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Data: Turkish property market remained stable in January 2023

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Turkey
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In 2023, a trend of declining foreign demand for real estate in Turkey compared to the peak levels of 2022 became noticeable. This trend has persisted into the beginning of this year.

Properties in Turkey 10,691 listings on Tranio
New apartments at a favorable price in a luxury residential complex, Uskudar, Istanbul, Turkey for From $197,000 From $197,000
New apartments at a favorable price in a luxury residential complex, Uskudar, Istanbul, Turkey

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Modern residence with swimming pools and gardens near a metro station, Istanbul, Turkey for From $254,000 From $254,000
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New spacious apartments in a popular area with developed infrastructure, Istanbul, Turkey for From $402,000 From $402,000
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New residence with swimming pools and green areas close to well-developed infrastructure, in one of the oldest and largest areas of Istanbul for From $630,000 From $630,000
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New residence with a swimming pool and a green area in a quiet and green neighborhood, Istanbul, Turkey for From $179,000 From $179,000
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Sales of real estate to foreigners decreased by 50.5% compared to the same month of the previous year, totaling 2061 units (2.6% of all sales).

Antalya remains the most popular destination (747 units), followed by Istanbul (710 units) and Mersin (211 units), which has shown the most resilience to the cooling demand. Over the past year, sales there decreased by 57%, whereas in other cities on the list, the decrease was over 90%.

graph 1

Russian buyers continue to be the main foreign purchasers, acquiring 555 properties in Turkey in January. They were followed by citizens of:

  • Iran (208);
  • Ukraine (127);
  • Iraq and Kazakhstan (99 each);
  • Germany (73).
graph 2

Real estate prices in major markets remain at the level of the previous month but continue to rise compared to the previous year.

  • Istanbul: $1331 per square meter in January 2024 compared to $1230 in the same month of 2022;
  • Bodrum: $3324 compared to $3053.
graph 3

Despite the surge in real estate prices last year, some cities in Turkey have seen indicators return to the levels of the previous year, such as Izmir, Mersin, Antalya, Bursa, and others.

Apartments for sale in Istanbul 3,018 listings on Tranio
New apartments at a favorable price in a luxury residential complex, Uskudar, Istanbul, Turkey for From $197,000 From $197,000
New apartments at a favorable price in a luxury residential complex, Uskudar, Istanbul, Turkey

Completion in: 2025.IV Total of 148 apartments

Modern residence with swimming pools and gardens near a metro station, Istanbul, Turkey for From $254,000 From $254,000
Modern residence with swimming pools and gardens near a metro station, Istanbul, Turkey

Completion in: 2024.IV Total of 781 apartments

New spacious apartments in a popular area with developed infrastructure, Istanbul, Turkey for From $402,000 From $402,000
New spacious apartments in a popular area with developed infrastructure, Istanbul, Turkey

Built in 2023 Total of 1441 apartments

New residence with swimming pools and gardens near a highway and a metro station, Istanbul, Turkey for From $240,000 From $240,000
New residence with swimming pools and gardens near a highway and a metro station, Istanbul, Turkey

Completion in: 2026.II Total of 686 apartments

New residence with swimming pools and green areas close to well-developed infrastructure, in one of the oldest and largest areas of Istanbul for From $630,000 From $630,000
New residence with swimming pools and green areas close to well-developed infrastructure, in one of the oldest and largest areas of Istanbul

Built in 2024 Total of 1050 apartments

New residence with a swimming pool and a green area in a quiet and green neighborhood, Istanbul, Turkey for From $179,000 From $179,000
New residence with a swimming pool and a green area in a quiet and green neighborhood, Istanbul, Turkey

Completion in: 2025.II Total of 689 apartments

New apartments for obtaining a residence permit and citizenship in a prestigious area, Istanbul, Turkey for From $299,000 From $299,000
New apartments for obtaining a residence permit and citizenship in a prestigious area, Istanbul, Turkey

Completion in: 2024.II Total of 167 apartments

Residential complex with park views, near the Financial center, Istanbul, Turkey for From $339,000 From $339,000
Residential complex with park views, near the Financial center, Istanbul, Turkey

Built in 2023 Total of 2750 apartments

The real estate market in Turkey remains stable, although there is a continued decrease in transactions involving foreigners. In January 2024, the total number of transactions decreased by only 17.8% compared to the same month of the previous year. Moreover, 31.5% of transactions are in the new construction segment. This indicates demand in Turkey from end consumers and good liquidity prospects after obtaining citizenship (for high-quality investment properties).

Interestingly, the average exposure time of a property on online listings in Istanbul is around 45 days, meaning properties are sold within 1.5 months. In contrast, in major cities in Russia, the selling period starts from six months.

Furthermore, a significant portion of demand comes from the local population of Turkey, which is increasing by approximately 1-1.5 million annually. In Istanbul, the annual figure reaches approximately 250,000 people.

Pavel Timoshenko Pavel Timoshenko Head of Sales Department in Turkey
graph 4

Cities with the highest sales have been updated:

  • Istanbul — 16.7% (13,423 units);
  • Ankara — 8.4% (6,709 units);
  • Antalya — 6.5% (5,250 units).
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