Taiwan Jurisdiction: A Real Estate & Projects Overview

Market Overview

In recent years, Taiwan’s real estate market has experienced stable growth in terms of commercial property investments and transactions. In particular, the key areas of market development to observe are as follows.

Industrial

Benefiting from the rapid development of the AI and semiconductor industries, industrial real estate in Taiwan continues to demonstrate strong performance within the broader real estate market. In particular, technology giants and private equity funds are actively investing in manufacturing facilities, data centres, and so on. Furthermore, the rising demand for upgraded office spaces, both from technology companies and other sectors, has driven robust transactions in industrial and commercial office properties, reflecting the expansion of enterprises fuelled by the AI and semiconductor industries. For example, in 2025 and 2026, NVIDIA acquired the superficies rights to T17 and T18 in Beitou-Shilin Technology Park in Taipei as its headquarters. Similarly, corporations like Micron Group and Siliconware Precision Industries have purchased self-use factories across various industrial parks in Taiwan.

Warehousing and logistics

In the warehousing and logistics sector, the trends toward supply chain localisation have prompted stable market demand. Notable transactions include logistics warehousing along with the expansion of various e-commerce companies; Cathay Life Insurance’s multi-billion New Taiwan dollar investment in land parcels in Tainan for the development of a logistics park; and KGI Life Insurance’s multi-billion New Taiwan dollar purchase of the Yangmei Logistics Center. These transactions indicate the strong confidence of investors and industry participants in the long-term growth potential of warehousing and logistics assets in Taiwan.

Retail

In contrast to the robust investment activity in industrial land in industrial land, the retail sector remains comparatively subdued. Although the rise of online shopping has reduced demand for brick-and-mortar shops, retailers are attracting consumers through innovative physical shopping experiences. The “experience economy” is anticipated to be a key market driver. In addition, in response to consumer needs, some big-box wholesale retailers have also been steadily growing their operations in Taiwan.

Hotels and resorts

Since the reopening of borders in October 2022 following the downturn during the COVID-19 pandemic, the hotel industry has gradually recovered in Taiwan. In recent years, despite a significant increase in the number of Taiwanese citizens travelling abroad, leading international brands have continued to partner with local developers to enter and expand their presence in Taiwan. Several major developers are creating landmark projects on prime urban land, offering distinctive high-end properties designed to attract foreign business travellers and affluent clientele. These developments often feature five-star hotels or combine luxury hotels with upscale residences, boutique retail, and premium office space. Notable examples of such collaborations include the Four Seasons Hotel Taipei, Park Hyatt Taipei, and Andaz Taipei, all situated in Taipei’s prestigious Xinyi District.

Overall, as enterprises continue to ramp up their AI-related investments, the real estate market in Taiwan is expected to increasingly be driven by industrial momentum. The technology sector’s role in driving the real estate market is expected to continue to draw capital inflows. Meanwhile, the logistics, retail, hotel, and resort sectors are projected to maintain stable demand, supported by evolving consumer preferences and broader market needs. In addition, demographic shifts in Taiwan’s population are likely to drive growing investment opportunities in healthcare and long-term care facilities in the coming years.

As for residential real estate, given the legislative restrictions on juristic persons’ purchase of residential real property in 2023 (as elaborated below) and the Central Bank’s seventh round of credit controls in 2024, the market dynamics have remained stagnant. Meanwhile, cities like Taipei are confronting a substantial inventory of aging apartment buildings, many of which are 40 to 50 years old or older. In response, several urban renewal and redevelopment projects aimed at revitalising these outdated residential structures are advancing steadily.

Overview of the Legal Framework

In Taiwan, the Land Act, the Building Act, the Housing Act and the Rental Housing Market Development and Regulation Act are the primary statutes governing real estate matters in Taiwan. Real estate transactions (such as sale and lease) are mainly regulated by the Civil Code. In addition, other laws and regulations, such as the Condominium Administration Act and the regulations issued by the Building Administration Division, stipulates the rules on exercising the rights and fulfilling the obligations in relation to condominium ownership/strata title.

