The previous article presented some statistics on the demand for residential real estate in Turkey by the most popular provinces. Two locations remain undisputed leaders: Istanbul and Antalya. Let’s delve into more detail, including a retrospective of the last few years.
Content:
- 2018-2023
- Housing sales to overseas investors in Antalya
- The national composition of buyers
- The impact of politics on sales
- Nationality of buyers by area
- Housing sales to overseas investors in Istanbul
- Eight leading districts
- Nationality of the buyers
- Nationalities / districts
- TOP 3 investor countries (by nationality) by areas
- Results for two provinces (Antalya + Istanbul)
2018-2023
Housing sales to overseas investors in Antalya
Between June 2018 and June 2023, a total of 66,205 residential properties were sold to foreign buyers in Antalya. Notably, 90.9% of this total is attributed to four districts: the resort city of Alanya and three Antalya areas – Konyaaltı, Muratpaşa and Kepez.
Alanya maintains its position as the undisputed leader, with 40,709 lots sold, including apartments, houses and villas. This constitutes almost two-thirds of the total volume of real estate sold in Antalya, accounting for 61.5%.
During this period, foreign buyers acquired 7,799 residences in Konyaaltı, ranking second The share of this territory in total sales in Antalya is an impressive 11.8%. The third-largest area is Muratpaşa, with 6,221 sales, constituting a 9.4% share. Kepez occupies the fourth position, with 5,447 transactions and an 8.2% share. As seen, their indicators differ slightly.
It’s worth noting that notable sales were observed in the districts of Manavgat (near the Side resort area), Serik (Belek resort), Kemer and Kaş (elite resort village). Some investors are also eyeing Gazipaşa, where the international airport of the same name is located – the closest one to Alanya.
Apartments in Antalya, especially in Alanya, would likely have seen even higher sales if several districts had not been closed off for obtaining a residence permit under TAPU (ownership). Although the "national composition" has largely balanced out by the end of 2023 (as the localities were closed due to reaching the maximum limit of 25% of foreigners living in their territory, which is prohibited by law), there are chances that these locations will eventually be reopened. It’s worth mentioning that Istanbul was also affected by the situation with closed areas under a residence permit by TAPU. Let's discuss it to avoid repetition later.
As for the record period, it was 2022 during 2018-2023, when international investors purchased 21,853 housing units in Antalya. By the way, this year stands out as the "finest" year, not only during the aforementioned five-year plan but also in the entire span of statistics.
The national composition of buyers
In total, citizens from 40 countries acquired housing in Antalya. The Russian Federation, with 23,454 lots (and a share of 34.3%), ranks first. Germany is second with 5,471 residences (8% of the total number of transactions with foreigners in the province over five years). Kazakhstan is in third place with 5,355 (7.8%) and Iran follows closely, ranking fourth. However, this country goes hand in hand with Kazakhstan, with only six apartments difference (Iranians purchased 5,349 housing lots or 7.7%). Ukraine ranks fifth with 4,738 real estate lots and a share of 6.9%.
The impact of politics on sales
In 2022, after the outbreak of the armed Ukrainian-Russian conflict, citizens of the Russian Federation acquired the most housing units— 9,973 lots. The volume of real estate purchases by Russians in Antalya increased by 587% from 2018 to 2022. Ukraine demonstrates a similar trend, with its citizens buying 1,797 houses or apartments in Turkey in 2022, showing a +345% increase compared to the previous period.
Nationality of buyers by area
While 90.1% of international transactions in Antalya are concentrated in four areas — Alanya, Konyaaltı, Muratpaşa and Kepez, Russians accounted for the highest percentages, constituting 35.2% of all lots. Kazakhstan made 8.6% of the deals, Iran — 8.4%, Ukraine — 7.5% and Germany — 6.9%.
Housing sales to overseas investors in Istanbul
A total of 111,627 residences were sold to foreign investors in Istanbul from June 2018 to June 2023. However, 70.9% of the international market falls on only eight out of the 39 districts in the province. Esenyurt claims the top position with 37,304 sales and a 33.4% share (maintaining its lead every year). Beylikdüzü follows with 13,261 sales and an 11.9% share. Başakşehir secures third place with 9273 sales (8.3%).
