Turkey’s real estate sector continues to attract robust foreign investment, according to the recently released GIGDEKS-16 report by GIGDER (Real Estate International Promotion Association). Despite global economic uncertainties, Turkey’s appeal as an investment destination remains solid — particularly among Middle Eastern and Russian investors seeking stable assets and alternative residency pathways.
Foreign Buyers Continue to Show Strong Demand
The GIGDEKS-16 report shows that in the fourth quarter of 2023, foreign investors remained active participants in the Turkish housing market. While the total number of residential property sales in Turkey declined slightly compared to the previous quarter, the share of international buyers maintained a notable percentage of total transactions, signaling continued confidence in Turkey’s real estate offerings.
Top Nationalities Investing in Turkey
In Q4 2023, the most active foreign investors in Turkish real estate were citizens of:
• Russia
• Iran
• Iraq
• Ukraine
• Germany
These nationalities reflect both regional proximity and the strategic lifestyle or investment decisions driven by economic or political motivations.
Istanbul Leads as the Top Destination
Unsurprisingly, Istanbul continues to dominate as the leading city for foreign property purchases. Its blend of cultural richness, urban development, and high rental demand makes it a top choice. Other notable cities include:
•Antalya – popular among Russian and European retirees.
•Mersin and Ankara – seeing rising interest due to relative affordability and infrastructure development.
Residency and Citizenship Still a Key Driver
While Turkey’s Citizenship by Investment program experienced regulatory tightening in 2022 (increasing the minimum real estate investment to $400,000), it remains an attractive route for investors from non-Western countries. Many foreign buyers cite visa-free travel, long-term residency benefits, and favorable property yields as reasons for choosing Turkey over other European alternatives.
A Call for Sustainability and Data Transparency
One of the key messages in the GIGDEKS-16 report is the need for more transparency and structured data regarding foreign investments. GIGDER emphasizes that accurate and publicly accessible data can bolster international investor confidence and attract more institutional interest.
The report also encourages Turkish authorities to adopt a more investor-friendly visa and property taxation framework, which could make the country even more competitive against European Golden Visa programs.
Outlook for 2024: Golden Visa Alternatives Could Fuel More Inflows
With Spain recently announcing the termination of its Golden Visa program and Greece increasing its minimum investment threshold, Turkey stands to benefit from a growing pool of displaced international capital.
Yusuf Boz, founder of NotteGlobal and a Golden Visa expert, commented:
“We’re already seeing interest from clients who previously considered Spain or Greece but are now re-evaluating Turkey, especially Istanbul. If Turkey introduces a more structured Golden Visa-like program, it could position itself as a prime alternative in the region.”
The GIGDEKS-16 report paints a cautiously optimistic picture for Turkey’s real estate market. While domestic factors and macroeconomic challenges persist, the sustained interest from foreign investors — particularly those looking for a mix of lifestyle and long-term value — reaffirms Turkey’s relevance on the global investment map.
For international investors seeking alternatives to Europe’s tightening Golden Visa landscape, Turkey presents a compelling combination of affordability, access, and opportunity.
