How to make it in Taipei’s top residential neighborhood
Local agents say there are deals to be made
The area is called Xinyi; it’s the most high-end neighborhood in the Taiwanese capital and it’s only about three decades old.
Xinyi was redeveloped from farmland in the 1990s and now is the location of the municipal government with some of Taiwan’s highest property values, according to Mansion Global.
The neighborhood is about 150 acres in size, and the average price for a luxury property in the area is about $1,864 per square foot; a smaller condo in Xinyi goes for about $3.6 million with the higher-end selling for over $30 million.
“The trees are big, the land is green…and it’s transitioned into a popular place for the younger generation to have fun,” said Pin Chiu, Savills Residential Services in Taiwan’s general manager, to Mansion Global. Chiu himself lives in Xinyi.
Notably, the best deals are associated with the developer’s reputation: players with good reputations can demand higher prices and better locations, noted REPro Knight Frank’s associate director of research Andy Huang.
Though Xinyi remains in top tier of Taiwan’s residential, Chiu noted the market is softening.
“Generally speaking, Taiwan’s real estate market has been dropping,” he told Mansion Global. “There are good deals to find.”
[Mansion Global] — E.K. Hudson