Housing, the price of which in 2015 was 1 million TL, reached 15 million TL by the end of 2023, according to the latest statistics. Moreover, if you look at the intermediate option — the second pandemic 2021 year — then by that time residential real estate of this type had increased in price to 2.7 million or less than three times, in a little over two years — almost six more: from 2.7 million to 15 million.
The explosive growth was triggered by inflation and a decrease in interest rates in 2021 compared with European countries.
It heats up the cost of residential real estate and the demand from investors from abroad, many of whom seek citizenship for investment. It got to the point that they lobbied for the idea of banning the sale of housing to citizens of other countries in Antalya, where foreign buyers purchase both apartments and houses. However, this has not yet been approved or supported by the authorities.
As for Russians, Turkey is the third most important destination for them to buy residential real estate after the UAE and Thailand.