Property market statistics in Turkey: strong domestic demand provided a new round of sales growth in December 2023
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%.
From $198,000
Completion in: 2025.IV Total of 148 apartments
From $255,000
Completion in: 2024.IV Total of 781 apartments
From $404,000
Built in 2023 Total of 1441 apartments
From $242,000
Completion in: 2026.II Total of 686 apartments
From $634,000
Built in 2024 Total of 1050 apartments
From $181,000
Completion in: 2025.II Total of 689 apartments
From $301,000
Completion in: 2024.II Total of 167 apartments
From $341,000
Built in 2023 Total of 2750 apartments
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).
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.
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.
From $198,000
Completion in: 2025.IV Total of 148 apartments
From $255,000
Completion in: 2024.IV Total of 781 apartments
From $404,000
Built in 2023 Total of 1441 apartments
From $242,000
Completion in: 2026.II Total of 686 apartments
From $634,000
Built in 2024 Total of 1050 apartments
From $181,000
Completion in: 2025.II Total of 689 apartments
From $301,000
Completion in: 2024.II Total of 167 apartments
From $341,000
Built in 2023 Total of 2750 apartments
Highest sales:
- Istanbul — 17.1% (23,714 properties);
- Ankara — 8.3% (11,458);
- Izmir — 5.2% (7,166).
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