In a bid to tame Taipei's runaway real estate prices, the National Property Bureau plans to limit the land ownership rights on selected properties in the city's prime districts. Residents can acquire user rights at lower costs without actually owning the land. Further details on this new program will be announced as early as next month.

This piece of property on Taipei's Renai Road Section 4 and Taan Road occupies a total of 538 square meters.

The Ministry of Finance's National Property Bureau intends to tender this property to construct affordable housing that includes above ground building rights allowing for each prices per ping to be much cheaper than the 700,000 to 800,000 per ping cost in the area.

The so-called "surface rights" means that the public can access lower cost housing with "ownership" and land "use rights", but after 50 to 70 years, when the surface rights expire, the land and housing completely reverts back.

Put simply, people can own their residence but not the land.

Apart from this parcel on Renai Road Section 4, the government has also chosen Hangzhou South Road Section 2 and Kangning Road Section 3 for a total of 3 parcels of land that will be granted surface rights.

This designation hopes to prevent these properties from becoming luxury developments.

However, some scholars worry about how this property returns to the government after the expiration of the contract.

The National Property Bureau says that all tender conditions and details are still being assessed and planned as the earliest these documents will be available will be in August as the hope the completed offer can be announced at the end of this year.