The real estate prices of Taipei City's Xi-men district hit a new high recently, at 9.6 million NT dollars per ping, or 35 square feet, with a store sold last month in Er-mei street. The new price has beat the previous record by more than 3 million NT dollars.

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Located on E-mei street of Taipei Citys Ximending district, this six story building last month sold at a total price of $163,000,000, equaling to about $9,640,000 per ping and becoming the most expensive territory in Xinmending.

Actually, near the middle of this month, Ximendings Xi-ning building was just recently bought out at $6,200,000 per ping. In just half a month, Xinmendings storefronts are selling at a sky-high price, and causing quite a commotion in the real estate market.

The real estate industry believes that the sky rocketing prices are probably a result of tourists from Japan, Korea, Hong Kong, and Macau who frequent Ximending streets.

By the same token, this will also probably draw more investors will put funds into developing the districts storefronts.

Experts believe that if businesses occupying big buildings have to deal with hyped-up pricing, retailers will suffer, as landlords will shift the costs to tenants.

However, storeowners hoping to attract customers are wary of raising the prices of their products and end up gaining little profits.

If these storeowners are unable to maintain their businesses, they will eventually move out and leave, and no one will be willing to rent these vacant buildings.