the prices of real estate in Taiwan is quite abnormal because there are two land axes. ROC government in exile sticks on low annual land value tax (Henry George 1879) and very high transaction land value increment tax (John S. Mill 1848) .to exploit the consumers of housing. please read my papers { Tsai, Chi-yuan, 2001, “Land Taxes in Taiwan: Problems, Impact and Reforms”, Journal of Property Tax Assessment and Administration, Vol. 6 No.3, Canada, pp.81-108. 2002, “A Proposal for Reform of the L

land tax reform. In my opinion, the prices of real estate market in Taiwan are abnormal due to unreasonable tax rates and pre-sale system of housing market. Please see a book review on Urban Studies（2000/1）issued By Glasgow University, UK William　D.H.Li, 1998 “Housing in Taiwan: Agency and Structure? ” Published by Ashgate, Aldershot, UK. The prices soaring under 2 million units of empty houses.So that, we have not equilibrium prices but speculated prices in real estate markets in Taiwan.