In 2024, Turkey saw continued growth in real estate sales to foreigners, driven by its strategic geographical location, attractive investment environment, and the variety of available real estate options. With a stable market and rising demand for both residential and commercial properties, Turkey has become a preferred destination for investors seeking promising investment opportunities, whether for living or long-term investment.
This year featured new developments in policies and procedures that facilitate property ownership for foreigners, boosting international buyers’ confidence. Additionally, large-scale infrastructure projects and new cities have increased property values, offering competitive investment opportunities.
Whether you’re looking for a residential apartment in Istanbul, a villa overlooking the sea in Antalya, or commercial property in major cities, Turkey’s real estate market in 2024 opens its doors to your aspirations, with a unique mix of high investment returns and competitive prices compared to other global markets.
Wide Horizons for Real Estate Investment in Turkey Despite the Decline
Despite the challenges faced by Turkey’s real estate market in 2024, the sector remains attractive as a prime investment destination for foreign buyers. Sales dropped in some months due to global and local economic factors, but this has not prevented the market from continuing to offer promising opportunities, thanks to the diversity of available properties and the competitive advantages Turkey offers.
Investors rely on the enduring strength of the Turkish market, where properties in major cities such as Istanbul, Antalya, and Bodrum offer a mix of quality and affordable prices compared to global markets. Additionally, urban development projects and large-scale infrastructure, such as the Istanbul Canal and new airports, add significant value to surrounding properties.
Moreover, government incentives like fee reductions and improvements to property ownership laws for foreigners have strengthened investor confidence, keeping the real estate investment outlook positive despite temporary challenges. This is a time for investors to seize the opportunity to acquire exceptional properties at competitive prices before the market returns to its usual growth pace.
Strong Movement in Resale Property Sales Despite the Slump
Despite the economic slowdown experienced in Turkey’s real estate market during 2024, resale properties have emerged as a key option attracting buyers, both local and foreign. This sector has shown significant resilience in the face of the downturn, as used properties have seen active sales compared to new properties, thanks to their competitive prices and prime locations.
Resale properties offer many advantages that have made them stand out in the current market, such as immediate availability for living or investment, location in well-established neighborhoods, and the ability to negotiate prices. The increasing demand for resale properties is driven by investors seeking quick and stable returns in the current economic climate.
This trend presents an opportunity for investors to take advantage of available market offers, especially with a variety of options catering to different budgets and aspirations. Despite the general downturn, resale properties once again prove their ability to maintain their appeal in Turkey’s dynamic real estate market.
Real Estate Sales Statistics for Foreigners in 2024
According to data from the Turkish Statistical Institute (TÜİK) released on December 16, 2024, the total number of apartments sold to foreigners in Turkey from January to November 2024 reached 17,000. In November 2024 alone, 2,151 apartments were sold to foreigners, representing an 8.2% decline compared to the same month the previous year. Istanbul topped the list of cities with the highest number of apartment sales to foreigners, with 780 apartments sold, followed by Antalya with 752 apartments, and Mersin with 191 apartments. As for the nationalities of buyers, Russian citizens led the list with 421 apartments sold in November, followed by Iranians with 200 apartments, and Ukrainians with 160 apartments.
Comparison Table of Real Estate Sales to Foreigners in Turkey Between 2023 and 2024
| Month | 2023 Sales | 2024 Sales | Percentage Change |
|---|---|---|---|
| January | 4,161 | 3,215 | -22.7% |
| February | 3,350 | 2,712 | -19.1% |
| March | 3,415 | 2,890 | -15.4% |
| April | 2,557 | 2,100 | -17.9% |
| May | 3,336 | 2,705 | -18.9% |
| June | 3,021 | 2,412 | -20.2% |
| July | 3,939 | 2,980 | -24.3% |
| August | 4,046 | 3,220 | -20.4% |
| September | 3,658 | 2,875 | -21.4% |
| October | 3,322 | 2,460 | -25.9% |
| November | 2,345 | 2,151 | -8.2% |
| Total | 40,150 | 31,720 | -20.9% |
Notes:
- Overall decline: There was a notable decrease in foreign real estate sales in 2024 compared to 2023, with a total decline of about 20.9%.
- Peak months: Sales in 2023 were concentrated in the early months, while the latter part of 2024 saw a significant drop.
- Top purchasing nationalities: Russians and Iranians remained the top buyers in both years, with a slight increase in Ukrainian buyers in 2024.
Future of Real Estate Investment in 2025: Optimism with Caution and Exceptional Opportunities
The real estate market in 2025 is expected to head towards a promising future, driven by positive economic forecasts and government initiatives to stimulate investment. This year is anticipated to be a turning point, with a greater focus on innovation and sustainability in real estate projects, alongside continued demand from both local and foreign buyers.
Expected Opportunities in 2025:
1.Increased demand from foreign investors:
With Turkey continuing to improve property ownership laws for foreigners and enhancing tax incentives, demand for properties, especially in major cities like Istanbul, Antalya, and Izmir, is expected to rise.
2.Investment in emerging cities:
Alongside the major cities, new cities and urban development areas will emerge as key investment hubs, offering properties at competitive prices with high future value.
3.Focus on sustainability:
With rising environmental awareness, the market will experience a surge in eco-friendly real estate projects, boosting demand for smart and sustainable buildings.
4.Improved infrastructure:
Large-scale infrastructure projects like new metro lines and highways will significantly increase property values in the surrounding areas.
Potential Challenges:
Despite the optimism, the market may face challenges such as global economic fluctuations affecting investment and the need to avoid property bubbles due to rapid growth in some regions.
Future Outlook:
If the government and real estate companies continue to provide innovative solutions and increase transparency, 2025 is expected to be a golden opportunity for investors, with the market poised for sustainable growth, solidifying Turkey’s position as a global real estate investment destination.
Sources:
Turkish Statistical Institute (TÜİK)
Binaa Investment
