Turkey Residential Real Estate Market Report is Segmented by Property Type (Villas & Landed Houses, Apartments & Condominiums), by Price Band (Affordable Housing, Mid-Market, and Luxury), by Business Model (Sales and Rental), by Mode of Sale (Primary (New-Build), and More), and by Key Cities (Istanbul, Ankara and More). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

In 2023, the Turkey Real Estate Market reached a value of USD 126.8 million, and it is projected to surge to USD 173.7 million by 2030.

The real estate transaction value in the 'Residential Real Estate Transactions' segment of the real estate market in Turkey was forecast to continuously increase between 2024 and 2029 by in total *** billion U.S. dollars (***** percent). After the ******** consecutive increasing year, the real estate transaction value is estimated to reach ***** billion U.S. dollars and therefore a new peak in 2029. Notably, the real estate transaction value of the 'Residential Real Estate Transactions' segment of the real estate market was continuously increasing over the past years.Find more key insights for the real estate transaction value in countries and regions like the real estate transaction value in the 'Residential Real Estate Transactions' segment of the real estate market in the world and the real estate transaction value in the 'Residential Real Estate Transactions' segment of the real estate market in Canada. The Statista Market Insights cover a broad range of additional markets.

Key information about House Prices Growth

• Turkey house prices grew 29.4% YoY in Dec 2024, following an increase of 29.4% YoY in the previous month.
• YoY growth data is updated monthly, available from Jan 2011 to Dec 2024, with an average growth rate of 12.4%.
• House price data reached an all-time high of 186.8% in Oct 2022 and a record low of 1.2% in Jun 2019.

Graph and download economic data for Real Residential Property Prices for Turkey (QTRR628BIS) from Q1 2010 to Q4 2024 about Turkey, residential, HPI, housing, real, price index, indexes, and price.

The Turkish residential real estate market, valued at $99.05 million in 2025, is projected to experience robust growth, driven by a Compound Annual Growth Rate (CAGR) of 11.16% from 2025 to 2033. This expansion is fueled by several key factors. Turkey's strategic geographic location, bridging Europe and Asia, attracts significant foreign investment, particularly in coastal areas like Antalya, Bodrum, and Fethiye, known for their tourism and lifestyle appeal. Furthermore, a growing domestic population, increasing urbanization, and government initiatives promoting affordable housing contribute to market demand. The market is segmented into apartments and condominiums, which dominate the market share, and villas and landed houses, catering to a higher-end buyer segment. Major players like Agaoglu Group, Artas Group, and others shape the competitive landscape. While robust growth is anticipated, challenges such as economic volatility and fluctuating currency exchange rates could potentially restrain market expansion. The market's growth trajectory will be significantly influenced by infrastructure development, regulatory changes, and the overall health of the Turkish economy. The forecast period, 2025-2033, is expected to witness sustained growth, although the rate might fluctuate year-to-year depending on macroeconomic conditions. Istanbul, Bursa, and Antalya remain key cities driving market expansion due to their established infrastructure, employment opportunities, and diverse housing options. While the provided data focuses primarily on the Turkish domestic market, international investors, particularly from Europe and the Middle East, play a significant role, influencing demand and price dynamics. Analyzing regional trends reveals that the European and Middle Eastern & African markets will likely exhibit the highest growth in investment and demand, mirroring the trends in foreign investment into Turkish real estate. The market's performance will closely track broader economic indicators in Turkey and the global landscape. Ongoing construction activity, especially in new developments and infrastructure projects, will directly impact market supply and growth. Recent developments include: In February 2022, Emlak Konut announced the construction of 900 residential housing units. The total value of the construction is TRY 3.1 billion (USD 211 million). The project is located in the Sariyer district, and it is estimated to be completed by the end of 2024., In January 2021, Ofton Construction announced the construction of three residential projects, which are in the planning and designing phase, named Bomonti, Levente, and Nisantasi. These three projects are located in different locations- Sisli, Levent, and Nisantasi, respectively. All these projects are estimated to be completed in 2025.. Notable trends are: Increasing FDI Flow in the Residential Real Estate Market in Turkey.

