Property Buyers Attracted to Star Politician’s Taiwan Port City
Property Buyers Attracted to Star Politician’s Taiwan Port City
(Bloomberg) -- The enthusiasm that swept a political unknown to an unlikely victory as mayor of southern Taiwan’s biggest city is translating into economic optimism, the latest data show.
Property transactions rose 16 percent in Kaohsiung in the first three months of this year compared to the same period a year ago, according to data from the city government. That’s the fastest growth among Taiwan’s six biggest cities.
The figures are the first quarterly sales numbers since Han Kuo-yu was installed as mayor of Kaohsiung in late December. Little known outside his own party a year ago, Han’s dramatic win for the opposition Kuomintang brought to an end 20 years of administrations led by President Tsai Ing-wen’s Democratic Progressive Party in the port city.
Han’s victory was driven by promises to revive the city’s economy by attracting Chinese tourists, promoting agricultural exports and increasing investment from Taiwan’s technology companies. His efforts to secure deals have received widespread media coverage not only in Taiwan but around the Chinese-speaking world.
Jimmy Lee, a researcher for Taipei-based Sinyi Realty Co., said the city’s efforts to attract investment are increasing employment opportunities, which in turn is drawing people to move to the city. But Lee had a note of caution for anyone eyeing Kaohsiung property as a potential investment.
“There is a lot of supply in Kaohsiung. Several major projects will be completed this year and next,” he said. “Even though demand is increasing, so is supply so prices probably won’t move much.”
To contact the reporter on this story: Chinmei Sung in Taipei at csung4@bloomberg.net
To contact the editors responsible for this story: John Liu at jliu42@bloomberg.net, Samson Ellis, Katrina Nicholas
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