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Housing costs surge: Record maintenance and repairs index

Reporter Isabel Wang
Release time:2023/08/22 17:12
Last update time:2023/08/22 17:12
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TAIPEI (TVBS News) — According to the most recent data, the maintenance and repairs index reached 109.84 in July, exhibiting an annual growth rate of 3.38%. At the same time, the domestic housing index jumped to 105.19, a 1.88% increase year on year — both setting historical records.

As housing costs in Taiwan persistently escalate, the Directorate-General of Budget, Accounting, and Statistics also disclosed that the rent index stands at 103.89, denoting a 1.99% year-over-year growth.

 

The surge in the rent index is attributed to higher rent, explained Tseng Ching-te, project manager of Sinyi Realty Business Planning Department.

He stated, "Rent increases nearly every year, comprising a significant portion of these expenses."

"Additional factors, including shortages in labor and materials, have contributed to rising wages and maintenance fees, Tseng added, pointing out that "escalating prices of raw materials have also driven up costs for metal or plastic products."
 

"Furthermore, household services are subject to higher charges due to pay raises," he said.

Buyers must also account for monthly communal fees and utility bills while purchasing a home can be an individual's most substantial life expense. As inflation surges, these costs are bound to continue rising. Nonetheless, incorporating amenities also translates to heightened maintenance and repair costs.

"As the lifespan of housing extends, more substantial repair projects, such as exterior wall maintenance and routine elevator inspections, will necessitate substantial funds," remarked Kuo Chi-tzu, chairman of the Taiwan Institute of Property Management.

Kuo urged homeowners to consider the implicit costs of property ownership, saying, "As time passes, more issues are likely to arise, inevitably accumulating housing costs."

In a bid to enhance competitiveness in the housing market, real estate properties now offer an array of communal amenities, including gyms, pools, lounges, and saunas. However, these advantages come at an elevated cost.

Property experts highlight an increased likelihood of hardware failures with a rise in communal amenities. Moreover, heightened management costs, owing to more stringent fire and public safety inspection standards, will further burden property owners.

The Taiwan Briefing

#inflation#rentalmarket#Taipei#housemarket#Taiwan
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