Decline in Real Estate Sales to Foreigners in Turkey in 2024: Lowest Level Since 2017

According to the data released by the Turkish Statistical Institute, the sale of properties to foreigners in Turkey in 2024 dropped by 32.1% compared to the previous year, reaching 23,781 units. This figure marks the lowest level since 2017. In 2024, the share of property sales to foreigners among total property sales was 1.6%. The cities with the highest property sales to foreigners were Istanbul (8,416), Antalya (8,223), and Mersin (2,112).

By nationality, the top buyers of properties were citizens of the Russian Federation (4,867 units), Iranian citizens (2,166 units), and Ukrainian citizens (1,631 units). In December 2024, property sales to foreigners increased by 17.2% compared to the same month of the previous year, totaling 2,418 units and accounting for 1.1% of total property sales.

In 2022, property sales to foreigners reached a record high of 67,490 units. During that period, factors such as the Russia-Ukraine conflict, the depreciation of the Turkish lira, and the offer of citizenship in exchange for a $250,000 real estate purchase contributed to this increase. However, in mid-2022, the minimum real estate purchase amount required for citizenship was raised from $250,000 to $400,000, making properties more expensive in USD terms. Additionally, the real appreciation of the Turkish lira led to a decline in property sales to foreigners.

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