Taipei: The average age of homes purchased in Taipei reached 37 years, marking them as the oldest among the six largest cities in Taiwan during the first quarter of this year, according to Taiwan Realty. Data from the property agent, derived from the Ministry of the Interior statistics, revealed that the average age of homes purchased in Taipei surpassed the national average of 31.7 years.

According to Focus Taiwan, among the six largest cities, Taoyuan recorded the lowest average age of homes purchased at 27.4 years, while New Taipei, Taichung, Tainan, and Kaohsiung all saw averages exceeding 30 years. Charlene Chang, head of Taiwan Realty’s trend center, noted that many home buyers were opting for older homes due to their affordability, despite their age, which contributed to the increased average age of homes bought.

Chang explained that Taipei’s abundance of older homes, often situated in well-established neighborhoods, attracted buyers. She anticipated that these buyers would likely remodel their purchases to enhance their value and resell them at a profit in the future. However, Chang cautioned about the potentially high remodeling costs, noting that banks might offer lower mortgages for older properties.

Furthermore, Chang highlighted that many developers are targeting homes older than 30 years for urban renewal projects, increasing transactions of older homes and offering buyers potential benefits from future renewal plans. In contrast, Taoyuan’s housing market has been buoyed by buyers looking to avoid Taipei’s higher prices, opting instead for the newer developments available in Taoyuan.

The data also showed that Neihu District in Taipei had the lowest average age of homes purchased at 30.8 years in the fourth quarter. Meanwhile, Tamsui District in New Taipei and Taoyuan District in Taoyuan had an average home age of about 20 years, with Shanhua District in Tainan having the youngest average home age at 14.7 years among the six cities’ districts.