New era for residential and land sales begins on February 15

The "Electronic Listing Verification System" (EİDS), developed to prevent speculative price increases, fake listings, and deposit fraud in the housing market, is expanding its scope. The system, which was applied only to rental listings last year, will become mandatory nationwide starting February 15, covering residential properties and land for sale as well.

Currently, there are approximately 1 million real estate listings for sale on major listing portals. With this new process, which began its pilot phase in three provinces on February 1, hundreds of thousands of listings are expected to be removed from platforms. Officials believe the application will significantly reduce listings that are not genuine or that lead to price manipulation.

TÜGEM Vice President Mustafa Hakan Özelmacıklı stated that they anticipate a significant decrease in fake, duplicate, and manipulative listings with the system, saying, "The electronic listing verification system for residential and land sales officially begins on February 15. With this system, we foresee a 20 percent drop in duplicate, fake, and manipulative listings. From now on, just anyone will not be able to post a listing online for a property they do not own."

While it is noted that the change in listing sites could have a direct impact on the market, some experts believe this step will play an important role in stabilizing prices in the real estate sector for a while. With the removal of fake listings, actual sales prices are expected to emerge more clearly.

HOW WILL THE ELECTRONIC VERIFICATION PROCESS WORK?

Individuals who want to post a listing must now follow these steps:

• Property owners will access the "Web Tapu" system on the e-Devlet platform with their personal login.
• Afterward, they will provide approval from the "Authorization Transactions" section if they wish to publish the listing individually; if they wish to proceed through a real estate consultant, they will assign authorization to the relevant firm.
• Listing portals will automatically compare all listings with title deed records and will not publish listings that have not been verified, labeling them as "unapproved."

This new application aims to significantly reduce fake ownership, the listing of the same property multiple times at different prices, and imaginary listings that unnecessarily drive up the market. Thus, it is expected that fraud cases that both home buyers and sellers may face will be significantly prevented.

Unregistered trade and non-genuine listings, which are among the most debated issues in the real estate market, seem to be brought under control thanks to the Electronic Listing Verification System. Officials point out that security will increase because an official and digital link will now be established between the property owner and the sales listing.

All eyes are now on the listing portals and the developments that will take place in the sector. Listings for sale that do not comply with the system are expected to be completely removed from platforms starting on the morning of February 15.

News Source: 12punto