What Is the Cost of Housing in the Central Districts of Antalya in 2023?

Antalya is a crucial city in Turkey when it comes to tourism and real estate. In recent months, local real estate agents, appraisers, and market analysts have been consistently reporting a significant increase in housing prices in Konaklı, Muratpaşa, Döşemealtı, and Kepez – the central districts of this resort metropolis. This article provides you with information on the dynamics of housing costs in these areas, the reasons behind the price surge, and a list of noteworthy properties, including residential units, commercial properties, and land plots for development.

Housing prices in Antalya by district in 2023

When considering the feasibility of purchasing real estate in Turkey, it is essential to analyze the average prices and their trends. One of the most promising regions in this regard is traditionally the resort province of Antalya, including the eponymous metropolis.

Of particular interest are the central districts of Antalya, where property prices have consistently been on the rise for a variety of reasons (see below), despite the crisis in the Turkish economy. Let us explore the most promising districts:

• Konyaaltı. This district is preferred by citizens with a high disposable income. Its appeal lies in the combination of a limited number of industrial facilities, developed infrastructure, and proximity to the sea. Prior to the pandemic, housing prices in Konyaaltı averaged around 9,000-10,000 ₺/m², but following the coronavirus crisis, they have risen to 35,000-40,000 ₺/m². The average cost is even higher for luxury properties, ranging from 70,000-80,000 ₺. The positive price dynamics in the Konyaaltı district are supported by a scarcity of available land for development and, consequently, a limited number of planned development projects. Currently, Konyaaltı ranks among the top ten districts in terms of average square meter prices in Turkey as a whole (considering other provinces as well). Apartments and villas in Konyaaltı with a view of the Mediterranean Sea, especially those located along the coastline, are in high demand and sell at the highest prices. Such properties are extremely popular among local and foreign tourists with high incomes. For readers interested in housing in Konyaaltı, we recommend the following property:
  • Residence Permits and Turkish Citizenship for Investors in Prestigious Antalya Apartments in the Konyaaltı District
• Döşemealtı. Buyers in this district typically prefer detached housing with swimming pools. After the pandemic, the desire of people to move away from city life and switch from densely populated areas filled with high-rise buildings to more secluded locations has increased the popularity of Döşemealtı. Land plots for development are most often purchased here. Prior to the pandemic, the average cost of 1 square meter of local land was around 2,000-3,000 ₺. After the pandemic, it increased to an average of 7,000-8,000 ₺/m². Even nowadays, this district is characterized by a high supply of marketable land. Affluent buyers prefer ready-made villas within residential complexes that provide all the necessary infrastructure. High-quality ready-to-move-in properties, unlike land, are in short supply. However, with the desire and expert guidance, it is possible to find attractive options. Here are a few examples:
  • Buy Exclusive Villas in Döşemealtı, Antalya to Obtain Citizenship
  • Elite Villas in Antalya’s Mountains (Döşemealtı district) and the Right to Turkish Citizenship
• Muratpaşa. This district is considered one of the most expensive in Antalya in terms of housing prices. Muratpaşa is characterized by high population density and limited land availability. Consequently, new residential construction is minimal. Apartments and sea-view cottages located close to the coastline are trendy among affluent citizens, including foreigners. In Muratpaşa, where prior to the pandemic the price per square meter averaged around 6,000-7,000 ₺, nowadays the average selling price per square meter is approximately 25,000-30,000 ₺. For premium-class detached residential properties along the coastline, prices range from 80,000-90,000 ₺/m². Since Muratpaşa attracts numerous foreigners, sales in this area have been primarily conducted in British pounds and euros rather than Turkish lira in recent years. This situation is one of the main drivers behind the rapid price growth. The foreign currency exchange rate increase significantly impacts this district’s average housing prices.
• Kepez. This district is also characterized by high population density and urban development. It is preferred by middle-class individuals. The construction of new residential buildings in Kepez is carried out in parallel with urban transformation projects (gentrification initiatives). Before the pandemic, Kepez prices averaged around 3,000-4,000 ₺/m². After the coronavirus crisis, the cost of local housing increased to an average of 17,000-18,000 ₺/m². Due to the relatively lower prices, Kepez is particularly favored by foreigners arriving from Middle Eastern countries. These buyers typically prioritize the lower cost per square meter as they seek to obtain residence permits in Turkey through property purchases while making minimal investments.

Reasons for the increase in housing prices in Antalya

There are several factors contributing to the rise in housing prices in the central districts of Antalya. Experts have identified the following reasons:

