Since the opening of Taiwan's market to mainland Chinese tourists in the middle of 2008, visitor arrivals from the mainland have soared 880%, reaching 2.59 million in 2012 alone. There is no doubt that the influx of mainland capital and tourists has had a profound impact on Hong Kong's retail and real estate markets. T
Since the opening of Taiwan's market to mainland Chinese tourists in the middle of 2008, visitor arrivals from the mainland have soared 880%, reaching 2.59 million in 2012 alone. There is no doubt that the influx of mainland capital and tourists has had a profound impact on Hong Kong's retail and real estate markets. Taiwan's property sector has yet to see any dramatic changes as a result of deregulation which began in 2008, but its retail sector is already being transformed.
Taipei 101 is now a must-visit destination for mainland shoppers, offering more than 20 luxury timepiece brands as well as Burberry, Dior and Louis Vuitton fashion outlets. At least 3,500 mainland tourists are now visiting each day, creating incentives for major international retailers to rent space in the skyscraper.
In addition to the retail sector, the hospitality industry in Taiwan has been another hot spot for investors. Over the past three years, 45 new hotels have opened in Taipei, and a number of domestic hotel groups have launched a new line of economy hotels throughout the island, in addition to their upscale hotels. Boutique and business hotels are also on the rise; some older office buildings in Taipei's central business district have been converted to small- to medium-sized hotels of all classes in recent years.
Following Le Meridien and W Hotels, a number of international hotel chains have displayed strong interest in Taiwan as well, as CBRE has received inquiries from international hotel groups seeking entry opportunities as well as foreign funds looking to purchase hotel properties.