本文探討臺北都會區水岸住宅發展之近況、機制與影響。通過房地產廣告分析、住宅價格計算，以及土地開發機制個案探討等方法，本研究發現：(1)水岸景觀成為晚近房地產行銷賣點；(2)水岸住宅均價仍低於全區且近年差距微幅擴大，顯示整體水岸仍屬邊緣地段，但特定地段有明顯增長，隨住宅類型、樓高和距離而有價格差異；(3)國家投入防洪淨水、綠美化、遊憩化及地產引導式開發，乃水岸新住宅發展的關鍵條件；(4)新近住宅開發有公共景觀商品化、地產利益之階級移轉，以及生活型態替換等爭議，透露綠色縉紳化的隱憂。 Using data from real estate advertisements, housing prices and cases studies of land development mechanism, the article discusses the recent development and effects of waterfront housing in Taipei. The authors find that, firstly, waterfront landscape has become a selling point for housing market. Secondly, the average price of the waterfront real estates is lower than the average of whole district, and the difference slightly increased in recent years. It shows that the waterfronts are still marginal areas, while some of the price increased obviously in specific places and varied through the types, height, and distance. Thirdly, the new housing developments mainly locate at where the state established infrastructures and promoted the proper-led development projects. Finally, there is worry and controversy about the green gentrification of new waterfront housing development which implies commodification of public scenery, transfer of property interests between classes, and replacement of lifestyles.