Foreign investment in Turkish real estate remains an attractive option this year, with many of the foreign investors aiming to acquire citizenship.
According to EVA Real Estate Appraisal data, foreign nationals invested in 7,037 properties in Turkey in the first three months of 2024. Of these, 3,084 properties, or 43.8%, were purchased with the purpose of acquiring Turkish citizenship. This is a significant increase compared to the same period last year, when only 18% of investment in Turkish real estate were related to citizenship.
Turkish real estate top 10
86.7% of foreign investment in Turkish real estate for the purpose of citizenship was in Istanbul, Antalya and Mersin. The cities of Yalova, Ankara, Kutahia, Kotjaeli, Prusa, Izmir and Mughla completed the top 10 list.
In terms of the nationality of buyers, the first to invest in Turlish real estate in Q1 were Russians, Iranians and Chinese. In the top ten of investors were citizens from Afghanistan, Palestine, Iraq, Pakistan, Sudan, Egypt and the USA.
In Istanbul alone, 87.4% of the 2,612 foreign investments in Turkish real estate in the first quarter of 2024 were related to citizenship. The top investors in Istanbul were from Iran. They were followed by Russia, Iraq, China, Palestine, Afghanistan, Azerbaijan, Azerbaijan, Egypt, Algeria and Saudi Arabia.
Within Istanbul, the Esenyurt, Beylikdüzü and Başakşehir districts were the most popular among foreign investors. They were followed by Küçükçekmece, Avcılar, Bağcılar, Büyükçekmece, Kağithane, Şişli and Sarıyer.
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