公里外的另一個社區則可能有被壓抑的需求和有限的供應。台北的房地產市場並非單一化，2025 年的明智策略是關注 微位置——無論是靠近地鐵站、頂級學區，還是新的開發區，_“位置、位置、位置”_的格言在這裏非常適用。

Taipei vs. Other Major Taiwanese Cities: A Comparison

台北與其他主要台灣城市的比較

When comparing Taipei’s real estate market to other major Taiwanese cities such as Taichung and Kaohsiung (as well as New Taipei, Tainan, and Taoyuan), several distinctions emerge in terms of price levels, trends, and market drivers.

在將台北的房地產市場與其他主要台灣城市（如台中、高雄，以及新北市、台南和桃園）進行比較時，價格水平、趨勢和市場驅動因素 等方面出現了幾項區別。

Price Levels: Taipei is by far the most expensive city in Taiwan for real estate. Even Taipei’s average home price per ping (㎡) dwarfs those in other cities. In early 2025, Taipei City’s average was about NT$1.233 million per ping taiwannews.com.tw taiwannews.com.tw, whereas other cities are generally a fraction of that. For instance, Hsinchu City – boosted by the tech industry – was the second priciest with around NT$594k per ping on average taiwannews.com.tw. Taoyuan’s average presale house price was about NT$372k per ping in 2025 taiwannews.com.tw. Taichung and Kaohsiung typically range in the NT$200k–400k per ping for most neighborhoods (with new luxury projects higher). All six special municipalities (Taipei, New Taipei, Taoyuan, Taichung, Tainan, Kaohsiung) now have average total home prices over NT$10 million taipeitimes.com taipeitimes.com, but you simply get a lot more home for that money outside Taipei. For example, a NT$15 million budget might buy a small 15 ping studio in Taipei, versus a comfortable 40 ping family apartment in Kaohsiung or Taichung.

價格水平： 台北無疑是台灣房地產最昂貴的城市。即使是台北的 每坪（㎡）平均房價 也遠超其他城市。在 2025 年初，台北市的平均房價約為 NT$1.233 百萬每坪，而其他城市的價格通常只是其一小部分。例如，受科技行業推動的新竹市平均房價約為 NT$594k 每坪，位居第二。2025 年桃園的預售房屋平均價格約為 NT$372k 每坪。台中和高雄大多數社區的價格通常在 NT$200k–400k 每坪之間（新豪華項目更高）。所有六個特區（台北、新北、桃園、台中、台南、高雄）現在的 平均總房價均超過 NT$1000 萬，但在台北以外，你可以用同樣的錢買到更多的房子。例如，NT$1500 萬的預算在台北可能只能買到一間小 15 坪的單間，而在高雄或台中則可以購買到舒適的 40 坪家庭公寓。

Recent Price Trends: During the 2020–2022 boom and into 2023, several non-Taipei cities actually saw faster percentage price growth than Taipei. Low interest rates and pandemic liquidity flowed into regional housing markets. In the first half of 2024, Hsinchu, Taoyuan, Taichung, and Kaohsiung led the nation in price increases – Hsinchu’s house prices jumped 17.1% year-on-year, with Taoyuan up 15.6%, Taichung 14.9%, and Kaohsiung 13.1% taipeitimes.com taipeitimes.com. Taipei’s growth was more modest (around 5% in that period) taipeitimes.com. This pattern was sometimes called the “urban diffusion” of the boom: as Taipei got expensive, speculative and genuine buying spread to cities like Taichung (which became Taiwan’s second-largest city by population) and Kaohsiung (attractive due to new infrastructure and industries).

近期價格趨勢： 在 2020 年至 2022 年的繁榮期及 2023 年，幾個非台北城市的 價格增長百分比實際上超過了台北。低利率和疫情期間的流動性流入了區域住房市場。在 2024 年上半年，新竹、桃園、台中和高雄在全國價格上漲中領先——新竹的房價同比上漲 17.1%，桃園上漲 15.6%，台中上漲 14.9%，高雄上漲 13.1%。台北的增長則較為温和（在該期間約為 5%）。這種模式有時被稱為_“城市擴散”_的繁榮：隨着台北變得昂貴，投機性和真實的購買活動擴展到台中（成為台灣第二大城市）和高雄（因新基礎設施和產業而具有吸引力）。

