Dubai, Greece favored markets abroad for Turkish homebuyers

ISTANBUL

Turkish nationals spent $2.51 billion on purchasing real estate abroad in 2024, up 20.5 percent from the previous year, with most properties bought in Greece and Dubai, according to the balance of payments data from the Central Bank.

In the first month of 2025, this figure was $144 million.

The annual real estate acquisition by Turks in foreign countries amounted to around $130 million five to 10 years ago, but that figure has increased significantly over time, said Bayram Tekçe, chairman of the Real Estate Services Exporters Association (GİGDER).

The primary reason for purchasing a home abroad is to obtain a golden visa, enabling individuals to travel freely, Tekçe explained.

“Greece is especially favored due to its golden visa program, which grants access to all European countries for an investment of 250,000 euros,” he said.

As a second reason, Tekçe highlighted people who see real estate as an investment are increasingly turning to abroad to make financial gains by renting out their properties.

He explained that the recent surge in disputes between tenants and homeowners in Türkiye has accelerated this shift toward real estate markets in foreign countries.

Tekçe noted that home prices abroad generally start at around $300,000, and Turks typically pay an average of $500,000 for a property.

Turks rank seventh among the top real estate investors in Dubai, following India, the United Kingdom, Russia, China, Pakistan and the United States, according to Özden Çimen, CEO of Parcel Estates.

Not only individual investors but also Turkish construction companies are actively involved in large-scale projects in Dubai, which include infrastructure, metro, highway and housing developments, Çimen said.

Tekçe also noted that while foreigners' purchases of residential properties in Türkiye are declining, domestic homebuyers’ demand for overseas properties is on the rise.

"To counter this trend, the processes for foreign nationals to obtain residence permits, electricity and water subscriptions should be simplified. Additionally, more resources should be allocated to international promotion efforts and investor-friendly visa programs need to be established,” he said.

Home sales to foreigners plunged more than 32 percent annually to 23,781 units in 2024, when a total of 1.5 million homes changed hands in Türkiye, a 21 percent increase from 2023.

Russians constituted the largest group of foreign buyers at 4,867, followed by Iranians at 2,166 and Ukrainians at 1,631.

This downward trend continued into the first two months of 2025.

In January-February, foreigners bought a little more than 3,000 homes in the country, marking a steep 23 percent year-on-year decline, according to the latest data from the Turkish Statistical Institute (TÜİK).