07.12.2024 14:40
Some measures implemented this year to prevent price manipulation, hoarding activities, and unregistered transactions in the real estate and automotive sectors will continue in the new year with an expanded scope.
Some applications implemented this year to prevent price manipulations, stockpiling activities, and unregistered activities in the real estate and automotive sectors will continue with an expanded scope in the new year.
The Ministry of Trade has implemented many regulations in 2024 to prevent exorbitant price increases, protect consumer rights, and regulate commercial activities and the domestic market between producers, suppliers, and retail businesses.
With regulations specifically targeting the real estate and automotive sectors, it is aimed to prevent price manipulations, stockpiling, and unregistered activities faced by citizens.
In this context, it is expected that the "verified listing" regulation introduced in the real estate sector will become mandatory in the new year and that the regulation will also start to be applied in the automotive sector. Additionally, it is anticipated that the "6 months-6 thousand kilometers" and "advertisement restriction" regulations applied in the second-hand vehicle market, which have been extended until the end of the year, will be terminated in 2025.
VERIFIED LISTING REGULATION IN REAL ESTATE STARTED ON SEPTEMBER 15
With the amendment to the Regulation on Real Estate Trade, an identity and authority verification requirement was introduced for listing platforms, and the Electronic Listing Verification System (ELVS) was established under the responsibility of the Ministry. With this system, the "verified listing" regulation was activated on September 15 of this year.
Currently, with the authority verification application in place, real estate listings on platforms can only be submitted by the property owner, their first and second-degree relatives, or spouse, or by a real estate business authorized by the property owner through the system.
"GALLERIES WITHOUT AUTHORITY CERTIFICATES WILL NOT BE ABLE TO ADVERTISE"
Trade Minister Ömer Bolat reminded that the application will be mandatory starting January 1, stating that from this date, listings will not be allowed without authority verification.
Indicating that all real estate listings published electronically must be included in the system, Bolat stated:
"In this regard, we will strictly monitor all listings made without being integrated into the Electronic Listing Verification System. We will ensure that listings made without authority verification are removed from publication and, if necessary, impose an administrative fine of up to 228,071 lira for each violation. We are fully confident that the complete implementation of the authority verification application on January 1, 2025, following the Ministry's examination and inspection activities, will minimize fake listings and price manipulations."
Bolat also noted that this application will also be implemented in the automotive sector in the new year, stating that only businesses with authority certificates will be able to be authorized, and that listings cannot be entered by gallery businesses without authority certificates.
"THE '6 MONTHS AND 6 THOUSAND KILOMETERS' AND 'ADVERTISING RESTRICTION' PERIOD IN AUTOMOTIVE IS ENDING"
Bolat recalled that in the automotive sector, regulations have been implemented stating that authorized sellers and individuals engaged in the trade of second-hand motor vehicles cannot market or sell motorcycles, cars, and off-road vehicles directly or indirectly unless 6 months and 6 thousand kilometers have passed since the first registration date.
Additionally, Bolat stated that under the "advertisement restriction," there is also a restriction on marketing second-hand motor vehicles at a price above the current recommended sales price by the manufacturer or distributor, and he added:
"The effective date of these regulations will end on January 1, 2025. At this stage, considering the elimination of the supply crisis in the automotive market following the COVID-19 pandemic, the increase in zero vehicle production, the balancing process in the automotive sector with declining prices in the second-hand market, and the demands of sector stakeholders, it is not contemplated to extend the application periods of these regulations."
"AUTHORIZED SELLERS WILL NOT BE ABLE TO INCREASE THE PRICE OF VEHICLES FOR WHICH SCT AND VAT HAVE BEEN PAID AS OF JANUARY 1"
Bolat stated that this year the scope of the "Regulation on the Trade of Second-Hand Motor Vehicles" has been expanded, and significant changes have been made regarding the trade of second-hand motor vehicles, imposing obligations on distributors and authorized sellers operating in the field of zero automotive vehicle trade.
Accordingly, Bolat mentioned that principles and rules for vehicle auctions conducted electronically and for preliminary vehicle evaluations have been determined, stating that some of the regulations in this regard have come into force, while the provisions regarding authorized sellers, sales by order, and auction platform obligations will come into effect on January 1.
Bolat stated that in the new year, authorized sellers will not be able to increase the price of vehicles for which SCT and VAT have been paid by the buyer and will deliver the vehicle to the buyer within 15 days.
To prevent buyer grievances in orders where a deposit (partial payment) has been taken, a order form will be prepared, emphasizing that the authorized seller cannot request any payment from the buyer without preparing this form, Bolat stated, "The authorized seller will deliver the vehicle for which a deposit has been taken within 45 days and will not take more than 10% of the sales price as a deposit until 7 days before the vehicle delivery. Additionally, the buyer will be able to cancel the order without facing any penalty within 14 days from the date the order form is prepared."
"SECURE PAYMENT SYSTEM WILL BE DEVELOPED IF NEEDED"
Bolat also reminded that the Secure Payment System developed to make second-hand vehicle purchases safer has been mandatory for all real and legal persons since September 27, and he made the following assessment:
"The data regarding the use of the system is being monitored by our Ministry. At this point, the usage rate of the Secure Payment System has reached 75%. When excluding vehicle sales transactions that do not have a usage obligation, we evaluate that the system is currently being used regularly by all real and legal persons and has been accepted by the public. If a need for improvement and development of the system is identified, the relevant work will be quickly implemented."