Understanding the impact of government policies on the real estate price fluctuations from the overall factors – A case study in Tainan Yongkang and Eastern District

• Main Authors: CHEN,YA-YEN, 陳雅嬿
• Other Authors: CHIEN,NAN-SHAN
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/uxn64k

碩士 === 南臺科技大學 === 企業管理系 === 104 === The study researches on the luxury tax and Actual price registration effect to a presold housing unit, exploring the key elements that impact overall factors on governance policy of Real estate price fluctuations.Areas of research are samples from Yongkang and Eastern District in Tainan city to select twelve independent variables. Study period was from June of 97th year of the Republic Era to May of 104th year year of the Republic Era before and after implementing luxury tax. Empirical data has 16,055 samples, using a large amount of data to do empirical hedonic regression analysis on housing price impact.The results of this study show that a single variable of unit price per square meter has Good explanatory power on logarithmic model.Significant independent variables including floor space, loan burden rate, house price comparisons, the average mortgage rates of five biggest banks, Actual price registration express as important factors affecting housing price of these two administrative area. Moreover, floor space and unit housing price per square meter are all significantly positive correlation. The average mortgage interest rate of five biggest banks are all significantly positive correlation, but different with the expected sign. Republic of China since February of the 98th year of Republic Era has set Long-term mortgage rates below 2% and passed luxury tax successfully to buyers. Luxury tax since the 98th year of the Republic Era has also cut down from maximum 50% rate to a single rate of 10%. Hence, Tainan city became the place with lowest average of unit price per square meter, mortgage burden rate and housing price comparison among six regions.In addition, Tainan controlled credit less tight than the northern, resulting northern investors and home buyers come to Tainan to buy real estate, which causedTainan housing prices continue rising.The difference of empirical results may become significantly positive correlation in East district but not significant in Yongkang district. The loan burden rate is significantly negatively correlated in Eastern area but significant positive correlated in Yongkang area. Besides, M1b currency supply amount is not significant in Eastern region but significant positive correlation in Yongkang region. Finally, the overall score is significantly negatively in Eastern district but not significant in Yongkang.The reason for such differences in two administrative regions is family monthly income difference of home buyers.Yongkang District is more affected by overall economic factors. Luxury tax has non-significant relevant. Luxury tax performs not correlated with housing price which can not effectively curb housing prices in Tainan Yongkang District and Eastern District. Actual price registration is significantly positively correlated but expected results are different. Unit price per square meter in Yongkang and Eastern district has small gap because actual price registration promoted higher house pricing. It grows up gradually. Eastern and Yongkang District have alternatives effect, resulting unit price per square meter in Yongkang District increases higher than in the East. Since the study period of this research was during the implementation of actual price registration system, it has not impacted housing price in short term. It recommends that the Government policy should be implemented in the relevant fiscal, financial and other distribution package of measures in order to effectively improve the housing market in the short term, to reduce the community’s resentment toward high housing price. Keywords: luxury tax, actual price registration, overall factors, hedonic price