Trendyol Real Estate Venture Suspended

E-commerce giant Trendyol stated that they have indefinitely suspended the Trendyol Real Estate initiative they announced a while ago. In the statement made by Trendyol to those who want to become a member of the platform and apply to open a real estate shop, it was noted that after the new e-commerce law dated July 7, 2022 published in the Official Gazette, marketing investments and discounts will need to be significantly reduced, and it is not possible to continue the Trendyol Emlak initiative in the market structure that will be formed.

In the statement made by Trendyol to those who want to become a member of the platform and apply to open a real estate shop, it was pointed out that after the new e-commerce law dated July 7, 2022 published in the Official Gazette, marketing investments and discounts will need to be significantly reduced, and it is not possible to continue the Trendyol Emlak initiative in the market structure that will be formed. Trendyol used the following expressions in its statement about the Trendyol Real Estate Initiative: "As Trendyol, we started the infrastructure work for our Trendyol Real Estate initiative a while ago with the aim of contributing to the development of our country's e-commerce sector by diversifying our services and increasing the competition and vitality in the online real estate sector. We informed our stakeholders in the real estate sector about this new business line, which we are preparing to launch with exemplary practices that will carry the online real estate sector forward with our strong technological infrastructure and our experience in e-commerce, and we received a great deal of interest. However, we need to review our business strategies and focus areas in the process of compliance with the new e-commerce law published in the Official Gazette dated July 7, 2022 and to be implemented by the Ministry of Trade. The new law does not allow the provision of advertisement services on or in connection with the Trendyol platform. We will also need to significantly reduce our marketing investments and discounts to comply with the law. Unfortunately, it is not possible for us to continue our Trendyol Real Estate initiative in the new market structure. For this reason, we have indefinitely suspended our real estate sector investment, which we believe will stimulate competition in the online real estate sector in favor of buyers and real estate agents."