Under Taiwan law, the use of land is subject to zoning regulations. Generally, there are two types of land, namely those that are subject to urban planning (“Urban Land”) and those that are not (“Non-Urban Land”). Urban Land and Non-Urban Land are regulated by the Urban Planning Act and the Regional Planning Act, respectively. On the other hand, the use of buildings is governed by the Building Act and related regulations. Following the promulgation of the functional zoning maps under the Spatial Planning Act, which is scheduled to take effect on 1 May 2031, the Regional Planning Act will cease to apply. Various local governments are currently reviewing and delineating zoning boundaries accordingly. Another recent legal development was the amendment to the Equalisation of Land Rights Act in 2023 and the promulgation of its subordinate rules, the Regulations Governing the Approval of Houses Purchased by Private Legal Persons for Residential Purposes in 2024, under which private entities that aim to acquire residential buildings are required to submit a building-use plan and obtain the approval of the Ministry of the Interior (MOI), unless any of the exemptions announced by the MOI applies.

Regarding building licences, except for buildings that were constructed on Non-Urban Land prior to 22 December 1971 (the effective date of the Building Act) and not intended for public use, in principle, a building permit must be obtained prior to any construction, and an occupancy permit must be applied for upon completion, specifying the intended use of each floor or unit. Any change of use as stated on an occupancy permit requires prior written approval from the competent authorities. The fees and processing time for building and occupancy permits depend on the scale and complexity of the construction project. Moreover, depending on the type and scale of the construction project, an environmental impact assessment may be required. Obtaining approval for this assessment typically takes at least one year.

In Taiwan, changes in real property rights (such as ownership/encumbrances) take effect only upon registration with the land office. Since transfers of ownership through sale require registration with the land office, both parties are required to sign the government-prescribed sale and purchase agreement and related documents. In practice, parties often also enter into another private agreement which stipulates transaction details.

On the contrary, leases of real property do not require registration. Lease agreements for a term of five years or less as well as those exceeding five years that have been notarised, remain valid and enforceable despite any subsequent transfer of ownership. Lease agreements are generally governed by the Civil Code and typically include the following key terms:

• Lease term – Determined based on the tenant’s business needs, usually three to five years (for smaller scale) or up to 20 years (for larger scale) for offices or stores, and up to 20 years for industrial land, with options for renewal or right of first refusal as agreed.
• Rent adjustment – Subject to location and property type, typically increasing by a fixed percentage or adjusted according to the Consumer Price Index every specific number of years onward.
• Subletting/assignment – Generally requires the landlord’s consent, with some exceptions, such as subletting to affiliates, as agreed.
• Insurance – The landlord is typically responsible for building (including common area) insurance, while the tenant is responsible for insuring its own movable property and fixtures.
• Repair obligations – Defects in common areas, façades and building structure are usually borne by the landlord, unless otherwise agreed by the parties.
• Termination and change of control – Such provision is subject to negotiation between the parties. To the extent that the terms and conditions of a lease agreement do not violate mandatory or prohibitive provisions of Taiwan law, nor conflict with public order or good morals, the parties are free to negotiate and agree upon them based on the principle of freedom of contract.

In conclusion, Taiwan’s laws and regulations on land and buildings promote market transparency and bolster investor confidence. In addition to statutory provisions, local practices also play a significant role within Taiwan’s real estate legal framework. Accordingly, investors and industry participants are advised to closely monitor regulatory developments and market trends. Careful investment planning, conducted in consultation with experienced local counsel, is essential to mitigate risks and optimise both market opportunities and returns.

市場概況

近年來，台灣不動產市場在商用不動產投資與交易方面呈現穩定成長。本文將較為重要的市場發展面向，臚列如下：

工業發展

受益於AI人工智慧與半導體產業的快速發展，台灣工業用不動產，在整體市場中持續展現優異表現，尤以科技巨頭與私募基金，更是積極投資於廠房與資料中心等。此外，科技公司及其他產業對升級辦公空間的需求增加，亦促進工業及商業辦公不動產的交易活絡，反映企業因AI與半導體產業擴張的趨勢。例如，於2025年及2026年，NVIDIA取得北士科T17及T18地上權作為總部之用，而美光集團與矽品工業等公司也在各工業園區購置自用廠房。

倉儲與物流

倉儲及物流方面，供應鏈在地化的趨勢促使市場需求穩定。包括隨著各家電商業者擴張物流倉庫、國泰人壽於台南投資數十億元開發物流園區，及凱基人壽斥資數十億元購買楊梅物流中心等，均顯示投資人及業界對台灣物流產業長期成長的高度信心。

零售業

與工業用地投資的蓬勃發展相比，零售業則相對成長趨緩。然而，縱使線上購物興起降低實體店面的需求，零售業仍透過創新的實體購物體驗吸引消費者，「體驗經濟」預計將成為市場的重要推動力。此外，因應市場需求，若干大型量販零售業亦持續穩定擴展在台業務。

