Legal Restrictions on Property Ownership by Foreign Nationals in Taiwan
Foreign nationals are allowed to own property in Taiwan, with no restrictions on the type or location of the property. However, foreign nationals must apply for a permit and provide proof of financial stability and an income sufficient to support themselves and their dependents in Taiwan.
Average Property Prices in Taiwan
The average property price in Taiwan is around NT$31,000 to NT$40,000 (approximately USD 1,000 to USD 1,300) per square meter. Property prices vary widely across different regions, with the most expensive properties located in Taipei and other major cities. The prices are generally lower in rural areas and suburban areas, with prices for properties in these areas ranging from NT$20,000 to NT$30,000 (approximately USD 650 to USD 970) per square meter.
Popular Locations to Buy Property in Taiwan
Taipei is the most popular city for property purchases in Taiwan, due to its strong economy, high quality of life, and cultural attractions. Other popular cities include Kaohsiung, Taichung, and Tainan. These cities are also popular due to their proximity to major transportation hubs, including airports and railway stations.
Upcoming Areas in Taiwan for Property Purchases
Taiwan is seeing an increase in property development in the cities of Taoyuan, Hsinchu, and Taichung. These cities are popular due to their strong economies, growing populations, and attractive natural surroundings. In addition, Taoyuan is the location of Taipei’s major airport, making it a convenient location for business travelers.
New Trends in the Property Market in Taiwan
Taiwan is seeing an increase in demand for properties in the suburbs and rural areas, due to the growing trend of remote work and increased focus on quality of life. In addition, there is a growing trend towards smaller, more energy-efficient properties, as well as properties that are close to public transportation and other amenities.
Is Buying Property a Good Investment in Taiwan?
The property market in Taiwan is relatively stable and has seen consistent growth over the past few years. Properties in major cities, such as Taipei and Kaohsiung, tend to appreciate in value, making them a good investment opportunity. However, as with any investment, it is important to research the local market and consider factors such as the current economic conditions, property prices, and rental demand before making a decision.
Common Property Types in Taiwan
The most common property types in Taiwan are apartments, followed by townhouses and detached houses. There are also a number of rural properties and land only properties available, although these tend to be more rare and typically more expensive. Additionally, there are a growing number of luxury villas and other high-end properties available in Taiwan, particularly in major cities such as Taipei and Kaohsiung.
Buying Procedure in Taiwan
Finding a Property:
The first step in buying a property in Taiwan is Finding a Property that meets your needs and budget. You can search for properties on websites such as 591, Taiwan Realty, and ERA, which list properties for sale in different regions of the country. You can also contact real estate agents, who can help you find suitable properties.
Surveys and Inspections:
Once you have found a property that you are interested in, it is important to have it inspected by a professional. A home inspection is usually carried out by a qualified home inspector, who will check the property for any structural or other defects. A building survey is also often carried out, which looks at the condition of the property and its suitability for the intended use.
Making an Offer:
Once you have found a property that you would like to buy, the next step is to make an offer. In Taiwan, offers are usually made through the real estate agent representing the seller. The offer should include the price you are willing to pay for the property, as well as any conditions that you would like to include, such as a completion date or a requirement for certain repairs to be made.
Notary:
In Taiwan, the use of notary is not required for the purchase of real estate property. Instead, the process is completed by signing the purchase agreement at the land office.
Exchange of Contracts:
Once the offer has been accepted, the next step is to exchange contracts. This usually takes place at the land office. The contract will include details such as the purchase price, completion date, and any conditions that have been agreed upon.
Paying the Purchase Price:
The final step is to pay the purchase price. This is usually done by transferring the funds to the seller’s bank account on the completion date.
Finding a Lawyer
When buying a property in Taiwan, it is recommended that you hire a lawyer to assist you with the legal aspects of the process. A reputable lawyer can be found through recommendations from friends or by searching online. Lawyers in Taiwan typically charge an hourly rate for their services.
Pitfalls and Problems
Expats often encounter problems when buying a property in Taiwan due to the language barrier and unfamiliarity with the legal system. It is important to hire a reputable lawyer who can guide you through the process and help you understand any legal documents. Additionally, the buying process can be time-consuming and bureaucratic, so it is important to plan ahead and be prepared for delays.
Purchasing Property Through a Company
It is possible to purchase property through a company in Taiwan, but it is not very common. If you choose to do so, it is important to consult with a lawyer to ensure that the company is set up correctly and that all legal requirements are met. Additionally, it is important to be aware of the tax implications of buying property through a company.
