To promote transparency for the real estate market in Taiwan, lawmakers from both major parties are requesting for a change to the current rule. The new proposal will require real estate agents to register the transaction price of the property within 30 days, and homebuyers will be able to access that information.

The domestic real estate prices have never been transparent, after a sale is closed, no transaction details are recorded, which the lawmakers are worried that it would lead to real estate sellers to price the properties above the market price, as they are proposing to amend the real estate management act to establish an information system for real estate, asking real estate agents to upload the details of the transaction within 30 days.

However, the current Executive Yuan has a version of the amendment, which is leaning towards eliminating address, construction number, and would only show the data in forms of districts.

On the 28th at the legislature, lawmakers believe that the sales information should be made transparent completely.

There are currently 3 versions of the amendments, including that of KMT, DPP and the Executive Yuan.

Both the KMT and DPP versions are leaning towards an open price policy, with the option of avoiding personal information when referenced, and the data would not be used for tax purposes.

Lawmakers also believe that the Ministry of the Interior should also update other laws together, or it would just single out the real estate agents.

Currently, Taiwan real estate prices are divide into the real closing price, loan price, public evaluated price and the public evaluated land price, thus lawmakers are all hoping, after the luxury tax, the government can establish a transparent system to evaluate real estate prices.