Despite the difficult situation in Ukraine, Ukrainians have not only not lost interest in foreign real estate, but are also actively investing in housing in Turkey. Find out more about the growing demand among foreigners

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In July 2024, Ukrainians were the second largest foreigners in terms of the number of real estate purchases in Turkey. They concluded 171 transactions, second only to the russians, who signed 485 contracts, and ahead of the Germans, who purchased 162 properties. These data were published by the country's Institute of Statistics.

Situation in the Turkish real estate market

In the first seven months of 2024, total housing sales in Turkey decreased by 0.5% compared to the same period in 2023, reaching 672,162 units. At the same time, sales to foreigners fell by 42%, amounting to 12,811 transactions.

Despite the overall decline, in July, after several months of decline, an increase in market activity was recorded by 16%, with more than 127 thousand units sold. The leaders among the cities were Istanbul (19,047 transactions), Ankara (11,364) and Antalya (6,659). The lowest number of homes was sold in Ardahan (61 transactions), Hakkari (64) and Bayburt (77).

Mortgage sales and new construction

However, mortgage sales in July decreased by 20.9% to 11,496 transactions, accounting for 9% of the total Turkish housing market. In the first seven months of 2024, the number of such transactions decreased by 53.8% to 62,911.

At the same time, for the first time in a long period, sales of new buildings increased by 28.9% to 40,784 units. The total share of new buildings on the market is 32.1%. Between January and July, activity in this sector increased by 5.6% year-on-year to 214,108 transactions.

Sales in the secondary market in July also showed an increase of 10.8%, to 86,304 transactions, which is 67.9% of all housing transactions in Turkey. However, over seven months, sales decreased by 3.1% to 458,054.

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Foreigners' interest in real estate in Turkey

In July 2024, 2,350 properties were sold to foreigners, which is 16.1% less than in the same month of 2023. The share of foreigners in the market amounted to 1.8%. The largest number of transactions was registered in Antalya (878), Istanbul (752) and Mercia (218).

Russians remain the leaders among foreigners, followed by Ukrainians and Germans. In January-July, residential sales to foreigners decreased by 42% year-on-year to 12,811 transactions.

Thus, despite the general decline in interest in the Turkish real estate market on the part of foreigners, Ukrainians continue to actively invest in the purchase of housing in this country, becoming one of the top three foreign buyers.

Where to invest in Turkey?

Investing in real estate in Turkey is a wise decision that can bring not only a stable income, but also the opportunity to become part of a developing country with a rich history and culture.

Despite the challenges, Turkey continues to strengthen its position as an attractive destination for residential real estate investors. Economic incentives, programs for obtaining residence permits and citizenship through investment, as well as new trends in the market create favorable conditions for investment. 

One of the most attractive destinations for is business class apartments in Antalya:

ANTA HOME NEON:

- A business class complex on the main tourist street of the city.

- Redevelopment project.

- Apartments 2+1, view penthouses, area from 72 m².

- Cost from 130 000 €.

- Located just 3 minutes from the beaches and historical sights.

- Estimated payback on daily rent - 9.8% per annum.

The project has been developed by a reliable international developer Antagroup, guaranteeing high quality construction. 

You can find more offers, current prices and competent advice on purchasing real estate from the developer AntaGroup by clicking here. 

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