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Property market statistics in Turkey: strong domestic demand provided a new round of sales growth in December 2023

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In December 2023 the foreign demand for property in Turkey continued to decline compared to the previous year’s peak.

Property sales to foreign nationals fell by 67.7% compared to the same month of the previous year and were estimated at 2,064 objects (1.5% of all sales). At the same time, the Mersin market was more resistant to cooling demand than Antalya. The number of deals in both areas fell by 65% and 75% respectively compared to December 2022. Foreigners’ activity in Istanbul fell less — by 60%.

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The main foreign buyers were still Russians, who purchased 527 properties in Turkey in December 2023. This was followed by citizens of:

  • Iran (205);
  • Ukraine (113);
  • Kazakhstan (98);
  • Iraq (94).
graph 1

Property prices in prime locations of major markets continued to rise.

  • Istanbul: 1,335 US dollars in December 2023 vs. 1,154 dollars in the same month of 2022.
  • Bodrum: 3,440 vs. 2,932 dollars.
  • Mersin: 817 vs. 758 dollars.
graph 2

Despite an overall decrease in transactions of foreign investors, the property market in Turkey remains stable due to the strong domestic demand. In December 2023, the total number of transactions decreased by only 33.4% compared to the same month last year, but increased by 48.2% compared to the figures for November 2023. Meanwhile, 37% transactions were recorded in the new-build segment.

Apartment for sale in Istanbul, Turkey 3,009 listings on Tranio
New residential complex on the Marmara Sea coast in Tuzla, Istanbul, Türkiye for From $228,000 From $228,000
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Completion in: 2024.IV Total of 345 apartments

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New residence with a swimming pool and a gym close to a metro station, Istanbul, Turkey for From $283,000 From $283,000
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Completion in: 2024.IV Total of 575 apartments

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Completion in: 2024.IV Total of 576 apartments

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Highest sales:

  • Istanbul — 17.1% (23,714 properties);
  • Ankara — 8.3% (11,458);
  • Izmir — 5.2% (7,166).
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