They had skyrocketed prices upon hearing the news that interest rates would drop! The penalty for the savvy real estate agents has been revealed.

Last week, news about a decrease in housing loan interest rates implemented by Ziraat Bankası had awakened the alert real estate agents. An advertisement priced at 7 million 250 thousand lira was raised to 9 million lira after the news, prompting the Ministry of Trade to initiate an investigation. The Ministry identified that business and imposed a fine of 100 million lira. It has been learned that the Ministry is intensively working to prevent such price manipulations and to protect consumer rights.

ADVERTISEMENTS ARE BEING EXAMINED CAREFULLY

According to information obtained from the Ministry, inspections targeting the real estate sector are being carried out intensively to prevent such price manipulations and to protect consumer rights. The Ministry is closely monitoring the property advertisements on listing sites. Recently, especially after news that housing loan interest rates would decrease, it was determined that some real estate advertisements had increased prices, and some advertisements included statements indicating that prices would increase when interest rates began to fall. All of these advertisements are being meticulously examined, and necessary measures have been taken.

89 MILLION LIRA FINE IMPOSED ON BUSINESSES THAT INCREASED ADVERTISEMENT PRICES EXCESSIVELY

The Ministry regularly receives data on price changes from listing sites and imposes administrative sanctions on real estate businesses that engage in unfair commercial practices by making excessive price increases in advertisements. In this context, 890 real estate businesses that were determined to have made excessive price increases in their advertisements were fined a total of 89 million lira in the last year. In the future, real estate businesses attempting to take advantage of the decrease in loan interest rates will not be tolerated. Advertisements will be closely monitored, and those acting contrary to the regulations may face fines ranging from 15 thousand 846 lira to 475 thousand 380 lira. It is also important for citizens not to reward businesses that attempt to manipulate property prices or take advantage of situations like interest rate decreases, and to report these businesses to the Ministry.