The Ministry of Trade is taking a new step to address issues in the housing market. Starting from April 7, the "Real Estate Advertisement Verification System" (EİDS) will also apply to property sales and commercial real estate listings. With this system, real estate ads will only be published by individuals authorized through e-Government by the property owners.
Since the pandemic, the real estate and automotive markets have experienced significant fluctuations. The rise in foreign exchange rates, increasing interest rates, and inflation have caused market instability. During this time, opportunists thrived. By early 2022, it became difficult to estimate the true value of a property. Significant price disparities emerged for properties within the same building. The same was true in the automotive market. The government took several steps to address these issues. Initially, authorities cracked down on stockpiling in the automotive market. Price hikes were balanced, and the market stabilized. Shortly afterward, the government intervened in the housing market. A temporary 25% cap was placed on annual rent increases for rental properties.
EİDS Applies to Property Sales and Commercial Real Estate Starting April 7
Another issue in the sector has been fake listings. Whether by homeowners or real estate agents, high-priced fake listings have been posted on real estate platforms, inflating property prices. When potential buyers or renters check these platforms, they base their decisions on these inflated prices, creating a serious market bubble.
Inspections have been increased to address this, and a series of measures have been implemented. Several individuals and institutions, including real estate platforms, have been fined. The Ministry of Trade recently launched the Real Estate Advertisement Verification System (EİDS) on January 1 to prevent misleading listings. Under this system, real estate ads can only be published by individuals authorized by the property owner through e-Government.
According to a report in Türkiye Gazetesi, the Ministry of Trade is taking another step. As of April 7, the EİDS, which was previously mandatory for rental listings, will also apply to property sales and commercial real estate listings.
1.2 Million TL Fine for Two Platforms
The Ministry of Trade, aiming to create a fair, competitive, and stable market structure in the real estate and automotive sectors, has implemented identity and authorization verification requirements for platforms where property and vehicle ads are published. The system, which was initially launched on January 1 for rental property ads, prevents individuals who haven’t verified their identity from posting listings on real estate portals. During the first phase of inspections, the Ministry imposed a fine of 1.2 million TL on a company for violating the regulation by publishing listings on two different platforms without complying with the system.
Preventing Fake Listings and Price Inflation
With the new system, rental and sale listings for properties and commercial real estate will only be posted by individuals authorized by the property owner through e-Government. This regulation prevents fake listings, price manipulation, and market speculation.
The system is considered a significant reform in the real estate sector, receiving broad support from both consumers and the industry. Real estate experts have stated that this move is a long-awaited regulation, especially as fake listings and exorbitant price increases have become major problems in recent years. They emphasized that thanks to EİDS, more realistic prices will be visible in the market, allowing consumers to make safer purchase and rental decisions.
Protecting Both Buyers and Sellers
Consumer associations have also supported the initiative. They explained that misleading ads had caused significant harm to many people. "Citizens were wasting time and losing money due to non-existent or overpriced properties listed in ads. With this new system, the accuracy of listings will be ensured, creating a trustworthy environment for transactions. EİDS will protect both buyers and sellers, establishing a fairer market. This regulation will offer significant assurance, especially for first-time homebuyers or those purchasing commercial real estate. Instead of questioning the accuracy of listings, people will be able to make more informed decisions when making investments," they said.