However, in the ensuing market correction (late 2024), those cities that overshot are seeing larger corrections. As mentioned earlier, Q4 2024 saw prices drop in all major cities, but Kaohsiung and Tainan fell the most (around 10% QoQ in Kaohsiung, 7% in Tainan) taiwannews.com.tw taiwannews.com.tw. Taichung and Taoyuan had moderate drops (~3–5%), and Taipei/New Taipei the smallest (~2–3%) taiwannews.com.tw taiwannews.com.tw. This highlights a key difference: Taipei’s market, though expensive, is less volatile – it didn’t inflate as rapidly as, say, Kaohsiung, so it didn’t deflate as hard. Kaohsiung’s surge was partly driven by expectations around industrial investments (like TSMC’s planned fabs and other tech projects) and infrastructure (new MRT lines, port redevelopment). When those expectations weren’t immediately met by fundamentals (tech projects delayed, local incomes lagging), a correction ensued taiwannews.com.tw taiwannews.com.tw. Taipei, being more mature, was more tempered.

然而，在隨後的 市場修正（2024 年末） 中，那些過度上漲的城市正在經歷更大的修正。如前所述，2024 年第四季度所有主要城市的房價均出現下跌，但 高雄和台南的跌幅最大（高雄環比下降約 10%，台南下降 7%）。台中和桃園的跌幅適中（約 3–5%），而台北/新北的跌幅最小（約 2–3%）。這突顯了一個關鍵區別：台北的市場雖然昂貴，但波動性較小——它的價格並沒有像高雄那樣迅速膨脹，因此也沒有像高雄那樣劇烈下跌。高雄的上漲部分是由於對工業投資（如台積電計劃的工廠和其他科技項目）和基礎設施（新地鐵線路、港口重建）的預期。當這些預期未能立即被基本面所滿足（科技項目延遲，地方收入滯後）時，修正隨之而來。台北由於更為成熟，表現得更為温和。

Economic Drivers and Demand: Each city has its own drivers. Taipei is driven by white-collar employment, government presence, and limited land. Taichung, with a population comparable to Taipei, has a more manufacturing-based economy (machinery, aerospace) but also a growing services sector; its housing market benefited from people and businesses relocating there (it’s centrally located and has cheaper land). Kaohsiung historically was industrial (petrochemical, shipping), and it’s now trying to pivot to tech (semiconductor) and tourism. The promise of those new industries drove a lot of speculative buying in 2021-2023 – often dubbed the “TSMC effect.” In Kaohsiung’s Nanzih district (where TSMC is setting up), housing prices reportedly soared nearly 90% from 2020 to 2023 in anticipation straitstimes.com straitstimes.com. That is far above anything seen in Taipei. But, as noted by analysts, Kaohsiung’s local salaries and infrastructure haven’t caught up, so such gains may not be fully sustained taiwannews.com.tw. Tainan had a similar TSMC effect (with the Southern Taiwan Science Park), boosting its previously very low prices. Hsinchu (not a major city by size, but worth mentioning) has the Science Park and the highest incomes in Taiwan, explaining its second-highest home prices. Taoyuan benefits from proximity to Taipei and the international airport, making it a hotbed for affordable housing for Taipei commuters; it has consistently high transaction volumes and population growth (Taoyuan saw the largest net inbound migration in early 2025 among all cities) taiwannews.com.tw.

經濟驅動因素和需求： 每個城市都有其自身的驅動因素。台北受白領就業、政府存在和土地有限的驅動。台中的人口與台北相當，但其經濟更以製造業為主（機械、航空航天），同時服務業也在增長；其房地產市場受益於人們和企業的遷入（地理位置中心且土地更便宜）。高雄歷史上以工業（石化、航運）為主，現在正試圖轉向科技（半導體）和旅遊。新興產業的前景在 2021-2023 年推動了大量投機性購買——常被稱為 “台積電效應。” 在高雄的楠梓區（台積電正在設立的地方），房價據報道在 2020 到 2023 年間 飆升近 90%，這一漲幅遠超台北。但正如分析師所指出的，高雄的當地薪資和基礎設施尚未跟上，因此這樣的漲幅可能無法完全持續。台南也經歷了類似的台積電效應（與南部科學園區相關），推動了其之前非常低的房價。新竹（雖然不是大城市，但值得一提）擁有科學園區和台灣最高的收入，解釋了其第二高的房價。桃園受益於靠近台北和國際機場，使其成為台北通勤者的經濟適用房熱土；其交易量和人口增長始終保持高位（桃園在 2025 年初的淨遷入人數在所有城市中最大）。

