Turkey cracks down on real estate profiteering post-quake
The Ministry of Commerce in Turkey has imposed stringent fines for unjustified price hikes in real estate following the earthquake in Istanbul. Authorities are urging citizens to report any attempts to exploit the panic caused by the natural disaster. Prices of essential goods are also under surveillance.
The earthquake in Istanbul occurred on Wednesday, with the strongest tremor having a magnitude of 6.2. There were 200 weaker aftershocks reported following the initial quake. There were no fatalities, but several hundred people required hospitalisation.
Strong earthquake in Istanbul. Authorities respond
Many residents began seeking new earthquake-resistant homes, while others opted to stay with relatives. The newspaper "Daily Sabah" noted that some individuals took advantage of the panic by drastically increasing real estate prices. In response to this practice, the Ministry of Commerce imposed fines of about £310,000 on those who raised rental and sale prices of real estate after the earthquake. The ministry announced ongoing monitoring of the real estate sector and action against exploitative practices.
"We will continue to monitor developments in the real estate sector and take preventive measures against exploitative practices that harm citizens," declared the ministry. The Minister of Environment, Urbanization, and Climate Change, Murat Kurum, stated that about one-third of the 1.5 million buildings in Istanbul identified as at risk "require urgent transformation—and we have no time to lose on this matter."
The Turkish Consumers Association (TUDER) has called for increased oversight of speculation, particularly in the housing and intercity transport sectors. The association's chairman, Levent Kucuk, told the Anadolu agency that they have received numerous complaints about price hikes, especially in newer buildings and more stable areas.
This is blatant exploitation of the earthquake. We do not condone such behaviour. A price increase in response to limited supply may be understandable, but exploiting a disaster to inflate prices is unacceptable," stated Kucuk.
He added that apartment prices have increased by over 100%, and bus ticket prices have even tripled. So far, no complaints have been reported regarding essential goods such as tents, blankets, or power banks.
