First-time homebuyers eye older, larger apartments in Kaohsiung's outer districts

Budget-conscious first-time homebuyers in Kaohsiung are increasingly turning to older, larger apartments in the city's outer districts, seeking more living space without the premium price tag of downtown properties. Areas like Xiaogang and Nanzi are seeing a rise in transactions for中古大樓 (buildings over 10 years old) and older apartments, with prices often in the NT$2 million to NT$3 million range.

These properties, particularly smaller units in buildings over a decade old or apartments over 20 years old, are becoming hot commodities. While new government loan initiatives like 'New Green Loan 2.0' are on the horizon, the desire for larger living spaces is leading buyers to consider these 'protein' areas over the more central 'egg yolk' districts.

In contrast, the prime areas of Kaohsiung, such as the Arts Center and Nong 16 special zones in North Kaohsiung, are experiencing soaring prices for pre-sale small apartments. These units, often including parking, can reach NT$18 million to NT$19 million for two-bedroom configurations, pushing them out of reach for most first-time buyers and making them targets for high-net-worth individuals.

Real estate agents note that many first-time buyers aim to keep the total price for a two-bedroom unit with parking under NT$12 million or NT$13 million. Consequently, the appeal of older, more spacious中古小宅 (small apartments) in the outer districts, priced under NT$10 million, is growing. These properties in Nanzi and Xiaogang, with prices in the NT$2 million range and some even in the NT$1 million range for lower floors, are seeing better absorption rates than smaller units in central districts like Sanmin, Zuoying, and Lingya.

Industry professionals advise potential buyers of older apartments to carefully assess the condition of the property and budget for renovations, which could cost hundreds of thousands or even over a million NT dollars. However, compared to pre-sale units requiring a 20-30% down payment and extended construction periods of four to five years, these older apartments offer a more immediate and potentially more affordable entry into the housing market.