Supply Differences: Taipei’s housing supply is constrained (little empty land, complex redevelopment process), whereas cities like Taichung or Kaohsiung have more room to sprawl or redevelop large tracts. This means oversupply risk is higher outside Taipei. For instance, Taichung in past cycles built too many luxury apartments which then sat unsold. In the current cycle, New Taipei surprisingly had a big cutback in 2024 starts (-62% as noted) due to oversupply in certain zones taiwannews.com.tw taiwannews.com.tw. Taichung had the highest housing starts in 2024 among all regions (33k units) taiwannews.com.tw, which could signal future oversupply there if demand doesn’t keep up. Taipei’s new supply is modest and usually quickly absorbed (if priced right) because of genuine demand and replacement of old buildings. So, investors see Taipei as lower-risk in terms of inventory glut, whereas they must be careful in places like Taichung’s new town areas or Kaohsiung’s outskirts where entire new communities are being built.

供應差異： 台北的住房供應受到限制（空地少，複雜的重建過程），而像台中或高雄這樣的城市則有更多的擴展或重建大塊土地的空間。這意味着 台北以外的地區面臨更高的過剩風險。例如，台中在過去的週期中建造了過多的豪華公寓，導致未售出。在當前週期中，新北市 在 2024 年的開工量意外大幅減少（如所述減少了 62%），這是由於某些區域的過剩。台中在 2024 年所有地區中開工量最高（33,000 套），如果需求跟不上，可能會預示未來的過剩。台北的新供應適中，通常很快被吸收（如果定價合理），因為有真實的需求和舊建築的替代。因此，投資者認為台北在庫存過剩方面風險較低，而在台中的新城鎮區域或高雄的郊區，整個新社區正在建設中，投資者必須更加謹慎。

Yield and Investment Climate: Interestingly, rental yields are low across Taiwan, but they are slightly better outside Taipei. In Taipei ~2% is common, but in Kaohsiung or Taichung you might get 2.5–3% in some cases due to the lower property prices. Foreign investment in Taiwan’s property is relatively small and mostly focused on Taipei; other cities don’t see much international buyer activity aside from some overseas Taiwanese. The risk profile differs too – Taipei might be more exposed to certain risks (e.g., it’s the political center, so any conflict would impact it first), while southern cities face different risks (industrial volatility). But broadly, all cities would be impacted by any major national issues like interest rate changes or geopolitical events.

收益和投資環境： 有趣的是，台灣的租金收益普遍較低，但在台北以外的地方略微更好。在台北，約 2% 是常見的，但在高雄或台中，某些情況下可能會達到 2.5%–3%，這主要是由於較低的房價。外國對台灣房地產的投資相對較小，主要集中在台北；其他城市除了少量海外台灣人外，幾乎沒有國際買家活動。風險特徵 也有所不同——台北可能更容易受到某些風險的影響（例如，它是政治中心，因此任何衝突都會首先影響到它），而南部城市面臨不同的風險（工業波動）。但總體而言，所有城市都將受到任何重大國家問題的影響，例如利率變化或地緣政治事件。

Policy Impact: The central bank’s credit controls and the new tax laws we discussed apply nationally, so they affect all cities. In fact, some measures initially targeted Taipei and New Taipei (where speculation was worst) and then extended out. Now, an investor in Taichung buying a third home faces the same LTV limits and tax surcharges as one in Taipei taiwanhousing.tw taiwanhousing.tw. This means the playing field in terms of policy is more level than before. It may actually help Taipei retain value – previously speculators avoided Taipei due to higher entry cost and moved to Taichung/Kaohsiung, inflating those markets, but now with rules everywhere, that arbitrage is reduced. We saw this in late 2024 when all cities felt the chill once credit tightened taiwannews.com.tw taiwannews.com.tw.

