Landlords are focused on the minimum wage! A large number of listings have been removed.

Landlords have turned their attention to the upcoming increases in minimum wage and pension payments. It has been observed that rental listings on advertisement sites have been removed before the new minimum wage is determined. It is claimed that landlords will offer their listings at higher prices after the announcement of the new salaries.

LANDLORDS HAVE DRAWN REACTIONS

Due to the current economic conditions and rising rental prices, the burden on tenants is quite heavy, while landlords who want to increase prices under the pretext of salary raises are causing reactions both in the market and in public opinion. The decrease in the number of rental listings is also noteworthy. Especially after the removal of the 25% rent increase cap, rental listings that had reached up to 300,000 have now dropped to around 200,000. Experts state that there will be an increase in the number of listings after the salary raises.

THEY HAVE FOUND A WAY TO AVOID BEING MONITORED

Mehmet Ali Narin, who works in the real estate business in Istanbul, stated that the opportunism occurs every year, saying, "Whenever there is an increase in pensions and minimum wage, both rental and sale prices of properties rise. The ministry generally conducts inspections, but there is a shortcoming. Because they look at the price changes of existing listings. However, they cannot track the price changes of listings that are deleted and reposted. Therefore, prices can be easily increased." Narin, who mentioned that there has been an increase in rental listings along with the rise in property sales in recent months, said, "Property sales are increasing, and more purchases are being made for investment. Properties worth 3-5 million liras are being bought and rented out. However, those who buy properties are waiting until after the New Year to rent them out. Today, we removed the listing for a 1+1 apartment in Beylikdüzü. We had listed it for 17,000 liras last week. The landlord has received some information and wants to list it at a higher price after the salary increases. We will probably list it for 25-26,000 liras in February," he said.

THE MINISTRY IS MONITORING

According to a report in Türkiye Gazetesi, the Ministry of Commerce is not allowing opportunists who make exorbitant price increases to get away with it. In a recent statement from the ministry, it was noted that following news about a potential decrease in housing loan interest rates, a real estate business that had made exorbitant price increases in property listings was inspected. Following the inspection, it was reported that the real estate business was fined 100,000 liras. The statement also mentioned: "In September, 117 more real estate businesses that made exorbitant price increases in listings were identified, and as of today, a total administrative fine of 11 million 700 thousand liras has begun to be imposed on each real estate business at 100,000 liras." The statement emphasized that the ministry will closely monitor price changes on listing platforms and that necessary administrative penalties will continue to be imposed on real estate businesses that try to take advantage of the decrease in loan interest rates and make exorbitant price increases in listings.