Minister announces: Penalty for non-compliance with 'verified listing' in real estate determined

Minister of Trade Ömer Bolat announced that with the launch of the verified listing system in the real estate sector, the Ministry will conduct strict inspections and that administrative fines of up to 158,460 Turkish Liras will be imposed on those who act in violation of the regulations.

With the amendment to the regulation on immovable property trade, the Ministry has introduced a "verification obligation" for real estate agents on listing platforms in order to ensure the reliable operation of the market, protect consumer rights, and prevent unregistered real estate trading.

Within the scope of the regulation, the Electronic Listing Verification System (EİDS), established by the Ministry, will be launched on September 15 and will become mandatory for real estate trading starting from the beginning of the year.

With the new practice, real estate listings on platforms can only be posted by the property owner, their first and second-degree relatives, or businesses authorized by the spouse. The authorization process will be carried out via the screen created on e-Devlet.

Minister of Trade Bolat stated that with this regulation, they aim to prevent listing clutter, consumer grievances, unauthorized and unregistered real estate activities, and speculative price increases caused by fake and deceptive listings. Minister Bolat added that real estate agents who do not hold an authorization certificate will not be able to enter listings.

News Source: 12punto