Turkey is among the most popular vacation jurisdictions offering top real estate to interested investors willing to buy properties here. As of YE 2022, property prices in certain districts of Turkey have grown up by 153%, while 3 Turkish cities have made it to the Knight Frank Global Residential Cities Index due to soaring prices for residential properties therein.
The above indirectly supports the viability of real estate investments in Turkey. What city in Turkey comes with the most tempting property offers and where real estate is the best buy in the country is a tricky question with no definite answer. Multiple factors come into play here. These are not only real estate prices and benefits a real estate investor wishing to buy properties gets in Turkey but also seismic activity in the area and the city per se as well as the building quality that should be considered when you decide to buy real estate in Turkey.
Real estate prices in Turkey as of January 2023
In January 2023, the average sale price per square meter of housing in Turkey amounted to TRY 14,693 (~$777), while you could buy properties there at TRY 1,910,740 (~$101 000) on average. As a result, the real estate investment payback period was 18 years.
With 27,532 property units sold on the primary housing market and 70,176 – on the secondary market in January 2023, it is obvious that property buyers preferred the secondary housing market in Turkey.
In January, foreign buyers purchased significantly fewer properties in Turkey, and only 4,161 deals were made. This is 35% lower MoM.
Below you can see the cities in Turkey with the most property deals made by overseas buyers:
- Antalya – 1592
- Istanbul – 380
- Mersin – 331.
In January 2023, a total of 97,708 houses were sold in Turkey.
Real estate market in Turkey broken down by city and region as of January 2023:
| Province | Real estate units sold | Share of total sales | Average price per square meter, $ | Average price per property unit, $ | Annual growth, % | Investment return, years |
| Istanbul | 17,415 | 18% | 1297.00 | 155,623.00 | 161 | 18 |
| Ankara | 8808 | 9% | 597.00 | 80,565.00 | 158 | 19 |
| Antalya | 5572 | 6% | 1176.00 | 141,147.00 | 178 | 15 |
| Smirna | 4894 | 5% | 1030.00 | 133,880.00 | 162 | 21 |
| Bursa | 3559 | 4% | 717.00 | 100,445.00 | 162 | 25 |
| Kayseri | 2644 | 3% | 413.00 | 68,150.00 | 111 | 26 |
| Mersin | 2553 | 3% | 700.00 | 98,644.00 | 161 | 23 |
| Gaziantep | 2513 | 3% | 558.00 | 89,337.00 | 94 | 22 |
| Kocaeli | 2435 | 2% | 702.00 | 92,662.00 | 183 | 21 |
| Adana | 2279 | 2% | 640.00 | 103 045,00 | 132 | 21 |
| Konya | 2264 | 2% | 511.00 | 81,764.00 | 134 | 22 |
| Tekirdağ | 2032 | 2% | 592.00 | 82,933.00 | 166 | 20 |
| Balikesir | 2025 | 2% | 834.00 | 100,081.00 | 143 | 31 |
| Aydın | 1840 | 2% | 1035.00 | 144,920.00 | 126 | 27 |
| Şanlıurfa | 1838 | 2% | 430.00 | 75,220.00 | 104 | 24 |
| Samsun | 1771 | 2% | 646.00 | 90,487.00 | 147 | 24 |
| Sakarya | 1676 | 2% | 618,00 | 77,201.00 | 150 | 20 |
| Manisa | 1492 | 2% | 582.00 | 73,913.00 | 135 | 20 |
| Hatay | 1480 | 2% | 464.00 | 69,642.00 | 150 | 26 |
| Eskişehir | 1469 | 2% | 598.00 | 77,190.00 | 142 | 23 |
| Denizli | 1389 | 1% | 661.00 | 92,475.00 | 150 | 20 |
| Muğla | 1366 | 1% | 1744.00 | 22,672.00 | 126 | 23 |
| Diyarbakır | 1204 | 1% | 487.00 | 77,410.00 | 99 | 25 |
| Kahramanmaraş | 985 | 1% | 459.00 | 73,471.00 | 115 | 29 |
| Yalova | 947 | 1% | 737.00 | 95,041.00 | 171 | 21 |
| Elazığ | 879 | 1% | 347.00 | 57,210.00 | 115 | 46 |
| Trabzon | 798 | 1% | 592.00 | 94,705.00 | 160 | 28 |
| Afyonkarahisar | 785 | 1% | 532.00 | 66,508.00 | 168 | 26 |
| Çanakkale | 756 | 1% | 926.00 | 110,202.00 | 160 | 25 |
| Malatya | 741 | 1% | 441.00 | 73,587.00 | 143 | 30 |
With citizenship in Turkey, your chances of moving to the US are perfectly real. If in search of a residence permit in Turkey or CBI schemes in any other jurisdiction, don’t hesitate to contact the International Wealth pros for a free initial consultation. They will help you decide whether and where in Turkey you can buy real estate to become eligible for the program and what city is the best option for you.
