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May 27, 2017

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Taipei introduces new real estate market rules

TAIPEI, Taiwan -- In order to prevent "bogus information" and promote information transparency in the real estate market, the Taipei City Government introduced the Taipei Real Estate Transaction Information Management Regulation yesterday, which was the first of its kind in the nation.

Under the new rule, whenever real estate agents provide information or post advertisements related to real estate, such as transaction records and prices, they must also have evidence to back up their claims, according to the regulation.

The regulation is a type of executive standard and has no punishment for violators, and the government said it plans to adopt a gradual, moderate and supportive approach to oversee changes in the industry for improvement.

Taipei Deputy Mayor Chang Chin-e (張金鶚), a former professor in the Department of Land Economics at National Chengchi University, said the purpose of the regulation is to provide sufficient information to the public and improve the real estate market, not to "put a gag" on realtors or to "crack down" the real estate market, like some said in the industry.

Since Taipei is a focal point in the nation's real estate industry, providing accurate information in critical, Chang stressed, adding that it is the government's responsibility to actively protect consumers' rights and benefits. However, the government will not meddle in the real estate market, Chang said.

In regard to the fact that there is no punishment for those who violate the regulation, Chang explained the objective of the regulation is to encourage real estate professionals to engage in proper business actions and establishing the right system.

However, the government is going to publicize the names of real estate agencies that violate the regulation, as well as those that follow the rules and conduct business properly, Chang said. The ultimate goal is to achieve information transparency regarding real estate transactions. It is not likely to be achieved in one step, and the government intends to do it gradually, Chang said

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