The Turkey real estate market size is projected to exhibit a growth rate (CAGR) of 5.42% during ​2025-2033​. Urbanization, increasing population, favorable government policies, foreign investments, tourism, infrastructure development, affordable housing projects, economic growth, low interest rates, and robust demand for residential, commercial, and industrial properties are some of the factors contributing to the market expansion.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2025-2033​. Our report has categorized the market based on property, business, and mode.

The report covers Commercial Real Estate Market in Turkey is segmented by type (office, retail, industrial, logistics, hospitality, and multi-family) and key cities (Istanbul, Bursa and Antalya). The report offers market size and forecasts in Values (USD billion) for all the above segments.

Turkey Luxury Residential Real Estate Market size was valued at around USD 61.19 billion in 2024 & is projected to reach USD 87 billion by 2030 with 6.11% CAGR.

Turkey Commercial Real Estate Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2026 to 2032.

Turkey Commercial Real Estate Market : Definition/Overview

Commercial real estate (CRE) refers to properties that are primarily used for business purposes rather than residential living. This category encompasses a wide range of non- residential properties designed to generate income, including office buildings, retail spaces, industrial warehouses, hotels, and multifamily housing units. Typically leased to tenants who conduct income-generating activities, commercial real estate plays a crucial role in the economy by providing the necessary infrastructure for businesses to operate.

The management, leasing, and development of these properties involve various stakeholders and can yield profits through rental income or capital appreciation.

The number of houses bought by non-Turkish citizens in Turkey increased from 12 thousand in 2013 to almost 67.5 thousand in 2022, which was the highest value recorded throughout the observed period. In 2023, the figures decreased significantly and amounted to 35 thousand.

The Turkish commercial real estate market, valued at approximately $XX million in 2025, exhibits robust growth potential, projected to expand at a Compound Annual Growth Rate (CAGR) of 9.74% from 2025 to 2033. This expansion is fueled by several key drivers. Strong tourism in cities like Antalya, coupled with increasing domestic and foreign investment, particularly in Istanbul and Bursa, significantly boosts demand for office, retail, and hospitality spaces. The burgeoning logistics sector, driven by Turkey's strategic location and growing e-commerce market, further fuels the demand for industrial and logistics facilities. Furthermore, a growing population and urbanization trends contribute to the increasing demand for multi-family residential properties. While challenges exist, such as fluctuating economic conditions and potential regulatory changes, the overall market outlook remains positive, supported by long-term infrastructure development plans and ongoing efforts to improve the business environment. The market is segmented by property type (offices, retail, industrial, logistics, multi-family, hospitality) and key cities (Istanbul, Bursa, Antalya), allowing investors to target specific niches within the broader market. Major players like Agaoglu Group, Artas Group, Ege Yapi, Calik Holding, Ronesans Holding, and others are actively shaping the market landscape, contributing to its overall growth and development. The forecast period (2025-2033) is expected to witness significant growth across all segments, although the pace might vary. The office segment in Istanbul and Bursa will likely experience substantial growth due to increasing corporate demand and foreign investments. The retail sector, especially in high-traffic areas of major cities, is poised for continued expansion as consumer spending increases. The logistics segment is expected to witness high growth rates fueled by the rising e-commerce sector and improved infrastructure. The hospitality sector will likely benefit from the sustained growth in tourism. While the multi-family residential segment shows solid growth, it might be influenced by factors such as interest rates and government regulations. Monitoring macroeconomic indicators and potential regulatory shifts will be crucial for accurate market prediction in the upcoming years. Overall, the Turkish commercial real estate market presents a blend of opportunities and challenges, requiring strategic planning and risk management to capitalize on its growth potential. Recent developments include: October 2021: Stolthaven Terminals and Rönesans Holding have signed a partnership agreement to jointly develop a new greenfield terminal in Ceyhan, Adana, Turkey, providing storage and handling services to the Ceyhan Petrochemical Industrial Zone, which is being developed by Rönesans Holding., July 2021: Turkey Government has signed a contract with with Calık Holding for the construction of 2 new cutting-edge gas turbines for the Oil Refinery Complex in Turkmenbashi and reconstruction of the power plant. According to the contract, the project will be delivered completely ready for operation in 18 months.. Notable trends are: Improvement in Hospitality Sector.

