Ministry of Trade imposes millions in fines on real estate businesses for exorbitant price hikes

The Ministry of Trade's General Directorate of Internal Trade has tightened its inspections regarding exorbitant price increases in the real estate sector following reports of an expected decline in housing loan interest rates.

In this context, an administrative fine of 100 thousand TL was imposed last week on a real estate business that made an exorbitant increase in its real estate listing price. During the month of September, 117 more real estate businesses that made exorbitant increases in their listing prices were identified.

The Ministry announced that as of today, the process of imposing administrative fines of 100 thousand TL on each real estate business, totaling 11 million 700 thousand lira, has begun.

"PRICE CHANGES WILL CONTINUE TO BE CLOSELY MONITORED"

The statement said, "Price changes on listing platforms will continue to be closely monitored by the Ministry of Trade, and the necessary administrative penalties will continue to be resolutely applied to real estate businesses that attempt to turn the decline in loan interest rates into an opportunity and engage in exorbitant increases in listing prices."

News Source: 12punto