Istanbul Earthquake Triggers Price Gouging: TÜDER Calls for Action on Housing and Ticket Hikes
istanbul
Following the 6.2 magnitude earthquake that rattled Istanbul on April 23, widespread fear and displacement among residents was swiftly followed by a wave of exploitative price hikes. According to the Consumers Association of Türkiye (TÜDER), opportunists have spiked rents, home prices, and intercity bus tickets, targeting vulnerable citizens in the aftermath of the disaster.
TÜDER President Levent Küçük condemned the phenomenon as blatant “earthquake profiteering,” urging consumers to remain vigilant and calling on the Ministry of Trade to initiate immediate inspections and penalties.
“While millions of people were fleeing fearfully, some saw it as a chance to profit. We do not accept price hikes that go beyond market logic,” Küçük said.
Housing Prices Double, Bus Tickets Triple
Küçük revealed that rents and home sales in structurally sound areas surged by over 100%, driven by panic-driven demand. Similarly, bus fares increased nearly threefold as many residents attempted to leave Istanbul temporarily.
“We all want to live in safe buildings, but panic should not lead consumers into the hands of profiteers,” he warned.
Call for Consumer Reporting and Regulatory Oversight
TÜDER advised consumers to report unjustified price increases by submitting evidence of price changes to the Ministry of Trade, Provincial Trade Directorates, or relevant professional chambers.
Küçük also noted complaints related to telecommunications outages, highlighting the importance of earthquake-resilient infrastructure and recommending that operators prioritize investment in emergency communication capabilities. He also encouraged users to utilize internet-based communication apps during emergencies.
Monitoring Essential Items: No Hikes Yet, But Risks Remain
While TÜDER has not yet received complaints regarding items like tents, blankets, or power banks, Küçük emphasized that the organization is closely monitoring the situation to prevent further exploitation.