Ministry announces: Investigation launched into controversial real estate listings

The Ministry of Trade has launched an investigation following statements regarding price increases found in certain online housing listings. Specifically, listings containing phrases such as "the price will increase when housing loan interest rates are reduced" and "a 1 million TL price hike will occur once the metro construction is finished" have brought allegations of market manipulation to the forefront.

LISTINGS ON THE MINISTRY'S RADAR 

In the description sections of some listings on online real estate websites, it was stated that prices would rise once housing loan interest rates dropped or metro projects were completed. These statements were met with backlash from both consumers and industry representatives. Evaluating the claims that these listings were causing market speculation, the Ministry of Trade announced that an investigation into the matter had been initiated.

STATEMENT FROM MINISTRY OFFICIAL 

Bekir Kaplan, Press Advisor to the Ministry of Trade, made the following statement regarding the issue:

“The housing listings for sale that appeared in some media outlets today, which include phrases such as ‘a 1 million TL price hike will occur once the metro construction is finished’ and ‘the price will increase when housing loan interest rates are reduced,’ have been taken under investigation by our Ministry.” Kaplan stated that such expressions could be contrary to consumer rights and that necessary steps would be taken to prevent manipulative price movements.

News Source: 12punto