The entire system for real estate and automotive sales is set to change

For some time, reports regarding fake listings and exorbitant commissions, particularly in the real estate sector, have been on the rise. Minister of Trade Ömer Bolat has announced a new system intended to put an end to this.

In a meeting with journalists in Kayseri, Bolat explained that since taking office on June 3, 2023, they have announced a 2028 vision program, targeting 375 billion dollars in goods exports and 200 billion dollars in service exports, and that they have supported this 5-year program with various support programs and strategies.

In response to a question, Ömer Bolat said, "God willing, a new regulation will begin on September 15. In real estate, we are moving to a verified listing period on listing websites. Thus, none of the listings you see on these sites will be a scam or intended to deceive the consumer. A person selling a property will authorize a real estate agent by selecting their property on e-Devlet. Authorized real estate agents will mediate these sales. We will bring the same system to the automotive sector. We will publish the one related to real estate first. A short time later, in 1-2 weeks, we will implement this in the automotive sector as well."

HOW RENTS WILL FALL ACCORDING TO THE MINISTER

Stating that a period will come when housing supply increases as financing rates begin to decline due to the rapid results of the disinflation policy in the coming period, Bolat said, "In other words, housing is currently being built. The construction sector is contributing to growth. But it is mostly being done in the earthquake zone. Sales are taking place in the second-hand market."

Deputy Minister of Trade Mahmut Gürcan also made the following assessments regarding the new regulation in real estate:

"With the product we are introducing, we are formalizing the stages of posting listings on listing websites. Citizens will log in via e-Devlet, select their own property, and authorize a real estate agent by entering the agent's code in the window that opens. They can also enter the listing site and sell it themselves. But those who will use an agent will authorize the agent. Thus, the agent will be able to enter this listing on the site with the authorization they have received. We will launch this on September 15. It will be hybrid in the first stage. They will also appear as 'verified listings'. But as of the new year, all of them will be required to appear as verified listings. Thus, you will not wake up one morning to see your own house being sold on a listing site. Currently, some people enter real estate sites and sell these houses even though no one has posted a listing. But when you ask, they say 'no', 'we sold it'. They were posting such fake listings saying, 'Let us show you another listing, another house'. Our goal is to prevent manipulation and bring about a more accurate market operation. This system will arrive on September 15.

Afterwards, we will put the system related to automobiles into operation in the same way. A person can post a listing for real estate that is also owned by their first-degree relatives, spouse, mother, father, and children. That is already being applied in the identity verification system. When we do this with this stage, we will try to prevent manipulation in the listing system. This will actually cause rents to fall in some places. Because on (internet) sites, prices were being inflated and speculation was being made as if apartments that were not for rent were for rent. 10 people were entering the site for the same vehicle or 10 people for the same house, driving up prices and making it look like there was such a price increase in the market. We are trying to prevent this. We are trying to ensure that the price is verified with real listings."