Earthquake profiteering on the ministry's radar! Millions of liras in fines issued

While the earthquake that occurred in Istanbul caused great fear, earthquake profiteers also took action. As the increase in prices for real estate for sale and rent within the same day drew attention, the Ministry of Trade also took action. The ministry identified individuals who increased prices in real estate listings and issued a total of 14 million 500 thousand liras in fines. The ministry stated that monitoring will continue and also issued warnings. The Consumers Association also stated that increases of up to 100 percent in housing and up to three times in bus tickets have been observed, and advised consumers who encounter this situation to file a complaint.

WE WILL NEVER ALLOW PROFITEERING

In the statement made by the Ministry of Trade, it was said, 'we will never allow profiteering' and the following expressions were used:

"Following the earthquake that occurred in Istanbul on April 23, 2025, individuals who increased prices in real estate listings for sale and rent within the same day were identified by our Ministry of Trade, and an administrative fine of 14,500,000 TL in total, 250,000 TL for each of these individuals who wanted to turn our citizens' difficult situation into an opportunity, has been imposed.

Our Ministry of Trade will continue to monitor situations that may develop against our citizens in the real estate sector after the earthquake and to take measures to prevent practices that may cause grievances."

WE WILL NEVER ALLOW PROFITEERING!

Following the earthquake that occurred in Istanbul on April 23, 2025, individuals who increased prices in real estate listings for sale and rent within the same day were identified by our Ministry of Trade, and for each of these individuals who wanted to turn our citizens' difficult situation into an opportunity…

— T.C. Ticaret Bakanlığı (@ticaret) April 25, 2025

BUS TICKET AND HOUSING PRICES DOUBLED

Consumers Association President Levent Küçük also drew attention to the fact that there are increases exceeding 100 percent in housing and up to three times in bus tickets. Küçük used the following expressions:

"After the earthquake, we received complaints and information that there were exorbitant increases in both house and rental prices, especially in newly built buildings and in regions where there are more solid ground locations. It is possible to clearly call these earthquake profiteering or malicious sellers. First of all, we do not accept such earthquake profiteering. If the new housing stock or the housing stock in regions with solid ground is insufficient according to the increasing demand in the market, a reasonable price increase may be seen as normal in the coming days, but those who turn this into an opportunity and make increases at higher amounts outside of market conditions should never be allowed."

DEFINITELY FILE A COMPLAINT

Stating that they want the Ministry of Trade to carry out strict inspections on this issue, Küçük said, "We say the Ministry of Trade, but institutions and organizations such as the Chamber of Real Estate Agents and the Chamber of Commerce should also support this issue, do their best to prevent unethical and immoral practices in a professional sense, impose sanctions on their own professional members, and warn and inspect the firms that abuse this and mediate this business."

Küçük advised that real estate agents and sellers who engage in exorbitant price hikes should definitely be reported to the Ministry of Trade, the Provincial Directorate of Trade, and professional chambers.

News Source: 12punto