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September 21, 2017

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Buyers flock to homes near high speed rail stations

TAIPEI--Housing property located around Taiwan's high speed rail stations is defying recent government measures to curb home prices and attracting a good number of buyers due to the convenient transport links, market analysts said Saturday.

Despite the recent property price curbing measures, including the implementation of a property price registration mechanism, property developers are still launching new projects near the railway stations due to strong demand, they said.

They added the solid demand reflects high hopes that home prices near the high speed rail will rise further as local governments are keen to use the quick transport links to improve the development of the areas.

Under the property price system that went into effect Aug. 1, the actual prices of property transactions should be reported to the Ministry of the Interior within 30 days of the completion of any transaction. The system aims to boost transparency and reduce speculation.

Alpha Jwo, president of Honda Property Appraisal Corp., said any property development project that has strong support from economic factors is attractive to a home buyer, so the home prices have become sustainable.

Jwo said homes located around the high speed rail stations are able to take advantage of the transportation development which is expected to lift the economy.

He said after the government kicked off the high-speed rail development projects in 1992, home prices around the stations have been on the rise.

The analyst drew attention to the new Banciao neighborhood near the Banciao station, saying commercial property prices in 2012 have soared 328 percent from 2001, while residential property prices in the particular area have jumped 360 percent over the same period.

In addition, commercial property prices around the Taoyuan station have risen 150 percent and residential property prices have gained 233 percent, while home buyers in the area near the Hsinchu station have witnessed commercial and residential property prices grow 322 percent and 270 percent, respectively, Jwo said.

Prices of commercial and residential property near the Taichung station have risen 136 percent and 158 percent, respectively, while commercial and residential property prices around the Zuoying station of Kaohsiung have gained 211 percent and 247 percent, respectively, he said.

Lin Chin-hui, president of Ji Mei Construction, said as the Taoyuan Aerotropolis project and the Taiwan Taoyuan International Airport Access MRT System project have been launched near the Taoyuan high speed rail station, homes around the station will benefit further from the particular infrastructure development.

Home buyers are expected to favor the future quick transport links between Taoyuan and Taipei which will take only 20 minutes one way, Lin said, adding property around the Taoyuan station is a good investment target.

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