The prime office yields in Turkey did not show any significant change since June 2019 in most of the major cities. As of March 2024, prime office yields equaled 9.5 percent in Izmir, the highest of any major Turkish cities. This was followed by Ankara, which amounted to 9.25 percent.

Turkey experienced the highest annual change in house prices in 2024, followed by Bulgaria and Russia. In the fourth quarter of the year, the nominal house price in Turkey grew by **** percent, while in Bulgaria and Russia, the increase was ** and ** percent, respectively. Meanwhile, many countries saw prices fall throughout the year. That has to do with an overall cooling of the global housing market that started in 2022. When accounting for inflation, house price growth was slower, and even more countries saw the market shrink.

Housing Index in Turkey increased to 182.40 points in May from 176.40 points in April of 2025. This dataset provides the latest reported value for - Turkey House Price Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Residential Real Estate In Turkey Market size was valued at USD 64.32 Billion in 2024 and is projected to reach USD 98.63 Billion by 2032, growing at a CAGR of 7.8% from 2026 to 2032.

Key Market Drivers:

Rising Demand for Housing Due to Urbanization: The rising urbanization in Turkey is one of the primary drivers of the residential real estate market. According to a 2023 report by Turkey’s Ministry of Environment, Urbanization, and Climate Change, over 75% of the population now lives in urban areas, contributing to a strong demand for housing. Major cities like Istanbul, Ankara, and Izmir are experiencing high population growth, pushing the demand for residential real estate. Companies like Emlak Konut are responding with large-scale development projects to meet this growing need for urban housing.

Companies operating in the third-party real estate industry have had to navigate numerous economic headwinds in recent years, ranging from rising interest rates, spiralling inflation and muted economic growth. Typically, estate agents can earn income via fees and commissions charged to clients, which allows them to protect their operating profit margin from property price fluctuations. Revenue is projected to sink at a compound annual rate of 0.6% over the five years through 2025, including an estimated rise of 1.2% in 2025 to €207.6billion, while the average industry profit margin is forecast to reach 35.1%. Amid spiralling inflation, central banks across Europe ratcheted up interest rates, resulting in borrowing costs skyrocketing in the two years through 2023. In residential markets, elevated mortgage rates combined with tightening credit conditions eventually ate into demand, inciting a drop in house prices. Rental markets performed well when house prices were elevated, being the cheaper alternative for cash-strapped buyers. However, even lessors felt the pinch of rising mortgage rates, forcing them to hoist rent to cover costs and pricing out potential buyers. This led to a slowdown in rental markets in 2023, weighing on revenue growth. However, this have started to turn around in 2025 as interest rates have been falling across Europe in the two years through 2025, reducing borrowing costs for buyers and boosting property transactions. This has helped revenue to rebound slightly in 2025 as estate agents earn commission from property transactions. Revenue is forecast to swell at a compound annual rate of 3.7% over the five years through 2030 to €249.5 billion. Housing prices are recovering in 2025 as fixed-rate mortgages begin to drop and economic uncertainty subsides, aiding revenue growth in the short term. Over the coming years, Proptech, which has been heavily invested in, will force estate agents to adapt, shaking up the traditional real estate industry. A notable application of Proptech is the use of AI and data analytics to predict a home’s future value and speed up the process of retrofitting properties to become more sustainable.

The market size of real estate investment funds in Turkey increased each quarter throughout the observed timeframe. As of the first quarter of 2024, real estate funds in the country amounted to **** billion Turkish lira.

Comprehensive dataset of 2,391 Real estate developers in Turkey as of July, 2025. Includes verified contact information (email, phone), geocoded addresses, customer ratings, reviews, business categories, and operational details. Perfect for market research, lead generation, competitive analysis, and business intelligence. Download a complimentary sample to evaluate data quality and completeness.

As of March 2024, Ankara became the region with the highest house price index (HPI) in Turkey. The largest city in the Republic of Turkey, Istanbul, recorded a house price index (HPI) of about 1015.