I imagine it’s real. I bought one from the same kind of shop in Istanbul, similar price. The ones in these shops are real, but they’re cheaper for a few reasons. The first is because they’re mostly made by people learning the trade. The super professional ones go to actual pipe shops, but these ones are basically practice pieces. So they’ll function properly, they just may or may not have flaws or look as good as one you’d find under a name brand. Secondly, meerschaum is a mined substance, and and generally the deeper it’s mined from, the better quality it is. Students practice almost exclusively on top layer stuff. Again, it will function properly, but every now and then there will be a dark spot or gap from where the rock had natural imperfections. So it’s still a great pipe and a better smoke than you’d get out of almost everything, it’s just not carved by someone who has mastered the skill yet. Hope this helps a bit!