國際間抑制房價政策之比較分析

Abstract

房屋不僅是人民生活之必需品，亦是極富投資價值之商品。由於預期房價追漲不追跌，使得投資者有誘因投入資金購買國內除自住使用外之第二間以上房屋，也有誘因投入國外主要城市之房屋市場，造成房價高漲現象在國際間主要城市尤其明顯。若政府放任不加以管制，極可能因高漲房價而排擠到國內民眾之居住權，影響社會及國家穩定發展。本文選定2011年至2020年間房價所得比數值或成長比例較高之中國大陸、臺灣、香港、新加坡及紐西蘭主要城市為研究對象，藉由比較分析其施行之抑制房價政策、政策選擇的理由及政策施行後之總效果，整理歸納出各該政策之利弊得失，以增進對國際間抑制房價政策之瞭解，俾利執政者執行房地產相關政策之參考。 研究方法部分，採用既有文獻及次級資料分析法與比較研究法。透過回顧影響房價之因素及政府抑制房價政策文獻，結合各研究對象政府機關及具公信力的民間企業網站公開之統計數據為佐證，以打破國家疆界之方式比較及分析各該抑制房價政策之政策內涵，整理歸納出其政策邏輯，探討其可能產生之總效果(預期效果及非預期效果)，歸納收斂為研究成果。 研究結果顯示，國際間主要城市因其本身之體質不同，所面對的房價上漲原因亦有所不同。本文將國際間抑制房價政策主要分為兩大類:一、以公權力強制介入房屋的供給或需求。二、以利益(補貼)或不利益(租稅)等方式影響房屋市場之供需方決策。在施行抑制房價政策前務必需要先行釐清其政策目的為何，參照國際間抑制房價政策之類似先例，施行最適合之抑制房價政策。本文建議原則上應健全整體房屋市場之供給與需求。在其他條件不變之下，分別對於房屋市場之供給與需求面參照國際間抑制房價政策之先例，調整出最適宜當地之抑制房價政策，有效控管房價走勢變動，達到房價所得比平穩且逐漸下降之目標。

Housing is not only a necessity for people's lives, but also a commodity with great investment values. As the housing prices are expected to catch up and not to chase down, investors have more incentives to invest funds in purchasing the second or more domestic houses other than the self-occupied ones. Besides, there are also incentives to invest in the housing market in major foreign cities. The phenomenon of soaring housing prices is particularly obvious among international major cities. If the government ignores this phenomenon, the high housing prices may cause domestic residents to lose their right to reside, which will affect the stable development of the society and the country. This paper selects major cities in Mainland China, Taiwan, Hong Kong, Singapore and New Zealand that have higher prices to income ratio value or growth rate between 2011 and 2020 as the research objects. By comparing and analyzing the policies to restrain housing prices, the reasons for policy choice and the overall effects of policy implementation, the pros and cons of each policy are thus analyzed and summarized accordingly. Its research findings will serve as the basis of improving the understanding of international policies to restrain housing prices and will be used as references for those in power to implement the real estate related policies. In the research methodology part, this research adopts Document and Secondary Data Analysis research Comparative research. It reviews the literatures on the factors that affect housing prices and the government's policies to restrain housing prices, which are combined with the statistical data published by the government agencies and credible private enterprise websites of each research object as supporting evidences. By analyzing the connotations of restraining housing-price policies on a comparative basis, this research is to break national boundaries, organize and summarize its policy logic, and explore the total effects (expected effects and unexpected effects) that may produce and be demonstrated as the research results. The results of the research show that major cities internationally face different reasons for the rising housing prices due to their own situational differences. This paper divides the policies of restraining housing prices into two major categories: First, forcibly intervening in housing supply or demand with the public power. Second, influencing the decisions on the supply and demand side of the housing market with benefits (subsidies) or non-benefits (taxes). Before implementing the policy to restrain housing prices, it is necessary to clarify the purpose of the policy first, refer to similar international precedents for restraining housing prices, and implement the most suitable policy to restrain housing prices. This paper suggests that the supply and demand of the overall housing markets should be improved in both principles and practices. With other conditions unchanged, the supply and demand of the housing markets are referenced to international precedents for restraining housing prices, and the most appropriate local housing price restraint policy is adopted to effectively control the changes of trend movement in housing prices so that the goal of a steady and gradual decline in the housing price to income ratio will be realized.