Statement on price volatility in the real estate sector following the earthquake in Istanbul: Warning from the Ministry

Deputy Minister of Trade Mahmut Gürcan stated that no attitude or behavior that could be described as opportunism, aimed at taking advantage of the difficult situation of citizens, will be tolerated, adding, "Information regarding real estate listings for sale and rent that have seen price increases following the earthquake in Istanbul is being obtained from listing platforms, and the necessary administrative sanctions will be applied decisively and without delay against all natural and legal persons found to have engaged in unfair price increases."

Deputy Minister of Trade Mahmut Gürcan made a statement on his social media account regarding unfair price increases in real estate listings following the Istanbul earthquake.

Providing information about the work being carried out, Gürcan stated, "As the Ministry of Trade, we are closely monitoring all situations that may develop to the detriment of our citizens in the real estate sector following the earthquake that occurred in Istanbul on April 23, and we continue to work incessantly to prevent practices that would cause grievances for our citizens."

"ADMINISTRATIVE SANCTIONS WILL BE APPLIED"

Gürcan underlined that the importance of social solidarity, unity, and togetherness is greater than ever during extraordinary periods such as earthquakes.

Emphasizing that it is of great importance for businesses and all citizens to act with a sense of social responsibility during this sensitive period, Gürcan noted the following:

"In this process, no attitude or behavior that could be described as opportunism, aimed at taking advantage of the difficult situation of our citizens, will be tolerated.

In this context, information regarding real estate listings for sale and rent that have seen price increases following the earthquake in Istanbul is being obtained from listing platforms, and the necessary administrative sanctions will be applied decisively and without delay against all natural and legal persons found to have engaged in unfair price increases."