ISTANBUL
The residential real estate market is on the government’s radar, while excessive price movements are being closely watched, Treasury and Finance Minister Nureddin Nebati has said.
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A comprehensive study has been launched into the sharp increases in the real estate market, Nebati said. “We are doing and will continue to do whatever it takes.”
Financial transaction and property title data collected from online real estate platforms is being analysed, the minister added.
The risk analysis department of the Ministry of Finance and Finance is investigating the factors that cause the price increase as they affect general inflation.
Officials are identifying companies that artificially inflate prices and distort the functioning of the market, as well as companies and individuals who fail to report their income from property sales.
Officials from the Ministry of Finance provide the relevant authorities with information on those whose practices contribute to inflation and who fail to meet their tax obligations.
Officials are also in the field, checking real estate agents.
Environment and Urbanization Minister Murat Kurum recently said that once the government starts the planned large public housing projects, housing prices will fall as the housing supply increases.
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“As soon as the project was announced, property prices already started to fall,” Kurum said.
Prohibitive rents have led to a wave of relocation in big cities, the Milliyet newspaper reports.
People are looking for apartments in the suburbs of the cities, but some, including civil servants, are choosing to move to other cities where rents are more affordable, according to the newspaper.
Faced with rising property prices and rents, on June 8 Parliament passed a law limiting rent increases to a maximum of 25 percent.
The residential property index rose 144.5 percent in May from a year ago, while in real terms the increase in the index was 41.1 percent, the Central Bank said on last month
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