Turkey cracks down on real estate profiteers post-quake
The Ministry of Commerce in Turkey has introduced strict fines for price increases in real estate following the earthquake in Istanbul. Authorities are urging people to report any attempts to profit from the panic caused by the natural disaster. Prices of essential goods are also being monitored.
The earthquake in Istanbul occurred on Wednesday at 5:49 AM Eastern Time, with the strongest shock having a magnitude of 6.2. There were 200 weaker aftershocks reported following the initial quake. Although there were no fatalities, several hundred people were hospitalized.
Strong earthquake in Istanbul. Authorities respond
Many residents began seeking new earthquake-resistant homes, while others stayed with relatives. The newspaper "Daily Sabah" noted that some people took advantage of the panic by drastically raising real estate prices. In response to this practice, the Ministry of Commerce imposed fines of about $380,000 on individuals who increased rental and sale prices of real estate after the earthquake. The ministry announced it would continue monitoring the real estate sector and take 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," stated a declaration from the ministry. The Minister of Environment, Urbanization, and Climate Change, Murat Kurum, mentioned 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, admitted to the Anadolu Agency that they received many complaints about price hikes, especially in newer buildings and more stable areas.
This is an obvious exploitation of the earthquake. We do not accept such behavior. A price increase in response to limited supply might 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.
