Turkey's foreign property buyer market has undergone a dramatic compositional shift since Russia's invasion of Ukraine in February 2022. The new buyer profile has significant implications for which types of properties are in demand.
Top Buyer Nationalities (H1 2024)
- Russians: 2,720 units (22% of total foreign purchases). Concentrated in Istanbul, Antalya, and Alanya. Primarily motivated by capital preservation outside the Russian banking system.
- Iranians: 2,230 units (18%). Long-established presence, concentrated in Istanbul. Family reunification and education access are key motivations.
- Germans: 990 units (8%). Many are Turkish-Germans purchasing in their families' home regions.
- Ukrainians: 860 units (7%). Significant increase since 2022, primarily purchasing in Antalya.
- Gulf Nationals (Saudi, UAE, Kuwait): Combined 740 units (6%). Interest growing rapidly in luxury Istanbul properties.
The European Retreat
British, Dutch, and Scandinavian buyers — historically significant in coastal Turkey — have reduced purchases sharply as lira volatility has made pricing less predictable and new short-term rental regulations have reduced yield expectations.
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