In 2023, there was a noticeable trend towards a decrease in foreign demand for real estate in Turkey compared to the peak figures of 2022. The trend at the beginning of this year continues.
Sales of real estate to foreigners decreased by 50.5% compared to the same month of the previous year and amounted to 2,061 objects (2.6% of all sales).
Antalya remains the most popular destination (747 locations), traditionally followed by Istanbul (710 locations) and Mersin (211 locations), which proved to be the most resistant to cooling demand. Over the past year, the number of sales there has decreased by 57%, while in the rest of the cities on the list by more than 90%.
The main foreign buyers are still Russians, who purchased 555 properties in Turkey in January. Then the citizens followed:
- Iran (208);
- Ukraine (127);
- Iraq and Kazakhstan (99);
- Germany (73).
Real estate prices in the main markets remain at the level of last month, but continue to rise compared to last year.
- Istanbul: $1,331 per square meter in January 2024 versus $1,230 in the same month of 2022;
- Bodrum: $3,324 versus $3,053.
Despite the surge in real estate prices last year, some cities in Turkey recorded a return to the level of last year, for example, in Izmir, Mersin, Antalya, Bursa, etc.
The real estate market in Turkey remains stable, although the decline in transactions among foreigners continues. In January 2024, the total number of transactions decreased by only 17.8% compared to the same month last year. At the same time, 31.5% of transactions are in the segment of new buildings. This indicates that there is demand from end users in Turkey and a good prospect for liquidity after obtaining a passport (for high-quality investment facilities).
Interestingly, the average exposure time of a lot on Istanbul’s online listings is about 45 days. That is, the sale of real estate is completed in 1.5 months. Whereas in large Russian cities, the sale period starts from six months.
At the same time, most of the demand comes from the local population of Turkey, which is growing by about 1-1.5 million per year. In Istanbul, the annual figure reaches about 250 thousand people.
The cities with the highest sales have been updated:
- Istanbul — 16.7% (13,423 properties);
- Ankara — 8.4% (6,709);
- Antalya — 6.5% (5250).
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