| Summary: | 碩士 === 國立高雄應用科技大學 === 國際企業系碩士在職專班 === 104 === The extravagant housing price leads to high public grievances. To reduce the inappropriate rise of housing price, the luxury tax bill had been on the books in 2011. Since then, the government has proposed actual price registration, taxes on luxury residences, and real estate taxation integration, which attempts to influence the domestic housing market. Domestic studies indicate the rising price in Taiwan real estate market is overly beyond its proper level, and the asset price bubble also existed. Investment boom on real estate market also commonly appear due to the policy orientation and external factors, resulting in the abnormal price fluctuation and herding phenomenon. All the evidence reveal that there exits a herding behavior in Taiwan real estate market.
The study adopted the data from January 2004 to March 2016 to investigate the effects of unemployment rate, housing price index, consumer price index, construction cost index, the number of transfer transaction buildings, TAIEX index, and the economic growth rate, also the government policies in Kaohsiung housing market, such as taxes on luxury residences, actual price registration, and real estate taxation integration, on the housing market price. The results show that high taxes have no significant impact on Kaohsiung housing price index. However, the subprime mortgage crisis during the period of financial crisis, the unemployment rate, construction cost index, and the number of transfer transaction buildings in Kaohsiung, have positive effects on Kaohsiung housing price index. The result of the study could more clarify the relationship between Kaohsiung housing price index and macro factors to assist the government to stabilize the housing price.
Keywords: Luxury Tax; Actual Price Registration; Luxury Tax; Real Estate Taxation Integration; Time-Series
|
|---|
