Speculative Prices in Real Estate Under Scrutiny

Minister of Trade Ömer Bolat announced that, taking into account the intensifying complaints, examinations and inspections have started for the advertisements of houses for sale that lead to manipulative price formation in the real estate market.

In his statement, Trade Minister Bolat stated that many regulations have come into force in order to prevent the recent exorbitant price increases in the automotive sector, to combat stockpiling and to re-establish a competitive, fair and stable market structure in the sector. He also emphasized that these measures will also be applied to the real estate sector.

Minister Bolat said that similar measures will be taken in the real estate sector, such as the marketing and sales regulation known as the "6 months and 6 thousand kilometers restriction". In this context, measures such as preventing activities by authorized dealers that make it difficult for citizens to access vehicles and restricting pricing above the current sales price will also be implemented in the real estate market. These regulations are expected to help stabilize the market.

In the real estate sector, the Ministry of Trade is working diligently to eliminate consumer victimization due to unrealistic and speculative price increases. With the regulation prepared by the Ministry and published in the Official Gazette, an obligation of identity and authorization verification was imposed on advertisement sites in order to prevent deceptive and unrealistic advertisements that may take place on advertisement platforms. This regulation aims to prevent speculative price increases.

Minister Bolat made the following statements on this issue: "In order to prevent deceptive and unrealistic advertisements on advertisement platforms, we have imposed an obligation of identity and authorization verification on advertisement sites. Those who violate this regulation will be subject to an administrative fine of up to 100 thousand liras for each violation."

Considering the recent complaints, the Ministry started examinations and inspections on the advertisements of houses for sale, which lead to manipulative price formation in the real estate market and cause the abuse of the difficulties experienced by citizens due to the current economic conjuncture. As a result of these inspections and audits, penal sanctions will be imposed on real and legal persons who cause exorbitant price increases that disrupt the balance of the market by increasing the advertisement price by a significant percentage.

In addition, inspections of cement and other sectors are ongoing. Bolat said, "Inspectors of our Ministry, together with the Competition Authority, our related institution, continue to investigate the cement sector for alleged exorbitant price increases and cartelization that disrupts free competition." In addition to the cement sector, the Ministry closely monitors all sectors where basic necessity goods and services are offered for sale by producers, suppliers and retail businesses in times of emergency, disasters, fluctuations and other emergencies.

The Ministry of Trade continues its efforts to re-establish a fair and stable market structure in the real estate sector. In this context, it is of great importance that players in the sector act in accordance with the regulations and measures taken.