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Taiwan Plans to Curb Real Estate Speculation
The Cabinet approved a series of measures aimed at reining in real estate speculation, including a proposal to mandate public disclosure of the price and address of all properties sold in the country. Currently, real estate ag
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Realty Plus
Published - Friday, 11 Dec, 2020
The Cabinet approved a series of measures aimed at reining in real estate speculation, including a proposal to mandate public disclosure of the price and address of all properties sold in the country.
Currently, real estate agents hired to sell pre-sold houses are only required to report their sales in bulk within 30 days of the completion of their contract. Under the proposed changes, realtors would have to report the transactions individually within 30 days of each sale, giving potential buyers a more timely understanding of property prices. Cabinet's plan would empower the MOI to investigate suspicious transactions by requesting documents directly from financial institutions and government agencies, thereby reducing the burden on local regulators.
Premier Su Tseng-chang said the four-point plan would increase market transparency, while also protecting the right to privacy, and would help keep housing prices at a "reasonable" level. Specifically, he said, the measures would improve the system for publicly disclosing property prices, strengthen reporting requirements for transactions involving pre-sold houses, give regulators more power to conduct investigative audits, and increase the penalties for providing inaccurate information or failing to report sales.
The public disclosure plan would make the price and full address of all real estate transactions searchable to public - an improvement on the current system, which only lists the approximate location of the property. Another element of the plan relates to pre-sold houses, which are often purchased by investors and then quickly resold at a profit, thus driving up property prices.
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