Valuation Monitor
Taipei P/R Ratio
47x
Among world's most expensive
National Median Multiple
9.89x
MOI 2025 Q2
Taipei Median Multiple
15.41x
MOI 2025 Q2
Hsinchu Median Multiple
12.5x
MOI 2025 Q2
Taipei Rental Yield
2.11%
Low yield environment
Yield Spread vs CBS
+0.11%
Near zero carry
Median Multiple by City
APAC Price-to-Rent Comparison
Yield vs CBS Rate
Spread near zero — Taiwan property yields barely cover borrowing cost. Unlike Malaysia's +2.44% spread, Taiwan's +0.11% offers no meaningful carry.
Nominal vs Real Price Index
Valuation Framework
Price-to-Income
National median multiple of 9.89x far exceeds the 5.1x "severely unaffordable" threshold. Taipei at 15.41x is among the most stretched globally, requiring over 15 years of household income to purchase a median home.
Price-to-Rent
Taipei's P/R ratio of 47x implies a gross yield of ~2.1%. Among APAC cities, only Hong Kong and Shanghai are more expensive on this metric. Rental income alone cannot justify current prices.
Yield Spread
At +0.11%, the spread between rental yield and CBS rate is negligible. Any further rate increase would push spreads negative, meaning investors would lose money on a leveraged rental basis. Capital appreciation is the sole return driver.