30.03.2025 09:00
The EIDS, which started to be implemented for rental listings on January 1, will also be applicable for properties and commercial spaces for sale as of April 7. Thus, real estate listings can only be entered by individuals authorized by property owners through the e-Government system.
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As is known, there has been a significant fluctuation in the housing and automotive markets due to the pandemic. The increase in exchange rates, rising interest rates, and the subsequent peak of inflation have turned the markets upside down. This process also brought about opportunism. As of the beginning of 2022, it became difficult to estimate the fair price of a commodity. There were serious gaps between the prices of two different properties for sale or rent in the same building. The same situation occurred in the automotive market. The government took various steps at this point. First, stockpilers in the automotive market were subjected to inspections. Exorbitant price increases were balanced, and the market was stabilized. Immediately afterwards, interventions in the housing market also took place. A 25% cap on annual increases was imposed on rental properties. Those acting with high profit motives were identified and penalized.
APPLICATION STARTS ON APRIL 7
However, there was another problem in the sector. That was fake listings... Whether it was a homeowner or a real estate agent, fake listings were being posted at high prices on listing sites, inflating the prices of existing properties. Those looking to buy or rent a house were basing their decisions on these inflated prices when checking listing sites. This had created a serious bubble in the sector. Inspections related to the issue were intensified, and a series of measures were taken. Many individuals and institutions, including listing sites, were fined. Finally, the ministry launched the Real Estate Listing Verification System (EİDS) on January 1 to prevent misleading listings for citizens. Thus, it became mandatory for real estate listings to be entered only by individuals authorized by the property owner through e-Government. Following this, the Ministry of Commerce announced that it would take another step. Accordingly, as of April 7, the EİDS, which became mandatory for rental listings, would also apply to listings for sale of residential and commercial properties.
1.2 MILLION TL FINE ON TWO SEPARATE PLATFORMS
The Ministry of Commerce had imposed an identity and authorization verification obligation on listing platforms where real estate and vehicle listings are published, with the aim of establishing a fair, competitive, and stable market structure in the real estate and automotive sectors, ensuring quality service delivery in the sector, and preventing consumer grievances. The system was activated as mandatory for rental property listings in the first phase as of January 1. With this application, individuals who did not verify their identity information were prevented from posting listings on real estate portals. In the inspections conducted by ministry teams in the first phase of the system, a company that was found to have published listings in violation of the regulation was fined 1 million 200 thousand lira on two separate listing platforms.
INFLATED PRICES WILL BECOME A THING OF THE PAST
According to a report in the Türkiye newspaper; with the new system, both rental and sale listings for residential and commercial properties can only be entered by individuals authorized by the property owner through e-Government. This regulation aims to prevent fake listings, price manipulations, and market speculations. This system, considered an important reform in the real estate sector, has received significant support from both consumers and the sector. Real estate experts commenting on the issue stated that this step is a long-awaited regulation in the sector, saying, "Especially in recent years, fake listings and exorbitant price increases had become a major problem. Thanks to EİDS, we will see more realistic prices in the market, and consumers will be able to make safer buying, selling, and renting transactions."
PROTECTING BOTH BUYERS AND SELLERS
Consumer associations also support the issue. In statements made, it was said, "Many people were suffering due to misleading listings in the market. Citizens were losing both time and money due to properties that were either non-existent or listed at inflated prices. With this new system, the accuracy of listings will be ensured, and a reliable shopping environment will be created. EİDS will create a fairer market environment by protecting both the buyer and the seller. This regulation offers a significant guarantee, especially for those purchasing a home or commercial property for the first time. Instead of questioning the accuracy of listings, more informed decisions can be made when investing."
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