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2013-01-11 16:37
September’s real estate transaction data now available online
Information on all the property transactions completed during this September (filed by applicants during the period of Sept. 1 through Sept. 30) is now accessible through the Ministry of the Interior’s (MOI) real estate transaction database website (http://lvr.land.moi.gov.tw). Uploaded and available since 8 AM on Nov. 16, statistics relating to the total amount of property transferred in September and declared during October include more than 23,000 purchasing (sales) deals and 2,000 plus leasing agreements. The real estate transaction database itself, which was only launched earlier this year, now contains detailed data on roughly 44,000 property transactions that took place from the beginning of August through the end of September.

Up and running since Oct. 16, the MOI’s online database was visited by more than 1.8 million users by Nov. 15 who were in search of information relating to property transactions made during August. In light of the public’s high demand for its services, the ministry has also invested considerable resources into expanding the website’s network bandwidth, database servers, cloud computing infrastructure and virtual storage. Moreover, the results of a stress test ran by the MOI on its internal networking systems on Nov. 13 indicate a healthy and stable database whose performance can be counted on.

According to the Ministry of Interior, a total of 103,000 property transactions were reported to the government during a two-month period up till Nov. 14. Due to operational and regulation reasons including the monthly schedule of data release and the 30-day allowance for ownership transfer and rental agreement declaration, however, not all reported cases are readily made available to the public in a month’s time. Take, for example, the transactions declared on Sept. 30, in which regional agencies must wait for a full 30 days before inputting the information into the database as part of November’s monthly update operations. Government officials must also cross-check the cases to ensure special dealings made on rates that are inconsistent with market value (i.e. atypically high or low transaction prices) will not be entered into the system so as to not distort the bulk of the data.

In response to external comments concerning methods to optimize user experience, the MOI pointed out that not only is on-line access to the database free, restrictions on the number of search results and usage time have both been relaxed as well. Requests to electronic copies of the datasheet, however, will incur payments as stipulated by MOI. Starting Nov. 19, digital reproductions of August data will be made available. Applications will be processed on a case-by-case basis and billed accordingly to “The Fee Standard for Requesting the Ministry of Interior and its Subordinate Agencies to Provide Government Information”, in which the expenses charged for requesting a nationwide August data will be capped at a one-time fee of NT$2,000. Visiting the Department of Land Administration of MOI website (http://www.land.moi.gov.tw/) obtains more related information.

Officials would also like to remind land administration agent, broking agency and property owners to provide separate information on the price and area of parking spaces during the declaration process. Such information will help authorities to calculate a more accurate unit price per ping, which in turn would help the database better reflect current market values, the ministry added.

Recently, the MOI received the broad feedback from partial media reports and the general public. Also, the MOI held the seminar to improve and expect offering more information to meet the general public requirements. The public availability of actual property prices and related transaction information will help boost the nation’s real estate transparency, lower the transaction costs for both buyers and sellers, minimize the risk of conflict associated with property transfers and prevent unscrupulous agents from inflating the housing market. The MOI concluded that the program is part of the government’s efforts in fostering a well-balanced domestic real estate market and establishing housing equality for all.

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Ministry of the Interior. Republic of China(Taiwan)
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