Ministry imposes fines on real estate agents following 6.2 magnitude earthquake in Istanbul

Following the earthquake that occurred in Istanbul on April 23, penal actions were taken against businesses engaging in opportunism regarding prices for properties for sale and rent. Minister of Trade Ömer Bolat announced that as a result of inspections conducted during this process, a total of 27 million liras in fines were issued to real estate agents who increased their prices.

Minister Bolat, responding to questions from members of parliament regarding price hikes following the earthquake, stated that daily inspections against exorbitant price increases and hoarding practices are continuing. Stating that 164 thousand businesses and 1.3 million products have been inspected to date, Bolat said that the irregularities detected in these inspections were handled by the Unfair Price Evaluation Board and that administrative fines ranging from 143 thousand 930 TL to one million 439 thousand 300 TL could be applied for the year 2025.

Stating that necessary administrative sanctions were applied to all real and legal persons who increased prices based on data obtained from listing platforms to ensure citizens do not suffer grievances in the real estate sector after the earthquake, Bolat announced that 108 real estate businesses were fined. The Ministry will continue its inspections in cooperation with relevant institutions to ensure the market operates in a fair and competitive manner.