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Tourism boosts property sales in hot spring town near Taipei

Tourism boosts property sales in hot spring town near Taipei

Taipei, March 7 (CNA) Rising popularity among tourists has given a boost to property transactions in Jiaoxi, Yilan County, a famous hot spring resort area in northern Taiwan not far from Taipei, a real estate sales agency said Saturday. Liu Chih-hsiung (???), a marketing manager with Taiwan Realty (????), said that hot spring attractions in Jiaoxi attract more than 2.5 million tourists and create over NT$3 billion (US$95.23 million) in business opportunities each year. Such a popular tourism destination for both local and foreign visitors has raised interest among property developers to purchase land in Jiaoxi to build new hotels to meet the strong demand, Liu said. As a result, transactions of land in the tourism sector totaled 658 deals in 2014, up almost 23 percent from the 535 deals recorded a year earlier, the realty sales agency said. According to Taiwan Realty, there are more than 200 hotels operating in Jiaoxi, as hoteliers target the increasing number of visitors to the hot spring resort area. The spring water in Jiaoxi is drinkable so vegetables cooked with it make one of the most welcome dishes among tourists. Liu said that the increase in land sales showed that investors have been keen to construct new hotels to accommodate the increasing number of tourists. He added that Jiaoxi is expected to have an additional six large-sized hotels over the next few years and the number of hotel rooms could rise by 1,200 to top 5,000. Liu offered additional evidence to show the enthusiasm in property investments due to the growing tourism business in Jiaoxi: the township recorded two hotel sales in the last two months of 2014 and the selling prices reached NT$253 million and NT$204 million, respectively. It was the first time that Jiaoxi recorded a property sale valued at more than NT$200 million, translating into a price tag of NT$980,000 per ping (3.3 square meters). Liu said that the two hotels were constructed more than 45 years ago, and it is likely for the buyers to build new hotels on the same spot in the future as they are upbeat about the tourism business in the township. In addition to commercial property, home values in Jiaoxi have also been raised by the booming tourism business, Liu said. He said that in certain areas of the township where hotels are concentrated, 10-year-old used homes have even asked for NT$362,000 per ping (3.3 square meters) on average in 2014, up from NT$283,000 seen a year earlier. (By Wei Shu and Frances Huang)


Updated : 2021-09-19 22:46 GMT+08:00