The real estate market of Turkey during 2022 was actively developing. In particular, a high growth of foreign investments was observed. Find out in more detail which countries' citizens buy real estate in Turkey the most

In 2022, the Turkish real estate market continued to develop actively and dynamically. The growth of foreign investments was particularly high.

Read more about obtaining Turkish citizenship through investment here.

General statistics of real estate sales in Turkey

The number of real estate transactions at the end of 2022 decreased compared to the same period in 2021. The main reason for this was the increase in the cost of real estate, in some regions of Turkey the cost of apartments increased by almost 200%.

According to an analysis by the Turkish Statistical Institute TÜİK, 117,806 properties were sold in Turkey in November 2022, which is 34% less than in November 2021.

The highest share of sales in Istanbul is almost 17%, and many properties were also purchased in Ankara and Antalya. The least demand was observed in Hakkari (34 objects), Ardakhan (47 objects) and Bayburt (58 objects).

The sale of mortgaged houses across Turkey in November decreased by 57.7% compared to the same month last year and amounted to 16,655 properties. The share of real estate that was purchased with a mortgage is 14% of the total amount of housing.

32% of buyers bought apartments in new buildings, 68% found the right housing option for them on the secondary market.

Citizens of which countries buy real estate in Turkey

Despite the significant increase in prices, foreigners bought much more real estate in Turkey in 2022 than in 2021. Between January and November 2022, foreigners purchased 20.4% more real estate in Turkey than in 2021. The peak month was June, when the sale of housing in Turkey to foreigners jumped by more than 80% compared to the same period in 2021.

The leaders in purchasing real estate in Turkey are citizens of Russia, who are buying more and more housing every month. In November 2022, Russians bought 2,575 objects in Turkey. On the second and third steps, the traditional leaders among foreign investors in Turkey are citizens of Iran and Iraq. Also, at the end of 2022, citizens of Ukraine actively bought Turkish real estate. According to the number of purchased housing, Ukrainians took 4th place, ahead of Germans and Kazakhs.

Foreigners are most attracted to real estate in sunny Antalya. In November, investors bought 2,616 properties here, followed by Istanbul with 733 properties, and Mersini with 567 units in third place. Foreigners prefer Antalya and Alanya because of the excellent climate, availability of modern residential complexes and affordable prices.

Buying real estate in Turkey has many advantages, of course the main one is the opportunity to get a "golden passport" in the country in exchange for investments.

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