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Top locations in Turkey to buy a house and generate investment return
Last year, a total of 1,485,000 residential properties were sold in Turkey. The districts with the highest buying activity in Turkey were Esenyurt (an Istanbul district) with 36,315 property units sold, Alanya (26,193 property units), and the Çankaya district of Ankara (21,578 units).
Esenyurt – leader of property sales in Turkey
Esenyurt is a neighborhood in the European part of Istanbul, Turkey. The average price per square meter of housing here is TRY 12,036 ($636), with the average residential property deal of TRY 1,323,960 ($70,000). In 2022, prices for residential real estate in Esenyurt grew by 158%, while the investment return period was 15 years.
Famous for its excellent transport infrastructure, proximity to the Marmara Sea and the Küçükçekmece Gölü lake, Esenyurt comes with multiple benefits for residents who buy properties in the district:
- proximity to Downtown Istanbul
- multiple popular markets and shopping centers
- affordable real estate prices and rents
- excellent municipal services and utilities
- lots of parks and areas for children.
Alanya – No. 2 in real estate sales
Situated in the Antalya province, Alanya came second in property sales in Turkey in 2022. It was here that customers used to buy every third real estate unit in the district. In 2022, property prices went up by 189% in Alanya. As of YE 2022, the average price per property unit sold amounted to TRY 3,154,910 ($166 800), while the investment return period was 18 years.
The greatest benefit Alanya has for those eager to buy real estate here is that the city is situated on the Mediterranean Sea. Being small in size, the city does not yet have a highly developed infrastructure. However, it has been booming recently, with multiple social facilities springing up in the city like mushrooms after summer rains.
Çankaya – the most prestigious district of Ankara
Çankaya accounts for 17% of all residential property sales in Ankara, Turkey. Real estate prices in Çankaya went up by 185% within a year, while the average price per 1 square meter of residential real estate is TRY 15,887 ($840). This results in the average price of TRY 2,065,310 ($109,200) per real estate deal in Çankaya.
Considered to be the most prestigious in Ankara, the district comes with multiple government agencies and embassies. Çankaya is among the most densely populated regions in Turkey.
According to those who buy real estate in Çankaya, the main advantages of the district are obvious:
- well-developed social infrastructure (the district comes with multiple shopping centers, medical centers, hospitals, leading universities in Turkey, etc.)
- big transportation hub with 5 subway lines and large bus stations – the distance between Çankaya and the Ankara International Airport is 28 km
- convenient location.
FYI: as of YE 2022, the fastest return on real estate investment was in Kepez (Antalya) – 13 years, Muratpaşa (Antalya) – 14 years, and Beylikdüzü (İstanbul) – 17 years. Although the above districts may be the best to buy real estate in Turkey, they are not the most popular ones with those who buy real estate.
NB: in 2023, new regulations were adopted to govern resident permits and issue thereof to overseas residential property investors in Turkey. Those who buy villas and houses in Turkey upwards of $400 000 in special districts are eligible for the above bonus.
