This year has brought Turkey what many were waiting for: real estate prices have started to fall. How much money is needed now to buy an apartment by the sea? Where to look for offers with discounts? Liliya Altop, founder and director of Altop Real Estate, tells us.
About the author: Liliya Altop
Director of
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What has changed in the Turkish real estate market in two years
2022 was an abnormal year. I have been working with Turkish real estate for 19 years and this is the first time I have seen this.
It all started with the pandemic – against its backdrop, demand for real estate began to grow. Then the conflict between Russia and Ukraine provoked a wave of immigration, and many newcomers became buyers in the market. At the same time, the national currency in Turkey was falling, inflation reached 70% per year – which prompted local residents to invest in real estate to preserve their savings.
Record demand, along with rising living costs (building materials, wages, gasoline, food) led to a sharp jump in housing prices – both for purchase and for rent.
Example from practice
It got to the point of absurdity. In the morning, we received an apartment worth €100,000. While we were driving to show it to the buyer, the price changed: 110–120–130 thousand…
Several of my sellers terminated the signed contracts, despite the condition of paying a 10% penalty, because they found a new buyer who was ready to give 50% more.
But the developers, by the way, did not terminate the contracts, and continued to fulfill their obligations, although the cost of construction jumped sharply.
Against this background, the Turkish authorities passed several laws to cool the market.
Main changes in laws over the past two years
- The policy for issuing residence permits has changed: areas where the share of foreigners exceeded 20% were closed, a threshold for the price of real estate for obtaining a residence permit was introduced.
- The law on short-term rentals has changed: now a license is required to rent out a property for up to 100 days.
And this has had its effect. Real estate prices in Turkey peaked at the end of 2022, and then demand began to weaken and prices began to decline, but not everywhere.
See entry webinar, where Liliya Altop (Altop Real Estate) and Philip Berezina (Prian) discussed the main trends in the Turkish real estate market at the end of 2024
Where to look for real estate at reduced prices
Sellers on the secondary market, as well as investors who bought real estate before its sharp rise in price, began to move up in price.
Why are they selling? Everyone has different reasons: they cannot get a residence permit, they cannot legally rent out, their plans have changed. Finally, it is simply profitable for them, because they bought at a low price.
“Hot deals” have appeared on the market at prices 20-40% lower than those of the developer.
A practical example
In 2021, we successfully sold apartments in one complex in Alanya at the following prices: 1+1 – €86-90 thousand, 2+1 – €120-150 thousand. Many of our investors entered this project at that time.
And then 2024 came. A 2+1 apartment from the developer in this complex is now listed for €240 thousand. And the investor who bought it for 150 is selling it for 180. It is still profitable for him.
Developers cannot afford to reduce prices, because their expenses have increased dramatically. But now builders are much more loyal than two years ago – they are ready to discuss individual conditions with each one.
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