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.
Following record demand set in 2022, each new complication in obtaining Turkey's residence permit led to a drop in applications and transactions by Russians. Nevertheless, with 10,560 properties purchased in Turkey, they remained the top property buyers among foreign nationals in 2023.
In December 2023 the foreign demand for property in Turkey continued to decline compared to the previous year's peak.