What is the best city to buy residential properties in Turkey and enjoy life to the fullest?
Below, you will find the list of cities considered to be the best ones to live and buy properties in Turkey.
Istanbul
The best option for immigrants, Istanbul is a melting pot of cultures and nationalities. The city is a magnet for people coming to Turkey from all over the world. As of May 2022, the number of migrants in the city was above 1,300,000, according to the Migration Service of Turkey.
Beşiktaş, Sarıyer, Bakırköy, Esenyurt, Umraniye, and Gaziosmanpaşa are the top Istanbul districts to buy residential properties, with Beşiktaş being the most expensive out of them.
Istanbul offers you high-end luxury houses and villas to buy that will suit any taste and budget. What is more, the city is favored by freelancers from across the world.
Ankara
The Turkish capital is a perfect city for those about to not only buy real estate and move to Turkey but also start a business in the jurisdiction. Ankara is the second largest city in Turkey after Istanbul. It is the political capital of Turkey and one of the top choices to buy real estate. With the building boom in Turkey, lots of cultural venues, residential properties, shopping centers, and learning establishments appeared in the city.
Real estate investors in Turkey will be particularly interested in Ankara properties they can buy. Affordable housing prices are another draw of the Turkish capital city.
Izmir
Sitting on the Aegean Sea coast in the western part of Turkey, Izmir is the third largest city in the country. Still, it is much quieter compared to Istanbul. Izmir is an excellent choice for tranquility and silence fans about to buy a house in Turkey.
Izmir is also the best city you can find to not only buy a house to lead a simple and comfortable life but also launch a maritime trade or import and export business. With 2 free zones and 13 industrial cities in the district, it is doomed to succeed.
Antalya
The largest city on the Mediterranean Sea, Antalya boasts 300 sunny days per year. With its excellent climate, the sea, and breathtaking natural landscapes, the city has turned into a major tourist center in Turkey. Due to massive investments that constantly flow to Antalya the city’s infrastructure is well-developed, with residential real estate construction on the rise. It is a popular opinion that Antalya is the top choice to buy a house for those in love with the sea, tranquility, and quiet life.
FYI: İstanbul, Ankara, and İzmir topped the Knight Frank Global Residential Cities Index for Q3 2022 as cities with the highest property price growth in the world within the last 12 months. Therein, residential real estate prices grew by 212.1%, 196%, and 185.8% accordingly.
Learn why Bursa, Trabzon, Bodrum, and Yalova are the best cities in Turkey to buy a house in.
The best city to buy a house in Turkey in light of earthquakes
In February 2023, a scary earthquake affected the Hatay, Kahramanmaraş, Gaziantep, Adıyaman, Malatya, Adana, Diyarbakır, Şanlıurfa, and Kilis provinces in Turkey. According to Endeksa, this never made prices for residential properties therein drop. Instead, an opposite trend was observed.
Residential real estate prices soared in the affected districts of Turkey since the number of real estate offers therein dropped dramatically. The larger the share of demolished properties, the higher real estate prices went. Say, in Malatya, prices for residential properties grew by 33%, in Elazığ by 20%, and in Kahramanmaraş by 18%.
Are these cities your best choice to buy real estate in Turkey? Hard to say. If not scared of repeated earthquakes and aftershocks, a buyer who is sure of the construction quality in the district may dare try their luck. Speaking of which, in January 2023 Gaziantep was the 8th most popular city with residential property buyers in Turkey.
Many experts expect a slowdown in real estate price growth in Turkey in the near future. Average prices are forecast to grow on par with inflation in 2023 and to drop in those regions where residential real estate prices were way too high.
Would you like to buy a house in Turkey to reside there or profit from the investment but are not sure how to get things going? Don’t hesitate to email your request and contact info to: info@offshore-pro.info. The seasoned experts at International Wealth will eagerly assist you with not just buying real estate in Turkey but also obtaining a residence permit in the jurisdiction.
