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Real Estate Prices in Turkey Drop by 7% in Real Terms
In January 2025, property prices in Turkey increased by 31.9% year-on-year in nominal terms, yet declined by 7.2% in real terms, according to the Central Bank of Turkey. Meanwhile, foreign real estate transactions continue to decline.
Regional Price Changes
Regions with the highest price increases (nominal) are marked in red, while those with the lowest adjustments are in dark blue. The leading areas for price growth, excluding inflation, include:
TRA Region (Erzurum, Erzincan, Bayburt, Ağrı, Ardahan, Kars, Iğdır) +45.6%
TRB Region (Bingöl, Elazığ, Malatya, Tunceli, Van, Bitlis, Hakkari, Muş) +43.2%
TR33 Region (Afyonkarahisar, Kütahya, Manisa, Uşak) +40.4%
Other areas with notable increases:
TR63 (Osmaniye, Hatay, Kahramanmaraş) +24.4%
TR52 (Konya, Karaman) +27.5%
TR61 (Antalya, Burdur, Isparta) +15.2%
While eastern and central regions saw the most significant nominal increases, southern and western areas experienced more moderate price growth. However, in real terms, price trends were very different.
For example, in Izmir, Ankara, and Adana, property prices grew by 28-29% nominally but fell by 12% in real terms. Muğla and Antalya, which previously saw astronomical post-pandemic price surges, had the biggest real declines in 2024—19% and 18%, respectively.
Housing Sales Trends
According to the Turkish Statistical Institute, residential property sales surged by 39.7% year-on-year in January 2025, reaching 112,173 transactions.
Top cities for real estate deals:
? Istanbul – 18,912 sales
? Ankara – 10,158 sales
? Izmir – 6,634 sales
Least active provinces:
Ardahan – 39 sales
Bayburt – 62 sales
Tunceli – 80 sales
Mortgage-backed transactions rose by 182.8% YoY to 16,726 deals, making up 14.9% of all property purchases.
? New home sales increased by 29.8% to 32,785 transactions, accounting for 29.2% of the market.
? Second-hand property sales saw a 44.2% rise, reaching 79,388 deals (70.8% of all transactions).
Declining Foreign Investments
Foreign real estate purchases in Turkey continued to plummet, with a 24.9% year-on-year drop, totaling only 1,547 transactions in January 2025.
Top cities for foreign transactions:
? Istanbul – 611 deals
? Antalya – 469 deals
? Mersin – 118 deals
Top foreign buyers:
Russians – 248 transactions
Iranians – 162 transactions
Iraqis – 103 transactions
To compare, in January 2023, more than 4,000 real estate purchases were made by foreigners, while in January 2024, this number had already dropped to 2,061.
Key Takeaways
Property prices in Turkey continue to rise nominally but are falling in real terms due to inflation.
Eastern and central regions saw the highest nominal growth, while Muğla and Antalya recorded significant real price drops.
Housing transactions increased, but foreign investor activity declined sharply—a trend attributed to stricter government regulations.
The 25% drop in foreign transactions signals a more cautious approach from international buyers, alongside Turkey’s tightening property ownership policies for non-citizens.