Recently, the issue of high housing prices has again been hotly debated. Some say that prices should be further regulated, whereas some believe that it is unnecessary.
Housing prices have been brought down to a moderate level, thanks to the central bank raising interest rates for new mortgages. Financial agencies have also tightened credit controls. Today, those who can purchase a house or invest in real estate have to put up more money themselves.
Moreover, the Equalization of Land Rights Act (平均地權條例) has been amended to regulate the sale of pre-sale houses. All these measures have contributed to mitigating housing price hikes. This is a fact that should not be distorted by politics.
As demonstrated by housing market statistics, especially stock prices and surpluses, listed construction companies do not make as much money as before.
Taiwan is a small, densely populated island. If the majority of people only consider Taipei, New Taipei City and some prime areas in southern Taiwan as their choice of housing locations, housing prices will remain as high as they are now. The ongoing accumulation of wealth and inflation would make the prices even higher.
People should recognize the housing price hikes as a result rather than a cause. The only way to solve the problem is to cope with the uneven development in Taiwan and the gap between urban and rural areas. In areas where the housing prices are much lower, the government should fix a variety of issues first, so that people would want to consider buying a house there. Officials must work on increasing career opportunities, improving medical care and living conditions, as well as enhancing the quality of education in rural areas. That way, the concentration of people in only a few cities can be changed.
Consider the three presidential candidates’ viewpoints on this issue. Vice President William Lai (賴清德) proposed “decompression of the capital city” when he was premier. Taiwan People’s Party founder and Chairman Ko Wen-je (柯文哲) has said that “the countryside should remain as it is.” New Taipei City Mayor Hou You-yi (侯友宜), despite his experience as a landlord, has not proposed a thing.
Huang Wei-ping is a former think tank researcher and a Kaohsiung resident.
Translated by Emma Liu
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