Analytical review of the residential real estate market in Turkey

2023 year

Correction of demand for real estate in Turkey against the background of an unstable period in the country associated with the consequences of past earthquakes and a "lull" during the presidential elections;
An increase in inflation to 65% in December 2023 led to a decrease in the rate of price growth in lira;
Prices in dollars against the background of exchange rate volatility in Turkey showed an increase of 1 quarter by the end of 2023. The volume of residential real estate in the market as a whole (primary and secondary markets) averaged about $826 per sq. m, which is 21% higher than in the 4th quarter of 2022, but 1% lower than in the 1st quarter of 2023;
The demand for residential real estate in 2023 decreased by 17% compared to 2022. In 2023, according to analysts of the Kalinka Ecosystem based on data from the Turkish National Statistical Institute (Turkiye Istatistik Kurumu), 1.2 million residential properties were sold in Turkey;
In 2023, the share of transactions with primary real estate was 31%, with secondary real estate – 69%;
In general, 35.3 thousand transactions with foreigners were made in 2023, compared with 2022, this figure has halved;
Russians still remain in 1st place in demand among foreigners, who purchased 10.5 thousand lots in 2023. Compared to 2022, there is a 35% decrease in demand from Russians.
In the 2nd half of 2023, the share of Russians was 26% among transactions with foreigners (compared to 33% in the 1st half of 2023);
Locations such as Antalya and Istanbul remain the most in demand among foreign home buyers by the end of 2023. At the end of the period, Antalya came in 1st place with a share of 36%, and Istanbul moved to 2nd with a share of 32%. Mersin, Ankara and Bursa are also popular with foreign buyers.