台灣即將在接下來的幾年面臨住宅泡沫化的爆發。而現在唯一的擔心就是它將會有多糟?也在這個同時，有著當時經濟繁榮時剩餘的資金，所以產生投資這些資金的慾望。因為很多人覺得將資金投資在房地產是最安全的解決方法, 還有一些擁有多餘資金的人也為他的社位階級做了投資。 儘管如此， 他們對於房地產的樂觀以及信任並不是由於市場原理的關係，而是來自於歷年來的推測。這份報告的目的是要說明高雄房地產的投資需求快速的向上提升，然而其他相關經濟的功能還是維持不變。

Taiwan has entered yet another dramatic housing price increase that may prove to be a bubble in the near future. The only question is if so, how bad is the burst going to be? Due to the excessive money surplus from years of economic prosperity in the past, there is a great desire to invest the extra money. Because many feel that investing money in property is the safest solution with possible gains, many of those with a money surplus are investing in Taiwan’s real estate. This paper aims to show that the property investment demand in Kaohsiung is moving rapidly upwards while other related economic functions remain stale. Using data collected from real estate agencies and personal investor interviews it was found that optimism and reliance on the housing market is not supported by market fundamentals but rather by high speculation.

ABSTRACT…………………………..………………………………………………… iii
LIST OF FIGURES……………………………………..…………..……………………vi
1. INTRODUCTION
Current Housing Climate……………………………………………...…………………..1
Research Objectives……………….……….………………..………………..….............7
2. LITERATURE REVIEW
Past Bubbles……..…………………………………………………….………................8
Money Supply and Income Levels………………………………………………...........11
Other Economic Factors Influencing House Prices……………………………………..14
Bubble Determinants…………………………………………………………………….15
3. METHODOLOGY
Housing Data for 2011 and 2012….……….…………………………………….........…17
Data Gathering Limitations …...………………………………….……………………...18
Investor Interviews…..………...………………………………………………….……...19
4. RESULTS
Villa Price Findings……………………………………………………….………..........21
Locational Analysis………………………………………….…………….…….............23
Personal Interviews……………………………………………………………………....27
Summary of Interviews………….………………………………………………........…34
Interview Analysis………………………………………………………….………..….35
5.CONCLUSION
Further Remarks…………………..……………………………………….……….....…38
Study Limitations and Future Suggestions…………………………………………..….39
REFERENCES……………………….……………………………..………………...…......…42

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