In order to promote greater transparency of transaction data in the real estate market and lessen the current problem of information asymmetry in the market, thereby preventing the harmful bidding up of real estate prices, while at the same time ensuring that citizens’ right to privacy is protected, the government in Taiwan has begun implementation of a “real price registration” system. The real price registration system policy constitutes a “housing justice” policy, aimed at meeting society’s demands and improving the current problem of information asymmetry in the real estate market. The aim of the present study is to explore whether the real price registration system does in fact conform to the housing justice goal of preventing house prices from rising too fast, and whether it can be effective in rationalizing real estate transaction prices and holding prices down. The study makes use of a documentary analysis approach, taking legal texts as the basic object of analysis. The content and interpretations of relevant laws and regulations are compared against one another, and conclusions are then reached on the basis of this comparison. In addition, articles and monographs by experts in relevant fields are collected and studied, to examine the problems currently being faced in the implementation of the real price registration system, and to put forward proposals for suitable ancillary measures.
The main research findings obtained in the study are as follows:
1.Real estate transaction real price registration is a requirement that both parties in real estate transactions report and have registered the actual
2.price in each transaction; this requirement has been included by the Legislative Yuan (Taiwan’s legislature) in the revised texts of the Real Estate Broking Management Act, Land Administration Agent Act and Equalization of Land Rights Act, which have passed their third reading in the Legislative Yuan.
3.The “Five Housing Justice Laws” place restrictions on the future disclosure and use of real price registration data; search data may only be made available for searching in an anonymized form, at the level of the District or Section. In addition, until such time as the relevant ancillary measures have been drawn up and enacted, already-registered real estate transaction price data may not be used as a basis for taxation.
4.The government’s implementation of the real estate transaction real price system has had a pronounced impact on the state of supply and demand and prices in Taiwan’s real estate market. For example, there has been a marked decrease in the number of cases of properties being rented out via a third party, and the intensity of trading in the real estate market has fallen; however, real estate prices have continued to rise.
The following recommendations proposed:
1.Suggestions for the government.
3.Penalty- and implementation-related suggestions.
4.Suggestions regarding integration with the tax system.