• Increased demand after the pandemic. Real estate agents in Antalya have observed the fulfillment of pent-up demand accumulated during the pandemic. Spending more time confined to their apartments, many residents of busy metropolises have come to realize the importance of owning detached housing in regions with a favorable environment. This has led to increased demand for villas and cottages in resort regions like Antalya. However, due to the pandemic, most potential buyers were unable to execute their plans promptly. The realization of accumulated pent-up demand began only after lifting epidemiological restrictions, resulting in a shortage of properties. Consequently, housing prices naturally increased.
• Interest of foreign tourists. Real estate purchases in the central districts of Antalya are often made for the purpose of renting out properties to vacationers. Antalya has traditionally attracted a significant number of foreign tourists. The city and its surroundings are particularly popular among tourists from Eastern and Central Europe, as well as Middle Eastern countries. Many of these tourists decide to invest in property to obtain residency in Turkey or have a place to stay during their vacations. The post-pandemic tourism boom has acted as a catalyst for real estate transactions in the resort province.
• Inflation. The escalation of the wage-price spiral has led to increased construction costs. The rising costs of building materials and labor have translated into a significant increase in the prices of newly constructed properties in Antalya and Turkey as a whole.
• Limited property supply. The availability of real estate in the central districts of Antalya is severely limited. There is a notable scarcity of land plots suitable for development and a low number of new development projects. This situation results in a reduced housing supply and price increases.
• Migration incentives. Foreign investors actively acquiring properties in Antalya, which contributes to price growth, often focus on migration incentives. Specifically, buyers of local properties have access to the following benefits:
  • By purchasing real estate worth over USD 400,000, you can obtain a second passport and Turkish citizenship by investment.
  • With a real estate investment of USD 75,000, a foreigner is eligible to apply for a Turkey residence permit.

Antalya’s share in the real estate market of Turkey considering foreign demand

According to the estimates of the Turkish Statistical Institute (Türkiye İstatistik Kurumu; TÜİK), as of May 2023, a total of 113,276 property transactions were closed in the Turkey real estate market. Property sales in the country decreased by 7.7% in May compared to the same month of the previous year. The most popular provinces among property buyers were:

• Istanbul – 18,435 residential property sales (16.3% of the total)
• Ankara – 11,196 sales (9.9%)
• Antalya – 6,158 sales (5.4%).

The provinces with the lowest number of residential property sales were Ardağan (18 transactions), Hakkari (38), Bayburt, and Tunçeli (55 deals each).

In May 2023, foreigners purchased 3,167 residential properties in Turkey. Sales of Turkish properties to foreign buyers decreased by 46.9% compared to the same month of the previous year. The share of property sales to foreigners in the overall number of real estate transactions in the market reached 2.8%.

Antalya ranked first in terms of residential property sales to foreigners in the reporting month. In May 2023, this province saw 1,245 sales transactions involving foreign buyers. Istanbul and Mersin followed with 934 and 249 sales, respectively.

When assessing the geography of demand, it is noteworthy that the majority of residential property sales were made to citizens of Russia. In May 2023, Russian citizens purchased 991 properties in Turkey. They were followed by citizens of Iran, Ukraine, and Germany, with 503, 175, and 129 closed transactions, respectively.

From January to May 2023, property sales to foreigners in Turkey decreased by 37.8% compared to the same period of the previous year, reaching a total of 16,650 units.

Districts in Antalya preferred by foreign buyers

Due to the depreciation of the Turkish lira against the dollar and euro, as well as the opportunity to qualify for Turkish residency or even citizenship based on the purchase of local real estate, many foreigners have flocked to Antalya. Experts note a significant influx of investors from Eastern European countries actively acquiring properties in the resort province.

While citizens of Middle Eastern countries, as mentioned earlier, typically prefer the Kepez district, where housing is relatively affordable, residents of European countries favor Konyaaltı and Muratpaşa – upscale districts with exclusive offerings. Local real estate agents share this information, emphasizing that foreign property purchases are a key driver of prices in both areas.

Best real estate in Antalya: residential properties, commercial spaces, and land plots

To simplify the lives of readers planning to buy real estate in Antalya, our experts, in collaboration with Turkish partners, have prepared a selection of noteworthy properties.

Here is the list of residential real estate objects:

• Apartment in Opulent Heights, Antalya – Investment Benefit and Access to a Residence Permit in Turkey
• Purchase Apartments in Aksu, Antalya from Developer to Qualify for Turkish Residency Program
• Turkey Residence Permit by Real Estate Purchasing: Luxury Villas in Antalya
• Citizenship by Investment in Turkey for Antalya High-End Villa Buyers
• Lux 5+1 Antalya villa in Döşemealtı
• Appealing and Reasonably Priced Apartments in Antalya

Commercial real estate and land plots for development:

• Hotel Business in Turkey – New House by Sea to Turn into Apart-Hotel in Antalya
• Beachfront Land Plot in Antalya – Invest in Turkish Real Estate at Profit
• High-End Offices for You in Downtown Antalya
• Real Estate Investment in Turkey – Exclusive Antalya Land Plot
• Business in Turkey: New Antalya Business Center
• Antalya State Lands to Earn Profit above 100%

Assistance for those looking to purchase real estate in Antalya

Are you ready to invest in residential or other real estate in Antalya? Are you interested in exploring opportunities available in other provinces of Turkey or even in different countries? Do you have plans to obtain not just an emergency hatch but also migration benefits such as second citizenship or residency? Consult with our experts to learn more about investment options and migration bonuses you can enjoy.

Our team is also well-prepared to provide prompt and qualified support in addressing various related tasks, including offshore bank account opening, foreign business registration, relocation arrangements, and tax planning. For instance, our clients have access to the following services in Turkey:

• Registration of an LLC in the Free Economic Zone of Antalya
• Set Up a Limited Company in Antalya with a Bank Account
• Business Registration in Antalya
• Company Registration in Ankara
• Company Registration in Istanbul
• Set Up an LLC in Izmir in 5 Days
• Registration of a CJSC with Hidden Beneficial Owner + Issuance of Bearer Shares in Turkey
• Business Plan for Companies in Turkey