The Good, the Bad, and the Ugly – The Successes and Failures of Transit‐Oriented‐ Development in Taiwan during the Financial Crisis1 Tai-Wei Huang and Oliver F. Shyr One University Road Department of Urban Planning National Cheng Kung University Tainan 701, Taiwan E-mail:
[email protected] David Emanuel Andersson Institute of Public Affairs Management National Sun Yat-sen University 70 Lianhai Road Kaohsiung 804, Taiwan E-mail:
[email protected] Theme: Real estate market analysis 1 This research was funded by the National Science Council, Taiwan (NSC 98-2410-H-006-093-SSS) 1 1 Introduction The Real Estate Cycle Indicators2 along with the Land & Housing Value Index as shown in Figure 1 and 2 suggest that Taiwan’s real estate market had been declined since the second quarter of 2007 and became in deep recession since the third quarter of 2008. On the other hand, the real estate market in Kaohsiung remains prosperous due to the fact that lots of transportation related infrastructure projects had been completed as shown in Figure 3. For example, Taiwan High Speed Rail was inaugurated in January 2007 and two mass transit lines of Kaohsiung Rapid Transit System3 (KRTS) were completed in September 2008. And two transit related projects, i.e., a circular light rail transit line and the underground section of Taiwan Railways, are under construction and planned to be completed in the next few years. With the improvement of transportation infrastructure and the provision of employment opportunities from these projects, the real estate market in Kaohsiung has been fueled and energized in the past few years.