Introduction of Verified Real Estate Listings in Turkiye: What You Need to Know
The Turkish Ministry of Trade is set to launch a groundbreaking regulation aimed at bringing transparency and security to real estate transactions. Starting tomorrow, the “verified listings” system will officially be implemented on property listing platforms, with a transition period lasting until December 31, 2024. This move is designed to combat unregistered sales and fraudulent listings that manipulate prices, protecting consumers and improving the overall real estate market in Turkiye.
From January 1, 2025, real estate agents and property owners must comply with the new system, which ensures that all listings are posted by either the owner, their close relatives, or authorized real estate agents. This regulation marks a major step toward formalizing the sector and curbing unlicensed agents from engaging in property sales.
Key Highlights of the New Regulation
- Introduction of the Electronic Listing Verification System (EİDS):
The new system will verify listings by cross-referencing property ownership details with authorized sellers via e-Government platforms. - Consumer Protection:
The regulation is designed to prevent price manipulation and fraudulent listings, which have caused significant financial harm to buyers and renters. - Verification Requirements:
Real estate listings can only be posted by the property owner, their close relatives, or authorized real estate agents, ensuring greater transparency.
What is the Electronic Listing Verification System (EİDS)?
EİDS is the heart of the regulation. It allows for the verification of real estate agents’ authorization to post listings. Owners can easily authorize an agent through their e-Government portal, specifying the agent and the duration of their authority. This ensures that only approved individuals can post property listings, eliminating the risk of false advertisements.
10 Common Questions About the New System
- What is the Purpose of Verified Listings?
The system is designed to formalize real estate listings and protect consumers from price manipulations and fraudulent listings. - When Will the Regulation Take Full Effect?
Although the system begins tomorrow, full enforcement starts on January 1, 2025. - How Will This Affect Real Estate Agents?
Agents must ensure they have an official real estate license and authorization via EİDS to continue posting listings. - Can Multiple Agents Represent the Same Property?
Yes, but all agents must be authorized by the property owner via the e-Government system. - Will Rental Listings Also Be Verified?
Yes, the regulation applies to both sales and rental listings. - Are Any Properties Exempt from the Verification Process?
Certain properties, such as those without title deeds or designated as informal housing, will not require verification. - Can Private Sellers Post Listings?
Yes, property owners and their first-degree relatives can post their own listings without the need for a real estate agent. - How Long Does the Authorization Last?
The minimum duration for authorizing an agent is three months, but owners can extend it as needed. - What Happens if the Authorization is Revoked?
Listings remain active even after the authorization is revoked but must eventually be removed unless re-authorized. - Will This Regulation Apply to Other Sectors?
Initially, the system is focused on real estate, but there are plans to extend it to the automotive sector in the future.
Impact on the Real Estate Market
This regulation is expected to have a profound impact on the Turkish real estate market, fostering trust and transparency. It will significantly reduce the number of fraudulent listings and create a safer environment for both buyers and sellers.
- Enhanced Market Stability:
By reducing fraudulent practices, the regulation will help stabilize property prices. - Compliance Deadline:
Real estate agents and platforms must fully comply with the regulation by January 1, 2025, or face penalties. - Future Expansion:
While initially limited to the real estate sector, the Ministry of Trade is considering applying similar verification systems in the automotive market.
The introduction of verified listings is a monumental change for the Turkish real estate market. It reflects a commitment to enhancing consumer protection and formalizing property transactions. Buyers and sellers alike will benefit from increased transparency, making real estate transactions more secure and trustworthy.
Source: Dunya.com / Prepared by Irem Yildiz