The Ministry of Commerce announced a series of revolutionary regulations to prevent irregularities in the real estate sector and to protect consumers. These new regulations include harsh measures against fake advertisements, price manipulation and unlicensed activities that are frequently encountered on real estate buying and selling platforms.
The Ministry has introduced a regulation stating that the immovables included in the real estate advertisements placed on the online trading platforms must belong to the real owners or authorized persons. An administrative fine of up to 100 thousand liras will be imposed for each violation of advertisement sites that do not comply with this verification process. Thus, the safety of consumers will be ensured by preventing fake advertisements and fraud attempts.
In addition, it was announced that the professional experience requirement for real estate businesses to obtain a certificate of authorization will not be sought until the end of 2024. This exceptional regulation aims to facilitate entry into the sector while providing an immediate solution to real estate businesses that are already operating without authorization certificates.
Drastic measures are also being taken to prevent price manipulations. The Ministry imposes serious fines on sites that publish advertisements without verifying that the real owners or authorized persons of the immovable properties advertised on various platforms belong. In this way, speculative price increases and consumer grievances will be prevented.
While sector representatives welcome the regulations, they draw attention to the necessity of effective implementation and supervision of the regulations. With these new regulations, it is aimed to increase confidence in the real estate sector and better protect consumers, while maintaining competition in the sector in a healthy way.
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