New era in real estate listings: Strict monitoring of price hikes

The Ministry of Trade has implemented a new regulation against the offering of real estate for sale online at exorbitant prices. Price increases that do not align with economic realities and are not based on reasonable justifications will henceforth face punitive sanctions.

MINISTRY TAKES MEASURES AGAINST PRICE HIKES

With the "Regulation on Amendments to the Regulation on Real Estate Trade" published in the Official Gazette, real estate prices on listing websites will be closely monitored by the Ministry of Trade.

The Ministry stated that they have taken new steps against manipulative price increases in order to maintain a fair market structure in the real estate sector. The statement expressed that all necessary measures will continue to be taken to protect the interests of citizens and ensure transparency in the sector.

SHARED RESPONSIBILITY IN THE NEW REGULATION

According to the new regulation, not only real estate businesses but also the owners of listings containing excessive prices may face punitive sanctions. Real estate businesses are also prohibited from acting as intermediaries for such listings.

The Ministry stated that they have launched a comprehensive inspection process to combat opportunism in the sector and that inspections on online listing platforms will be further tightened.

News Source: 12punto