Foreign buyers acquired the highest number of real estate in Istanbul in 2021: 26,443.
Eight leading districts
The most popular areas for overseas buyers, namely Avcılar, Bağcılar, Başakşehir, Beylikdüzü, Büyükçekmece, Esenyurt, Kathan and Sarıyer, account for 70.9% of all transactions with foreign clients.
Citizens of the following countries bought the most housing in these locations:
- Iran — 18.6%;
- Iraq — 11.7%;
- Afghanistan — 7.1%;
- Yemen — 5.1%;
- Saudi Arabia — 4%;
- The Russian Federation and Egypt share an equal percentage of 3.7% each.
Nationality of the buyers
A total of 51 countries have acquired housing in Istanbul over these five years. Iranians secured the top spot with 22,242 purchases, constituting a 19.6% share. Following closely are Iraqi citizens, who acquired 11,529 lots, representing a share of 10.2%. Residents of Afghanistan secured 6,455 properties and a share of 5.7%.
However, if the trend of the last two years remains the same, the situation may change quite quickly in favour of Russians, who have been leading in real estate transactions every month since April 2022.
Nationalities / districts
When considering the volume of deals in districts based on nationality, Iranians rank first in buying residential properties in 4 out of the 8 places with the highest sales. The second-largest number of transactions comes from Iraqi nationals, who represent the largest volume of transactions from foreigners in 3 localities.
It should be noted that Iranians are the group that buys the most houses in Saryer, with a share of 37.2% of all international transactions, in Kağıthane (26.1%), Esenyurt (22%) and Büyükçekmece (20%).
Iraqi nationals hold the first place in the districts of Avcılar (27%), Başakşehir (12.6%) and Bağcılar (9%).
Afghans make the most deals in Beylikdüzü, constituting 19% of all transactions in the district.
If we consider other countries, Iraqis occupy the second place with an 11.7% share in Esenyurt, the district where international investors acquire the majority of the houses in Turkey. Afghan nationals rank third with a 6.7% share.
TOP 3 investor countries (by nationality) by areas
- Avcılar: Iraq – 27% of home purchases, Iran – 9.8%, Yemen – 6.4%;
- Bağcılar: Iraq – 9.4%, Iran – 5.8%, Egypt – 3.5%;
- Başakşehir: Iraq – 12.6%, Iran and Yemen – 9.4 each%;
- Beylikdüzü: Afghanistan – 19%, Iran - 16.3%, Iraq – 9.8%;
- Büyükçekmece: Iran – 20%, Afghanistan – 8.7%, Iraq – 7.4%;
- Kağıthane: Iran – 26.1%, Russia – 7.8%, Iraq – 3.4%;
- Sarıyer: Iran – 37.2%, Saudi Arabia – 12.3%, Russia – 2.9%.
If we consider buyers from other countries, they have concluded the most deals in Esenyurt, numbering in the tens of thousands. Başakşehir and Beylikdüzü follow closely in second place (about equally), with Kağıthane and Bağcılar ranking third and slightly fewer purchases are observed in Sarıyer and Büyükçekmece.
Results for two provinces (Antalya + Istanbul)
When analysing sales in Antalya and Istanbul by districts where the largest number of sales deals with international investors were made in 2018-2023, 12 key places out of 58 (in two provinces) captured 78.3% of the market.
Alanya was the undisputed leader. This resort town has become the place where foreign investors purchase the largest amount of housing throughout Turkey.
Alanya is followed by 2 Istanbul areas – they have the second and third place: these are Esenyurt and Beylikdüzü.
In total, citizens of 65 countries acquired housing in Antalya and Istanbul between 2018 and 2023 (from June to June).
Russians occupy the first place: they have bought 27,675 residential properties.
Iran is in second place lagging by less than a hundred lots: 27,591 home purchases.
Iraq is in third place with 14,348 residences acquired.
The share of citizens of all three above-mentioned countries accounted for over half (50.5 per cent) of the total volume of purchases over the past five years.