Took advantage of housing loan news to hike home prices: Heavy fine for the opportunist

Following Ziraat Bank's reduction in housing loan interest rates, some estate agents began imposing exorbitant price hikes on residential properties. 

Once the situation was noticed, a major backlash erupted on social media. Acting upon these reactions, the Ministry of Trade identified an estate agent engaging in opportunism and applied punitive measures.

100 THOUSAND TL FINE FOR ESTATE AGENT

Deputy Minister of Trade Mahmut Gürcan stated in a post on his social media account X that an estate agent in Adana had increased the price of a house for sale from 7 million 250 thousand TL to 9 million TL within a single day. 

Gürcan announced that an administrative fine of 100 thousand TL was imposed on this real estate business for engaging in opportunism.

'WE WILL NOT TURN A BLIND EYE TO OPPORTUNISM'

In his statement, Mahmut Gürcan said, “As the Ministry of Trade, we will never allow opportunism. Following news that there would be a decrease in Ziraat Bank's housing loan interest rates, the price of a listing in Adana increased by 1 million 750 thousand TL. As a result of the investigations, the business in question was identified and a 100 thousand TL fine was issued.”