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2012-11-06
The MOI’s real estate transaction database website to provide actual property prices

To help make real estate prices available to the general public, the Ministry of the Interior (MOI) has launched an online database that lists the actual price of property transactions in the country. Beginning Oct. 16, Chinese-language users can log onto the MOI’s real estate transaction database website (http://lvr.land.moi.gov.tw) and browse through all the property transactions completely declared in September (filed by applicants during the period of Aug. 1 through Aug. 31) and presented under three main categories – purchase/sales, rentals and pre-sold housing units. The website provides search options such as transaction type, location, building variety, price range and the regional array of house numbers. Property prices can also be looked up by circling a region on the street map provided by the website. Moreover, the MOI is providing a mobile application that will offer the nation’s smartphone users free access to the online database based on Android platform.

In accordance to regulations governing the obligatory registration of real estate transactions that came into effect Aug. 1, city (county) officials will monitor reported purchase, rental and pre-sold property transactions; special cases and dealings made on pricing that are inconsistent with market value will be removed from the database for consistency purposes. Therefore, aside from filtering out atypically high or low prices, the database will also exclude special cases such as a property transaction between family members and so forth. For more information, please log onto the website for a more detailed list of guidelines that will instruct users on how to effectively inquiry the online platform.

In terms of real estate transactions, the database provides three major categories of information: (1) information pertaining to location, such as the district or region, the range of house numbers and the number of land plots; (2) information pertaining to price, such as the total monetary sum involved, the number of parking spots, the type of parking spots, the total monetary value of the parking spots, the apartment/mansion management commission (if applicable), as well as the exact month and year of the transaction’s completion; and (3) information pertaining to the property itself, such as the land area, the floor area, the type of land zone or urban designation, the functionality offered, the construction materials used, the month and year of the construction’s completion, the total number of floor of construction, the transferable floor, the property’s current layout. In the case of a real estate transaction that include parking space, if the applicant does not provide information on the price and area of the parking space additionally, the unit price per ping will be calculated by dividing the total transaction price by the total area. The website’s mapping function, another general reference tool, is topological by system calculating nature and is only meant to be used as a general reference. The map utilizes local landmarks. In accordance with the regulation, the transaction information shows district basis real estate transaction information for inquiry without revealing personal data.

Registration must be carried out within 30 days after the transfer of ownership or the signing of the rental contract. The city (county) government then has to verify the declaration special cases and dealings made on abnormal pricing that are inconsistent with market value is undisclosed. The transaction information shows district basis real estate transaction information for inquiry without revealing personal data. In light of the time and resources required to process the applications, the MOI has budgeted for a 1.5-month lag before the information can be uploaded to the website – so for example, details on the property transactions from August will be made available in mid-October, whereas September’s real estate statistics will be available by mid-November, etc.

The nationwide actual transaction price registration system started since Aug. 1. There have been 21 penalties of violations documented till Oct. 12. Upon analysis, it was discovered that all applicants were fined for not reporting their transactions within the 30-day limit; moreover, some of penalties were applicants who withdrew their declarations due to misinformation and failed to resubmit their applications within the 30-day limit. The MOI hereby reminds the general public to abide by the 30-day limit in reporting real estate transactions. And if an applicant withdraws the declaration, he/she has to make sure resubmitting the application within the 30-day limit.

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.


 
Related Files: Eight guidelines concerning the MOI’s real estate transaction database website
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