Real Estate

Flash decision on house prices after interest rate cuts in housing loans

President Recep Tayyip Erdogan’s loan interest discount announcement, which makes it easier to own a house, is taking measures to increase house prices by hundreds of thousands of lira overnight. The steps to be taken have been determined. Accordingly, an exorbitant price brake will be imposed on opportunists who affect the housing prices and the market by increasing their prices in house for sale advertisements. The Ministry of Finance will not let these people in and a period of control will be started on housing prices. Price differences will be determined after the campaign in house ads for sale. Here is the last-minute development regarding the loan interest rate cut of 0.99% and 0.89%.

Breaking news: The Ministry of Treasury and Finance took action against the exorbitant increases of 30% in one day about the house prices in the advertisements for sale, after the housing loan interest rates decreased to 0.89%. Treasury and Finance Minister Nureddin Nebati announced that they will take every step to protect citizens against exorbitant price increases and they will not tolerate it. Ministry inspectors will go to the field to determine price differences in house sales. Especially after the credit campaign, “announced price differences” will be determined.

Here are the last-minute decisions about second-hand house prices and the steps to be taken…

The housing shortage experienced recently, the increasing demands especially in holiday regions after the Russia-Ukraine war, and the decision to cut interest rates brought opportunism. Citizens who are faced with high rents and exorbitant prices are complaining to consumer associations, the Presidential Communication Center, and the Ministry of Finance and Trade.

HOUSE PRICES FOR SALE IN THE ADVERTISEMENTS ARE FOLLOWED IN DETAIL

Treasury and Finance Minister Nureddin Nebati announced on some websites that opportunists are closely following the exorbitant increases that will never comply with the free market principle. He emphasized that necessary measures will be taken through the applications implemented against the exorbitant price increase.

MINISTER MUS: EXTRA PRICE INCREASE CANNOT BE MADE

In his answer to the parliamentary question on the subject, Minister of Commerce Mehmet Muş stated that an exorbitant price increase cannot be made in the sales price of a good or service and said, “According to the Retail Trade Regulation Law, activities that create tightness in the market, disrupt the market balance, free competition, and prevent the consumer from accessing the goods cannot be undertaken.

Again, the rental agreements and the determination of their wages are also governed by the Turkish Code of Obligations.”

SUPERVISION WILL INCREASE IN HOUSING

Both the Ministry of Finance and the Ministry of Commerce are conducting a two-pronged investigation upon complaints about exorbitant increases. Field studies will be focused on in order to determine the price differences in house sales.

Especially after the loan campaign, the announced price differences regarding the housing sales will be determined. The Ministry of Finance closely followed the increases from ₺1000 to ₺10-25 thousand in Antalya and its districts, where the complaints were concentrated.

“CEILING” DEMAND TO EXTRAORDINARY INCREASE

The Ministry is working hard to declare and tax rental housing and real estate sales over the real value. Realtor chambers and tax offices aim to prevent tax loss and informality by cooperating on this issue.

Ministry teams remind that those who buy and sell houses within 5 years must submit a declaration on the increase in rent and real estate value within 5 years.

Sector representatives also suggested a temporary raise limit and ceiling in order to end opportunism in rents. In addition, increasing the current price demand period from tenants whose five years have expired to 8 years is among the demands.

Source: Sabah / Translated by Irem Yildiz

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