Tamsui reality prices on the increase ahead of new 'skyline limit'
By John Liu ,The China PostTAIPEI, Taiwan -- Since the government will next year place a height limit on buildings constructed along the Tamsui River, homebuyers seeking waterfront views are flocking to New Taipei's Tamsui District, driving housing prices up.
September 7, 2013, 12:03 am TWN
The New Taipei City Government is set to enforce the “skyline limit” in Tamsui in 2014, driving up demand for tall apartments with views. The height of buildings constructed in 2014 may not exceed 20 percent of mountain ridges. In other words, 30-floor buildings will no longer be built along the Tamsui River.
Construction company Shining Group (鄉林集團) said that real estate transactions have clearly increased in Taiwan's four major metropolitans so far this year. Compared with a year ago, transactions grew 11.59 percent in the January-August period.
New Taipei City saw the biggest growth of 14.68 percent. Due to the expansion of the Xinzhuang MRT line and the construction on the airport line, Xinzhuang District (新莊區) has seen the highest number of transactions, followed by Tamsui, thanks to demand for apartments with views as well as MRT Tamsui Line's future expansion.
While mortgage restrictions, an impending luxury tax adjustment and the U.S. Fed's tapering off quantitative easing may impact the real estate market, there are other factors which support the housing market, including the rising gold price, stable low interest rate and good performance of the stock market, Shining Group said.
Tamsui's Hot Real Estate Market
The real estate market in Tamsui is separated by a mangrove habitat into “South Tamsui” and “North Tamsui,” Shining Group said. South Tamsui encompasses Zhuwei (竹圍) and the mangrove habitat, with the mouth of Tamsui River a major scene. Due to the unique location, real estate developers have been building upscale leisure residences in the area, driving housing prices up.
In North Tamsui, with the light-rail MRT expanding into Tamsui, many real estate developers have started new building projects in the Danhai New Town (淡海新市鎮). Since new apartments are targeted at first-time homebuyers, prices are relatively low.
Dahin Development (大隱建設) launched a new residential building near the Hongshulin MRT station last year, and units were sold out in a relatively short period of time. Apartments with riverfront views were sold at more than NT$600,000 per ping.
Realtors predicted apartments with views would be sold at NT$700,000 per ping in the remainder of 2013.