📊 At the beginning of 2026, the final data for 2025 became available, revealing a clear trend: foreign buyers are purchasing less real estate in Turkey. Over the year, around 21,500 transactions were completed by non-residents, marking the lowest level in the past nine years.

At the same time, the overall market is growing. In 2025, approximately 1.7 million residential properties were sold in Turkey, setting a new record. This creates a paradoxical situation: domestic demand remains strong, while foreign buyers are gradually leaving the market.

📉 Looking at the dynamics over recent years, the decline is evident. In 2022, foreign buyers purchased around 67,000 properties, which was the peak. Within three years, the volume of transactions has dropped by more than three times. In 2025, foreigners accounted for only about 1.3% of all transactions. For a country where foreign demand was recently one of the key market drivers, this is a notably low share.

💰 The main reason behind the declining interest is the change in the investment economics. Buying property for citizenship has become less attractive and more risky than before, for several reasons:

— In 2022, the minimum investment required to obtain citizenship through real estate was increased from $250,000 to $400,000. This significantly reduced the pool of potential investors.
— Despite the depreciation of the Turkish lira, property prices in popular regions have increased in USD terms. As a result, investors need to commit larger amounts while facing less predictable returns.
— In recent months, there have been discussions about potential adjustments to the citizenship program. Even without actual changes, such uncertainty affects investor confidence.

🏗️ The decline in foreign demand is already reshaping the market. Previously, a significant share of properties was sold specifically within the citizenship segment, particularly around the $400,000 price range. Today, this segment has become less stable. As the flow of investors decreases, such properties are losing part of their appeal and may take longer to sell.

📈 At the same time, traditional investment factors are becoming more important: location, project quality, and real rental demand. As a result, the market is gradually returning to a more conventional investment logic, where the intrinsic characteristics of the property play a key role.

🧭 In 2026, Turkey is becoming less attractive for mass-market investors. However, this does not mean that real estate investment in the country is losing its value. The approach is simply changing. While citizenship used to be the main driver of a purchase decision, it is now increasingly seen as an additional benefit rather than the sole reason to invest.