
After TSMC announced the establishment of its Kumamoto campus, developers flooded the market with three-bedroom apartments hoping to rent them to employees. But things didn’t go quite as planned. Seeing that property prices were cheaper than in Taiwan, with an entire detached home costing only NT$10 million, many wealthy Taiwanese bought up the apartments but left them vacant. Japanese media are now calling the area a "ghost town."
After TSMC confirmed it was to open in Kumamoto in 2021, developers scrambled to start building homes to accommodate the influx, expecting the “TSMC effect” to bring crowds, capital, and high property prices. But many of the three-bedroom apartments built at the time are now lying vacant. Property managers admit that real estate near the factory is in oversupply.
Lee Chi-yueh
Kumamoto property manager
A massive wave of property handovers began in 2024 or 2025, when the pace of construction on the second fab slowed down a bit. Right now, there’s a need to absorb inventory. But there aren’t many renters and rental prices are falling, although valuations haven’t dropped significantly along with them.
Apartment rentals have fallen short of expectations, because Taiwanese buyers are opting instead for detached homes. For only NT$10 million, they’ve found they can get a place that also has three bedrooms as well as a garden and parking. Compared with Taiwan, it’s a bargain, attracting many wealthy TSMC employees and investors to buy outright.
Lee Chi-yueh
Kumamoto property manager
Finding tenants hasn’t been as easy as initially imagined. Properties have been sitting vacant for six months or even a full year. Those able to buy real estate overseas usually already own some property in Taiwan and aren’t in a rush to rent it out. They figure they can just pop over to visit whenever they have the time, so leaving it empty is fine. It’ll take around three years to digest the inventory and recover.
Insiders said that although there’s an oversupply now, once TSMC’s second fab starts operations in 2029, housing demand will increase again. Coupled with potential plans to build a third fab, the outlook remains positive when looking five to 10 years into the future.
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台積電進駐熊本後,當地建商蓋了許多三房公寓,打算出租給台積電員工。但沒想到不如預期,許多台灣有錢人看到當地房價,與台灣相比相對便宜,獨棟別墅只要台幣1000萬出頭,乾脆直接用買的,因此公寓的空屋率高,日本媒體形容,到了晚上宛如鬼城。
2021年台積電確定進駐熊本後,建商拼命蓋房子,就是看好台積電效應,帶來人潮與錢潮,房價上漲。但當初蓋了很多3房公寓,如今空屋率卻很高,物管業者坦言,台積電周圍的物件,目前確實供過於求。
[[熊本物管業者 李奇嶽]]
“2024,2025年開始進入所謂的大量的交屋潮,二廠建廠的速度也放的比較慢,目前要做一些去化,這麼多房子,但是沒有這麼多租客,租金行情是有在下降,可是房地產行情,並沒有跟著大幅下降”
公寓出租不如預期,就是因為台灣人看到獨棟的"一戶建",同樣是3房,又有花園車位,房價落在1000萬出頭,與台灣房價相比,划算許多,吸引不少有錢的台積電員工和投資客,直接買下來。
[[熊本物管業者 李奇嶽]]
“招租並不像當初想象中的那麼容易,可能空屋半年,空屋一年都有,能夠到海外置產的,通常都是在台灣已經有買房子買到一定程度,並不急著出租,他想說就有空,再過去玩一玩,看一看就可以了,放著也沒關係,(去化)差不多3年的時間,來慢慢恢復”
業者分析,雖然目前房地產供給過剩,但等到台積電二廠蓋完,2029年開始營運,會有更多住屋需求,加上未來可能還有三廠的計畫,拉長到五年或十年後來看,還是有前景。
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