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Taiwan’s rising rents: pandemic, war, and interest rates

Reporter TVBS News Staff
Release time:2024/04/12 18:00
Last update time:2024/04/12 18:00
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Taiwan’s rising rents: pandemic, war, and interest rates (Shutterstock) Taiwan’s rising rents: pandemic, war, and interest rates
Taiwan’s rising rents: pandemic, war, and interest rates (Shutterstock)

TAIPEI (TVBS News) — According to a report from the Directorate General of Budget, Accounting and Statistics (DGBAS), the year-over-year (YoY) growth rate in the rent index has been around 2% for the past two years, a relatively high level. The YoY growth rate in March was 2.24%, the highest increase in the past year.

Over the past decade, the average annual increase in the rent index was 1.1%. However, since July 2022, the growth has exceeded 2% and has remained at this level.

DGBAS officials pointed out three main factors that contributed to the rise in rent. First, the cost of maintaining houses has increased. In recent years, the increase in residential maintenance costs has been significant, with a sharp rise of 5.8% in 2022 and increases of over 3% in 2023 and 2024. 

Second, the COVID-19 pandemic and the Russia-Ukraine war have led to soaring international raw material prices and inflation. Landlords facing a high-cost environment may raise rents. 

Finally, the Central Bank of the Republic of China began raising interest rates in March 2022, increasing the cost of home ownership.

DGBAS officials said the slowdown in international raw material prices has eased the pressure on residential maintenance costs. However, inflation and interest rate hikes still exist, so the upward rent trend has continued.

Taiwan Affairs

#rent index# rental prices# housing costs# inflation impact# interest rates# Taiwan economy# real estate market# factors contributing to rising rent in Taiwan# impact of COVID-19 and Russo-Ukrainian War on rental prices# relationship between interest rates

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