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Cement manufacturers are under investigation because of the unprecedented growth in property prices in Turkey

  • 31.03.2022
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Cement manufacturers are under investigation because of the unprecedented growth in property prices in Turkey

Companies in the cement industry have become the target of a massive investigation by the Turkish authorities. The Ministry of Trade has established a group to examine allegations of unreasonable price gouging and violations of market trading rules.

Real estate prices began to skyrocket against general inflation in the country, which reached record levels over the past two decades. Prices for consumer goods increased by 54.4% over the year. Production costs increased by almost 100%.

In January 2022, the cost of residential real estate increased by 77.4% in annual terms. The cost of new construction increased by 85.7%. This growth has not been recorded since 2015.

The actions of some manufacturers raised suspicions of using the current situation for unfair enrichment, which attracted interest from the Turkish authorities.

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