Priced out of the world’s costliest city, Hong Kong buyers make a beeline for Taiwan property
Taiwan strikes a chord with Hong Kong investors seeking holiday and retirement properties.
The appeal of holiday and retirement property in Taiwan is beginning to grow on Hongkongers, who see the island’s alternative lifestyle and cheaper home prices as a major draw.
Prices of flats that are only about a third of those in Hong Kong are among the main reasons capital flows to the island have been picking up in recent years, even as curbs to deter speculators have put a damper on the market, analysts said.
Strong buying interest for overseas homes prompted Farglory Realty, one of the biggest property companies in Taiwan, to open offices in Causeway Bay and Tsuen Wan to highlight investment opportunities on the island.
“We organised property exhibitions twice a month in our Hong Kong offices. They draw more and more potential buyers,” said Celine Huang, manager of the company’s sales division.
Taipei, the capital of Taiwan, is located 1 hour and 45 minutes from Hong Kong by air. The island’s economy grew 3.28 per cent in the fourth quarter over the same period a year earlier.
To attract individual investors from Hong Kong, Farglory offers smaller apartments starting from 925 sq ft, in terms of gross floor area, at its new project Hope for the Best, in Taoyuan district.