New Home Prices in Türkiye: Will they increase in 2024?

When answering any inquiry regarding upcoming price rates or the anticipated cost of properties within Turkey's real estate market, a typical approach is to analyze data from the previous years, focusing on the sales market. When did it peak? Why did it go down? Etc.

According to recent reports, the real estate market in Turkey is expected to continue its steady growth in 2024.

With the inflation rates still rising, the non-stop flow of tourism, and upcoming major projects, the prices of Turkish properties and houses have been increasing steadily.

This is because The New Home Prices for 2024 in Türkiye are not influenced by the overall economic state of the country but by high demand from foreign investors seeking Citizenship, a safe haven amid wars, and the non-stopping flow of tourism.

The Real Estate market in Turkey has already proved its resilience to major pandemics like COVID-19 in 2020, global inflation, and the fall of the Turkish Lira against the USD, where home prices sustained their high-sale rate, reaching their peek in 2021 (amid the global pandemic). With Reports explicitly stating that Interest rates in Türkiye are projected to remain low, we can see a higher appeal in the housing market.

The lack of available building land in urban centers, especially in Istanbul, has forced housing construction companies to move to the suburbs with large projects; this has caused the home prices in peripheral areas like Beylikduzu, Basaksehir, Buyukcekmece, etc., to witness a massive increase in the pricing within a few years, from 2020 and 2022. Mass housing construction is also increasing rapidly.

Brief Look at the median rates of Turkish Homes and Properties the past years:

Over the past ten years, data regarding home sales in Istanbul - in general - have remained at their levels, with a price increase of about 13.6 percent, compared to home prices in 2014 and this day - (the year 2024).

According to the official data from the Turkish Statistical Authority, the sales of apartments to foreign buyers in the last month of the year reached 6,386 units, showing an increase of 4.98% from the previous month. Foreigners' purchases accounted for 3.1% of all residential apartment sales that month. Additionally, the annual sales of apartments to foreign buyers reached 67,490 units, a 15.2% increase from the previous year. Foreigners' purchases made up 4.5% of all apartments sold in Turkey throughout the year.

The price per square meter of a property built in 2014 was about 2231 TL, while the price per square meter of a property built in early 2023 was about 21,260 TL.

Considering the difference in the exchange rate of the Lira against the dollar, the equation is as shown in the following table:

What factors have caused the Average prices of Homes in Turkey to Increase in the past years?


One of the leading causes of the continued growth of house prices in Turkey is its growing tourism industry. The country is admired for its stunning beaches, historical sites, and moderate climate, all of which have made it a popular destination for eager travelers; who can enter it quickly. Moreover, Turkey was one of the few countries that adjusted cleverly to tourism impediments during COVID-19, it did not impose major lockdowns and restrictions during the pandemic, and although the country did take sufficient measures to diminish the virus’s expansion and keep it under control, it kept its tourism sector alive, welcoming visitors and granting visas easily.

This has benefitted homeowners of tourist real estate like residential properties by the seas and other rural areas, as data revealed that the demand for vacation homes and the average costs of houses in tourist areas like the Turkish Riviera and the Aegean coast has risen.


Another factor contributing to the rise in New Home Prices in Turkey is the country's strong economic growth. Turkey's GDP has been steadily increasing annually. In contrast, the Government's efforts to boost foreign investment have also played a role in the market's positive performance (including the Citizenship for Investment Program, Tax Exemption, Providing convenient options for mortgage loans, and house inheritance.). Subsequently, this has increased demand for homes in areas resided by foreigners in Turkey within Istanbul City, Ankara, and Antalya, particularly in sales of the commercial and residential sectors. Not to mention the Home Prices in Turkey are relatively much more convenient in comparison to the average pricing of properties in Europe, the United States, Russia, Canada, etc... taking into consideration the overall quality of construction materials, modern design, climate, social facilities, and general merits of living in a politically stable and civilized country. Many foreign investors can get their dream home with an outstanding view easily, costing them a comparatively much less amount of money.

Easy Residency

As obtaining a residence permit has become more accessible in recent days, foreign buyers have increased their investments in Turkish real estate, typically leading to a rise in home prices. The Government's efforts to simplify the process of obtaining a permit for a foreign buyer and his family have made it more attractive for them to start purchasing homes, whether for investment, tourism, or residency.

Likewise, part of an easy and fast process for foreigners to obtain residence permits in Turkey included ownership of homes and/or properties, stimulating a win-win situation for both parties and increasing demand and costs. This has resulted in more listings for existing buildings and new constructions to sell.

Easy Ownership of Turkish Properties by Foreigners

The ease of property ownership in Turkey has contributed to the increase in home prices in Turkey. The Government's efforts and seasonally published laws to simplify the property buying process and make it more accessible to foreign buyers have played a key role in attracting investment and the median increase in home price cost. Such as the implementation of existing laws that allow for freehold ownership of homes by foreigners and the elimination of restrictions on property ownership largely encouraged investors to purchase properties in Turkey.

A recent report published by the national Government of Turkey has shown that the number of transactions involving foreign ownership of Turkish properties has increased in recent months. This trend has led to a significant increase in home prices in certain areas, particularly in popular tourist destinations. The report includes data on the total number of units sold and the average price per unit and is published monthly. The exact figures may vary depending on location and other factors, but the overall trend is clear.

The data also shows that the average price per unit has increased over time, with foreign buyers often willing to pay a premium for properties in desirable areas. In addition, the report notes that foreign buyers are increasingly choosing to make a payment in cash rather than through traditional financing methods.

This trend is not limited to just a few specific locations but is seen across the country, with many countries and cities experiencing the same increase in prices.

Overall, the data suggest that foreign ownership of Turkish properties plays a significant role in driving home prices in the country, and this trend is likely to continue in the coming months and years. However, it is worth noting that depending on the choices and preferences of the buyers, the prices may be priced differently.

New Homes Prices in Turkey 2024

Therefore, as the Turkish Government proceeds to maintain the previously mentioned factors in its regulations, it is highly expected that the Turkish real estate market will continue its growth for the year 2023. The country's strong economic performance and increasing foreign investment are expected to continue driving prices upward, particularly in major cities. Many builders are expected to release new homes priced competitively, making them more affordable for a broader range of buyers.

The past year has seen a steady rebound in the housing market, with home sales picking up in the latter half of 2022, particularly in the months of November and Dec. This strong performance has led many experts to believe that builders will be looking to capitalize on this renewed interest in the housing market, and may be planning to build and release a large number of new homes in the coming year.

Many experts are also closely watching the prices of these new builds. Even though costs of materials, jobs, and labor rose, many builder/s are expected to release new homes that are priced competitively, making them more affordable for a wider range of buyers; Month by month, we will continue to see more custom home listings being released, and the nation's builders will be closely watched as they continue to innovate and improve the housing market in Turkey. The new homes that are being built are not only attractive in terms of price but also in terms of design, location, and overall value.

All in all, the housing market in Turkey is looking very promising for 2024, with a wide range of new homes available at competitive prices. The market is set to be an exciting one to watch, as buyers will have a lot of options to choose from, and the nation's builders continue to push the boundaries of what's possible. The market shifts and high house sales of the past years have set the stage for an intriguing and positive year ahead.


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