政策影響： 中央銀行的信貸控制和我們討論的新税法適用於全國，因此影響所有城市。事實上，一些措施最初針對台北和新北市（投機最嚴重的地方），然後擴展到其他地區。現在，在台中購買第三套房的投資者面臨與台北相同的貸款價值比限制和税收附加費。這意味着政策上的競爭環境比以前更為平衡。這實際上可能有助於台北保持價值——之前投機者因進入成本較高而避開台北，轉向台中/高雄，推高了這些市場，但現在由於規則普遍存在，這種套利機會減少了。我們在 2024 年底看到，當 信貸收緊時，所有城市都感受到了寒意。

To put it concisely, Taipei’s real estate is like a high-value blue-chip stock: expensive, relatively stable, lower growth, while cities like Taichung/Kaohsiung are more like growth stocks: cheaper but more volatile and cyclical. Taipei leads in price level; others sometimes lead in growth rate. In the next few years, many expect “tier-2” cities (Taichung, Kaohsiung) to have a bumpy ride – they boomed and now need to digest that. Taipei might see less dramatic swings, but it also means less dramatic gains.

簡而言之，台北的房地產就像一隻高價值的藍籌股：昂貴、相對穩定、增長較低，而 像台中/高雄這樣的城市更像是成長股：便宜但更具波動性和週期性。台北在價格水平上領先；其他城市有時在增長率上領先。在接下來的幾年中，許多人預計 “二線” 城市（台中、高雄）將經歷波動——它們曾經繁榮，現在需要消化這一增長。台北可能會看到較小的波動，但這也意味着較小的收益。

A quick comparison snapshot:

快速比較快照：

Taipei City: ~NT$1.2M/ping avg, ~3% price dip in recent correction taiwannews.com.tw. Pros: highest demand, scarce supply, resilient values. Cons: severely unaffordable, low yield.
New Taipei City: ~NT$600-800k/ping in popular districts, smaller dip (2.3% in Q4) taiwannews.com.tw taiwannews.com.tw. Effectively an extension of Taipei market with slightly more affordable options. Some oversupply in new zones, but overall strong due to population inflow.
Taoyuan: ~NT$300-400k/ping, moderate dip (~4.8% in Q4) taiwannews.com.tw. Very active market thanks to industry and Airport MRT. Price growth had been high; now calming.
Taichung: ~NT$300k/ping (varies), dip ~3.2% in Q4 taiwannews.com.tw. Big market by volume. Watch for oversupply in certain districts; still, it’s central Taiwan’s economic hub, so demand exists.
Tainan: ~NT$200-300k/ping, dip ~7% in Q4 taiwannews.com.tw taiwannews.com.tw. Boosted by TSMC fab; had low base prices so still relatively affordable. Could see continued growth if tech industry thrives, but incomes are low there.
Kaohsiung: ~NT$250-350k/ping, dip ~10% in Q4 taiwannews.com.tw taiwannews.com.tw. Was a hot story due to redevelopment and tech plans; now correcting. Long-term depends on success of economic transformation (from heavy industry to high-tech and services).

台北市： 平均約 NT$1.2M/坪，近期調整價格下跌約 3% taiwannews.com.tw。優點：需求最高，供應稀缺，價值韌性強。缺點：嚴重負擔不起，收益低。
新北市： 在熱門地區約 NT$600-800k/坪，輕微下跌（Q4 下降 2.3%）taiwannews.com.tw taiwannews.com.tw。實際上是台北市場的延伸，提供稍微更實惠的選擇。新區域存在一定的過剩，但由於人口流入，整體仍然強勁。
桃園： 約 NT$300-400k/坪，中等下跌（Q4 下降約 4.8%）taiwannews.com.tw。由於工業和機場捷運的推動，市場非常活躍。價格增長曾經很高，現在趨於平穩。
台中： 約 NT$300k/坪（有所不同），Q4 下跌約 3.2% taiwannews.com.tw。按交易量來看是個大市場。需關注某些地區的過剩；不過，台中仍是中部台灣的經濟中心，因此需求依然存在。
台南： 約 NT$200-300k/坪，Q4 下跌約 7% taiwannews.com.tw taiwannews.com.tw。受到台積電廠的推動；由於基價較低，因此仍然相對實惠。如果科技行業蓬勃發展，可能會繼續增長，但那裏的收入較低。
高雄： 約 NT$250-350k/坪，Q4 下跌約 10% taiwannews.com.tw taiwannews.com.tw。由於重建和科技計劃曾是熱門話題；現在正在調整。長期依賴於經濟轉型的成功（從重工業轉向高科技和服務業）。

