The amount paid for real estate purchases from abroad reached $2.513 billion. Turks purchased the most properties from the United Arab Emirates and Greece.

According to the data released by the Central Bank of the Republic of Turkey (CBRT) on the balance of payments, the amount paid by residents in Turkey for real estate purchased from abroad reached $2.513 billion in 2024, showing a 20.5% increase from the previous year. This figure was $144 million in the first month of the new year. “INCREASE IN GOLDEN VISA PURPOSED PURCHASES” Experts commenting on from which countries Turks most frequently made purchases abroad pointed out that the increase in purchases was due to the golden visa program. Bayram Tekçe, President of the Real Estate Services Exporters Association (GİGDER), recalled that the annual real estate purchase amount from abroad was around $130 million 5-10 years ago, and said that this amount has increased significantly.

“OPENING THE DOOR TO EUROPE WITH A €250,000 INVESTMENT” Tekçe, explaining the reasons for real estate expenditures, continued: “The main reason for buying property abroad is the desire of those who want to travel freely to obtain a golden visa. Dubai and Greece stand out in Turks’ real estate investments abroad. Greece is preferred because with an investment of €250,000, the buyer gains access to all European countries. As a policy, they direct visa programs in order to invest in countries in need. For example, Spain and Portugal were once popular choices, but now their visa programs have been suspended and Hungary has started golden visa programs in exchange for €250,000.”

LANDLORD-TENANT DISPUTES AS THE SECOND REASON Tekçe noted that the second reason for investors who buy properties to rent them out turning their focus abroad is the increasing conflicts between landlords and tenants in Turkey in recent years, which has accelerated the trend of investors turning towards overseas investments.