Property brokers yesterday welcomed legislative revisions governing property transactions, saying that the changes would make the market more transparent and price manipulation more difficult.
The legislature yesterday approved a bill that requires the disclosure of the full address of a property that is sold, rather than just the neighborhood.
It also stipulates that transfers of presale housing units be subject to real-price registration within a month.
Great Home Realty Co (大家房屋) lead researcher Mandy Lang (郎美囡) said that the revisions reflect the government’s resolve to make the local property market more transparent, and crack down on price manipulations by dishonest developers and brokers.
Policymakers talked for years about tightening requirements over disclosure of property transaction data, but had failed to take action due to privacy concerns, Lang said.
Noticeable housing price hikes nationwide this year led the government and lawmakers to support stricter rules, she said.
Transfers of presale housing projects were spared from the disclosure requirement, despite them being believed to be the reason for the recent price surge, she said.
People have been seen in lines to buy presale projects in Hsinchu, raising suspicions that there were dishonest advertising schemes involved, she said.
More detailed disclosures would improve protections for prospective buyers, giving them more reliable information to make decisions, Lang said.
Jessica Hsu (徐佳馨), head of the research department at H&B Business Group (住商不動產), said that the government should do more to put the market on a healthy course.
Some developers still register false transaction data to inflate prices, Hsu said, adding that the government should root out such practices.
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