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Realtors differ on effects of new property price registration system

2012/06/28 22:25:39

Taipei, June 28 (CNA) Some realtors said Thursday an impending property price registration system can help curb speculation while others believe the system can also keep prices stable.

The Ministry of theInterior announced Thursday that starting in August, the actual prices of property transactions should be registered with the ministry within 30 days of the completion of any sale.

Chen Hsi-tsung, general manager of local real-estate broker H&B Business Group, said that before the system takes effect, the number of property transactions will largely increase because people will want to buy property before August so they can avoid payinghigher property taxes.

Once the new requirement takes effect, Chen said, the transparency in transaction prices will reduce the number of real estate disputes.

One company, Chinatrust Real Estate Co., said that according to its own survey conducted in the second quarter of this year, most of the respondents believed the registration system will help keep housing prices down because improved transparency can help reduce speculation.

Huang Shu-wei, a manager at Yungching Real Estate Agency, predicted that once the new system takes effect, property prices in prime areas will remain stable, but prices in areas whose prices increased on speculation will quickly adjust back to normal.

(By Eva Feng and Jamie Wang)