Turkey’s Ministry of Trade introduces stricter oversight for property listings, extending regulations to social media platforms to ensure consumer protection.
Turkey’s real estate sector is set to undergo significant changes with the introduction of new regulations targeting advertisements on social media platforms. Hacı Ali Taylan, the President of the Federation of Turkish Real Estate Agents, announced that the Ministry of Trade’s new “verified ad” regulation will not only apply to real estate portals but will also extend to social media platforms, ensuring that all property listings are subject to stricter scrutiny.
Taylan emphasized the importance of these regulations, noting that they are designed to protect both consumers and professionals within the real estate and automotive sectors. He explained that controlling housing and car prices is crucial for maintaining economic stability and preventing market manipulation.
Clarifying the New Real Estate Regulation
Taylan addressed some common misconceptions about the new regulation, particularly the belief that real estate ads will only be allowed through electronic listing systems. He clarified that the regulation is primarily aimed at online advertisements, which are often subject to manipulation. The new rules will enable authorities to crack down on unlicensed real estate agents and ensure that only authorized real estate consultants with a certificate from the Ministry of Trade can post listings on property portals.
Currently, there are 69,000 licensed real estate agents in Turkey. Taylan revealed that around 20,000 agents are operating without a license, a situation that the Ministry of Trade is actively working to address. The ministry has also introduced an exemption from the internship requirement for obtaining a real estate license, available until the end of the year. By the year’s end, the number of registered real estate agents in Turkey is expected to approach 90,000, reducing the presence of unlicensed agents in the market.
Real Estate Ads on Social Media and New Regulations
With the rise of social media, property listings have spread beyond traditional real estate portals to various other platforms. Taylan highlighted that the Ministry of Trade will now also monitor these platforms to prevent unverified and illegal property listings. Every listing will need to be verified before it can be published, eliminating fraudulent and misleading ads that have previously caused consumer harm.
The regulation also includes a provision requiring parcel and plot information to be publicly available on real estate portals. Taylan mentioned that this has raised concerns among some real estate professionals, who fear it could lead to unintended consequences. The Ministry of Trade has acknowledged these concerns and indicated that further adjustments may be made.
Overall, the real estate sector is supportive of these new measures, recognizing the role they will play in creating a more transparent and secure market. Taylan concluded by expressing gratitude to the Ministry of Trade for its efforts in regulating the industry.
Source: AA / Prepared by Irem Yildiz