Ministry of Trade imposes 54.5 million lira fine on 545 individuals for posting manipulative real estate listings

The Ministry of Trade announced that 54 million 500 thousand lira in fines have been imposed on 545 individuals for posting unregistered, manipulative, and manipulation-oriented listings in the real estate sector.

In a statement from the Ministry, it was noted that investigations and audits regarding all types of actions and behaviors that could disrupt the balance in the market are continuing in detail.

The statement, which touched upon steps taken regarding the real estate sector, included the following:

"As a Ministry, listings that cause exorbitant prices through speculative acts, as well as misleading advertisements, are being meticulously examined. In this context, real estate listings for sale on advertising platforms have been placed under review. For real estate listings for sale posted since September 1, it has been decided to impose a total fine of 54 million 500 thousand lira—100 thousand lira per person—on 545 individuals who disrupted the market and free competition and victimized consumers by increasing prices by 100 percent or more while the listing was active, due to their activities being in violation of the provision in Article 14 of the Regulation on Real Estate Trade, which states that 'those engaged in real estate trade cannot engage in unfair and unlawful behaviors and commercial activities'."

 The statement underscored that the Ministry will continue to use all the tools at its disposal, on a sector and subject basis, to prevent citizens from being affected by speculative price increases and to establish a fair and competitive environment in the market.

News Source: 12punto