The local real-estate market is poised to “take off” with a mega-city linking Taipei, Taoyuan and Hsinchu taking shape, a local realtor said yesterday.
“Local property prices are going through a correction. But we may see a 10 percent to 15 percent upside in the second half [of this year] with a better prospect next year,” Kevin Peng (彭培業), CEO of Taiwan Realty (台灣房屋), told a media briefing yesterday to launch his new book, Taking Off.
Peng expressed optimism in the local property market, as the possibility of closer ties with China could help boost the local economy by bringing in Chinese tourists and foreign capital.
“Nine trillion yuan [US$1.3 trillion] could come into the country as investment in local properties, including the to-be-built airport city [in Taoyuan],” he said.
Potential growth from the nation’s three economic pillars — information technology, financial services and tourism — would greatly boost the local property market, he said, adding that property prices in Taipei’s upscale Xinyi District (信義) were likely to jump five-fold from the current NT$1 million (US$33,000) per ping (3.3m²).
Peng recommended that investors look to three A’s for investment properties: A-grade office buildings, A-grade business districts and A-grade super luxury homes.
He also urged prospective home buyers with limited budgets to buy properties between highly priced cities, such as in Linkou (林口) between Taipei and Taoyuan.
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