The cities where foreigners buy the most houses have been identified: Antalya is the leader
According to data from the Turkish Statistical Institute (TÜİK), a total of 17,090 houses were sold to foreigners in the first nine months of 2023. However, this figure indicates a 39% decrease compared to the same period last year. The city with the most property sales was Antalya.
According to TÜİK's announced data, home sales to foreigners in 2023 showed a significant decrease compared to the previous year. A total of 17,090 properties were sold in the first nine months, representing a 39% drop. This decline continued in September, with home sales to foreigners falling by 31% compared to the same month last year, dropping to 2,022 units. In September, the share of foreign home sales across Turkey was only 1.4%.
Antalya and Istanbul: Favorites of Foreign Investors
The cities where foreigners buy the most property in Turkey are Antalya and Istanbul. Two out of every three properties sold to foreigners in the first nine months of 2023 were in these two cities. Antalya ranked first with 5,990 property sales, while Istanbul was second with 5,979.
Antalya particularly attracts significant interest from Russian investors. However, property sales to foreigners in Antalya dropped by 43% compared to last year. In Istanbul, this decline was 34%. In September, the cities with the highest number of property sales to foreigners were Istanbul (783), Antalya (548), and Mersin (210).
Russians at the Top, but Demand is Falling
In September, citizens of the Russian Federation were once again at the top of foreign property buyers. Russians purchased 346 properties during this period, followed by Iranians with 163 and Iraqis with 139. However, demand from Russians for property in Turkey has also decreased significantly. Russian citizens bought 8,683 properties in the first nine months of 2022, but only 3,635 in 2023.
Reasons for the Decline in Property Sales
Various factors contribute to the decline in property sales to foreigners. Economic uncertainty in Turkey, high inflation, exchange rate fluctuations, and rising real estate prices negatively impact foreign investors' property purchases. In addition, global economic conditions and tax and legal regulations imposed by countries also make it more difficult for foreigners to invest in Turkish property.