飯店與旅宿

新冠疫情後，台灣邊境於2022年10月重新開放，飯店業隨之逐漸復甦。近年來，縱使台灣民眾出國旅遊人數大幅增加，國際知名飯店品牌仍持續與在地開發商合作，拓展其在台布局。多家大型開發商以具識別性的高端建築產品，在主要都市地區打造地標性建物，此類開發案常見結合五星級飯店、高級住宅、精品零售及優質辦公空間，以吸引外國商務客及高端消費者。位於台北信義區的台北四季酒店（D3）、台北柏悅酒店及安達仕台北（A7）即為其中代表案例。

整體而言，隨著企業持續投入AI相關投資，台灣不動產市場將愈發受工業動能驅動，科技產業帶動之不動產市場資金投入預計預見將持續成長。同時，物流、零售、飯店及旅宿等業種，在消費者需求的轉變及市場需求擴大下，亦可期待維持穩定需求。此外，台灣人口結構變化亦可能促使未來醫療及長照設施投資機會的增加。

至於住宅方面，鑑於2023年對私法人購買住宅不動產的法規限制（詳述如下）及央行2024年第七波信用管制，市場相對停滯。與此同時，台北等都會區存在大量40至50年以上老舊公寓，多項都市更新與危老重建計畫亦穩定推進，以期活化老舊市容。

法律架構概述

在台灣，土地法、建築法、住宅法及租賃住宅市場發展及管理條例為規範不動產的主要相關法規。不動產交易（如買賣與租賃）則主要受民法規範。此外，其他法規，如公寓大廈管理條例，規範建物區分所有權相關之權利與義務。

依據台灣法，土地使用受分區管制。一般而言，土地分為都市計畫土地（都市土地）與非都市土地兩類，分別受都市計畫法及區域計畫法規範。建物則由建築法及相關規定管理。國土計畫法下功能分區圖於2031年5月1日施行後，區域計畫法將不再適用。各地方政府目前正依此檢討並劃定分區界線。另，2023年修訂的平均地權條例及其2024年發布之子法－私法人買受供住宅使用之房屋許可辦法，規定除符合內政部公告免經許可的情形外，私法人購買住宅房屋均須提出使用計畫並取得內政部許可。

關於建物相關許可，除1971年12月22日（建築法施行日）前於非都市土地上興建且非公共使用之建物外，原則上，任何建物在施工前均須取得建築執照，完工後則須申請使用執照，明確標示各樓層或單位的使用用途。使用執照所載用途若須變更，亦須事前取得主管機關書面核准。取得建築執照及使用執照的費用與審核時程，視工程規模與複雜程度而定。此外，依工程類型與規模，亦可能須進行環境影響評估，通常需時至少一年。

在台灣，不動產權利變動（如所有權或設定負擔）須經地政機關登記始生效力。由於所有權移轉須經登記，買賣雙方須按政府規定格式簽署買賣契約（公契）及相關文件。實務上，雙方常另訂私契以約定交易細節。

另一方面，不動產租賃則無須登記。租期五年以下，及租期超過五年且經公證的租約，即使後續所有權有所移轉，承租人可主張買賣不破租賃的效力。租約通常受民法規範，並包含以下主要條款：

• 租期：依承租人營業需求訂定，小規模辦公室或店面多為3至5年，大規模可達20年，工業用地亦常見達20年，並可約定更新或優先承租權；
• 租金調整：視地點及物業類型，通常每隔一定年限按固定比例或依消費者物價指數調整；
• 轉租/讓與：一般須經出租人同意，部分例外如雙方約定承租人可轉租予其關係企業；
• 保險：出租人通常負責建物（含公共區域）保險，承租人負責自身動產及設備之保險；
• 維修義務：除非另有約定，公共區域、外牆及建築結構缺失常見由出租人負責修繕；
• 終止及控制權變更：通常由雙方協商決定。在租賃條款不違反臺灣強制或禁止規定，且不違反公共秩序或善良風俗的前提下，雙方得依契約自由原則協商訂之。

總體而言，台灣土地與建物相關法規有助於促進市場透明度並增強投資人信心。除法規面外，市場實務慣例亦在不動產法律架構中扮演重要角色。因此，建議投資人及業者密切關注法規變動與市場趨勢，並在具有經驗的本地法律顧問的協助下，謹慎規劃投資，以降低風險並優化市場機遇與收益。