In conclusion, Taipei remains the priciest and most “elite” market, whereas other cities provide affordability and sometimes faster short-term growth. However, the recent bust after the boom in places like Kaohsiung shows the risk of chasing rapid gains. Many Taiwanese investors actually diversify – owning a home in Taipei (for stability/status) and maybe a rental property in Taichung or Kaohsiung (for yield or potential growth). For a foreign or any investor comparing, the question is risk tolerance: Taipei is lower risk, lower return; other cities higher risk, potentially higher return. And as always, local knowledge is key – each city has its own micro-markets and it’s wise to study them individually.

總之，台北仍然是最昂貴和最 “精英” 的市場，而其他城市則提供了可負擔性，有時短期增長更快。然而，高雄等地在繁榮後的近期崩盤顯示了追逐快速收益的風險。許多台灣投資者實際上會進行多元化投資——在台北擁有一套房（以獲得穩定性/地位），並可能在台中或高雄擁有一處出租物業（以獲取收益或潛在增長）。對於外國或任何投資者來説，關鍵問題是風險承受能力：台北風險較低，回報較低；其他城市風險較高，潛在回報較高。而且，正如往常一樣，地方知識是關鍵——每個城市都有自己的微觀市場，明智的做法是單獨研究它們。

Sources:

來源：

Taipei Times (Crystal Hsu), “Housing market to remain in a slump: Evertrust”, Jun. 25, 2025 – Evertrust Rehouse report on transaction declines and forecast of continued moderate price correction taipeitimes.com taipeitimes.com.
Taipei Times (Crystal Hsu), “Property market cooling rapidly, Evertrust says”, May 20, 2025 – Data on widened price negotiation gaps by city and falling transactions in Q1 2025 taipeitimes.com taipeitimes.com.
Taiwan News (TY), “Taiwan’s housing prices fell 6.6% in Q4”, Apr. 14, 2025 – MOI statistics on Q4 2024 price drops in six cities and analysis from Chinatrust Real Estate taiwannews.com.tw taiwannews.com.tw.
Taiwan News (Liz Chung), “20,000 residents leave Taipei in Q1 over high housing prices”, Apr. 25, 2025 – Cites MOI data on Taipei’s average price per ping and population migration to cheaper cities (Taoyuan, etc.) taiwannews.com.tw taiwannews.com.tw.
CBRE Taiwan, “2025 Taiwan Real Estate Market Outlook”, Apr. 2025 – Market outlook highlights (interest rates flat; office vacancy rising to 7-year high; cautious retail; lower investment volumes amid cooling housing) cbreemail.com cbreemail.com.
Taiwan Housing (blog), “2025 mortgage policy update: What foreign buyers need to know”, 2024 – Summary of Central Bank selective credit controls (LTV cuts, no grace period, nationwide scope) and their goals taiwanhousing.tw taiwanhousing.tw.
Taiwan News, “Taiwan’s new housing tax rates to benefit foreign residents”, Sep. 5, 2024 – House Tax Act revisions (House Hoarding Tax 2.0) details: 2~4.8% tax on non-owner homes, 1% on owner-occupied; inclusion of foreign ARC holders taiwannews.com.tw taiwannews.com.tw.
Taipei Times, “New tax rates to benefit foreigners”, Sep. 5, 2024 – MOF announcement on allowing foreigners with ARC to get owner-occupier tax rate (1.2% -> 1%) taipeitimes.com taipeitimes.com.
Taipei Times (Crystal Hsu), “Housing transactions soar 27 percent”, Jul. 31, 2024 – Sinyi Realty report on H1 2024 transactions and price jumps in cities (Hsinchu, Taoyuan, etc.), plus mention of credit tightening measures in mid-2024 taipeitimes.com taipeitimes.com.
InvestAsian, “Taiwan Real Estate: Asia’s Most Overpriced?”, Feb. 20, 2025 – Critical view on Taiwan housing: notes Taipei prices ~$7,000/sqm, low rental yields ~2%, unaffordability (40 years’ income for a home), and waning Chinese investor support investasian.com investasian.com.
Vpon Big Data, “House Prices and Population Trends in Greater Taipei”, Nov. 2022 – District-wise price info: confirms Da’an as highest (~NT$1M/ping), outer districts lower, and New Taipei’s Yonghe/Banqiao approaching Taipei prices vpon.com vpon.com.
Taiwan News, “Taiwan housing starts saw five-year low in 2024”, Feb. 6, 2025 – MOI data on housing starts by city (overall down, New Taipei -62.9% YOY) and description of developers’ reaction to credit controls taiwannews.com.tw taiwannews.com.tw.
Taiwan News, “Taiwan cracks down on speculative housing loans”, Feb. 2025 – (Referenced via blog) details on credit control measures and first-time buyer loan reviews taipeitimes.com taipeitimes.com.
The above sources and data provide the factual backbone of this report, offering a comprehensive view of Taipei’s real estate market in 2025 and beyond.

