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September 2015 : real estate situation in Taipei

Can a foreigner buy...? Can a foreigner rent...? What about deposits? Bad neighbors? Unreasonable landlords? Miscellaneous problems?
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September 2015 : real estate situation in Taipei

Postby nicotaipeisa » 13 Sep 2015, 13:01

Hello Forumosa community !

a lot of topics have been written on this topic, I read a lot of them, but I wonder what you guys think about real estate situation in Taipei : NOW.
Actually I need some advices.. being fed up paying a rent, with some cash available,
I consider buying cash something 6-7million in taipei or around.
purpose is purely to stop paying rent to landlords, may be investment if value keep increasing

BUT :
- we all know the market is a crazy bubble. China is slowing down. I read some posts about prices starting to be discounted around Taipei. It looks like trend is bearish. It looks like not the moment to buy anything. Some districts could resist but that the ones not affordables ( Xinyi / Da'an for example).
- quality of construction worries me. a lot of "my budget" accomodations are already 30- 40 yo. Taipei being subject to earthquake and shit weather, I wonder how long such building can last...
- a lot of new subway lines being built, airport MRT, it looks like east becomes appealing, BUT, my personnal feeling is mixed. Anybody with some experience could comment more on that ? what district in the east do you judge attractive ? what about Sanchong, soon to be connected to MRT aiport, near Ximen, but what about flooding risk in this area ?
- based on today's point of view . what would make most of sense according to you in terms of investment ? with my budget, choice is only between buying an old gongyu (big surface) not near subway lines and refurbish it, or buying old apartments ( smaller surface) closer to MRT and refurbish it .. here also, my feelings are mixed ( did not find anything really appealing so far..) what do you think ?

Feel free to comment and give advices. Taipei is quite frustrating when considering real estate..

Thanks !
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Re: September 2015 : real estate situation in Taipei

Postby Hokwongwei » 13 Sep 2015, 13:03

Last I checked a few months back, 6 million couldn't get you anything more than a run-down closet in the city. Has that changed?
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Re: September 2015 : real estate situation in Taipei

Postby headhonchoII » 13 Sep 2015, 17:45

why bother put so much money into a property market so overvalued? Just stick that money somewhere else, my advice, Vietnam, apartments can be purchased by foreigners since July.
as Hokk said 6 million won't get you shit in Taipei area so you'd have to borrow too, then pay more money to do up the old places.
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Re: September 2015 : real estate situation in Taipei

Postby Incubus » 14 Sep 2015, 16:24

Are you looking to invest or own a place for long-term residence? If you're thinking purely in investment terms, now is not the time. Wait another year or two. But if you're thinking of owning a place for at least five years, a place you can call home and decorate to your heart's content, it wouldn't hurt to start looking right now. The market is bearish (buyer's market) and inactive, meaning there's bound to be some desperate sellers out there, and some properties are once-in-a-lifetime deals that you'll likely miss if you wait for the market to bottom out. If you see something you really like, make a low-ball offer, and you just might acquire it for a good price.
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Re: September 2015 : real estate situation in Taipei

Postby marasan » 15 Sep 2015, 10:20

Incubus wrote:If you see something you really like, make a low-ball offer, and you just might acquire it for a good price.


This is good advice and it's certainly what I would do if I were in the market now. But take it from somebody on the other side of things (we're selling our apartment), my thinking is something along the lines of "I don't care how long it takes because I'm in no hurry, and I'm willing to wait for the right offer and people do sometimes get lucky even in a buyer's market." So again, great advice, but the OP may need to make many, many such low-ball offers before he/she finds a seller willing to budge. This is particularly true for sellers that actually live in their apartments (i.e., apartments in the price range that most normal folks can afford to buy).
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Re: September 2015 : real estate situation in Taipei

Postby Incubus » 17 Sep 2015, 15:15

marasan wrote:
Incubus wrote:If you see something you really like, make a low-ball offer, and you just might acquire it for a good price.


This is good advice and it's certainly what I would do if I were in the market now. But take it from somebody on the other side of things (we're selling our apartment), my thinking is something along the lines of "I don't care how long it takes because I'm in no hurry, and I'm willing to wait for the right offer and people do sometimes get lucky even in a buyer's market." So again, great advice, but the OP may need to make many, many such low-ball offers before he/she finds a seller willing to budge. This is particularly true for sellers that actually live in their apartments (i.e., apartments in the price range that most normal folks can afford to buy).

Well, more power to you if you're not strapped for cash or have a deadline to move out by. The owner of the first floor property (a storefront) in my old building was doing exactly that. His place was ALWAYS on the market with a ridiculously high price tag, and he'd come in to run the shop every day, hoping that one day somebody would bite and he'd be laughing all the way to the bank. But AFAIK, he's still trying to sell it.
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