台北時報（Crystal Hsu），“住房市場將持續低迷：永信”，2025年6月25日– 永信房屋報告關於交易下降和持續温和價格調整的預測 taipeitimes.com taipeitimes.com。
台北時報（Crystal Hsu），“房地產市場迅速降温，永信表示”，2025年5月20日– 關於各城市價格談判差距擴大和 2025 年第一季度交易下降的數據 taipeitimes.com taipeitimes.com。
台灣新聞（TY），“台灣住房價格在 Q4 下降 6.6%”，2025年4月14日– 關於六個城市 2024 年 Q4 價格下跌的內政部統計數據和 Chinatrust 房地產分析 taiwannews.com.tw taiwannews.com.tw。
台灣新聞（Liz Chung），“2025 年第一季度 2 萬居民因高房價離開台北”，2025年4月25日– 引用內政部關於台北每坪平均價格和人口遷移到更便宜城市（桃園等）的數據 taiwannews.com.tw taiwannews.com.tw。
CBRE 台灣，“2025 年台灣房地產市場展望”，2025 年 4 月 – 市場展望亮點（利率持平；辦公樓空置率上升至 7 年高；零售謹慎；在住房降温中投資量下降）cbreemail.com cbreemail.com。
台灣住房（博客），“2025 年抵押貸款政策更新：外國買家需要知道的事項”，2024 年 – 中央銀行選擇性信貸控制（LTV 削減，無寬限期，全國範圍）及其目標的總結 taiwanhousing.tw taiwanhousing.tw。
台灣新聞，“台灣新的住房税率將惠及外國居民”，2024年9月5日– 房屋税法修訂（房屋囤積税 2.0）細節：非自住住房 2~4.8% 税率，自住住房 1%；包括外國 ARC 持有者 taiwannews.com.tw taiwannews.com.tw。
台北時報，“新税率將惠及外國人”，2024年9月5日– 財政部公告允許持有 ARC 的外國人獲得自住税率（1.2% -> 1%）taipeitimes.com taipeitimes.com。
台北時報（Crystal Hsu），“住房交易激增 27%”，2024年7月31日– Sinyi Realty 關於 2024 年上半年交易和城市價格上漲的報告（新竹、桃園等），並提到 2024 年中期信貸收緊措施 taipeitimes.com taipeitimes.com。
InvestAsian，“台灣房地產：亞洲最被高估的市場？”，2025年2月20日– 對台灣住房的批評觀點：指出台北價格約為$7,000/平方米，租金收益率低約 2%，負擔能力差（購房需 40 年收入），以及中國投資者支持減弱 investasian.com investasian.com。
Vpon 大數據，“大台北地區房價與人口趨勢”，2022 年 11 月 – 按區價格信息：確認大安為最高（約 NT$1M/坪），外區較低，新北市的永和/板橋接近台北價格 vpon.com vpon.com。
台灣新聞，“台灣住房開工量在 2024 年創五年新低”，2025年2月6日– 關於各城市住房開工量的內政部數據（整體下降，新北市同比下降 62.9%）及開發商對信貸控制反應的描述 taiwannews.com.tw taiwannews.com.tw。
台灣新聞，“台灣打擊投機性住房貸款”，2025 年 2 月 –（通過博客引用）關於信貸控制措施和首次購房者貸款審查的詳細信息 taipeitimes.com taipeitimes.com。
以上來源和數據為本報告提供了事實基礎，全面展示了 2025 年及以後台北房地產市場的情況。

台北房地產市場 2025 年展望：趨勢、預測及關鍵洞察