Iraq Overtakes Russia as Top Foreign Buyer of Turkish Homes: 51,900+ Units in a Decade

Iraq leads foreign buying in Turkey: the headline numbers

Real estate Turkey is showing sustained foreign appetite: TURKSTAT reports that Iraqi citizens purchased more than 51,900 homes in Turkey between 2015 and 2025, narrowly ahead of Russian buyers who bought about 50,700 units in the same period. The statistics release, cited by Shafaq News, puts Iran third with nearly 43,600 purchases and Ukraine fourth with 38,200. Other countries in the top ten include Saudi Arabia (27,300), Kuwait (16,800) and Germany (15,400).

These figures tell a clear story: foreign demand for Turkish housing is concentrated among buyers from the Middle East and parts of the former Soviet space. Our analysis labels the trend as sustained but uneven — strong overall yet sensitive to economic cycles and rule changes.

What the TURKSTAT data actually shows

TURKSTAT’s ten-year tally (2015–2025) gives a clean ranking of foreign buyers by nationality. Key points from the dataset:

• Iraq: 51,900+ homes (top rank for the decade)
• Russia: ~50,700 homes
• Iran: ~43,600 homes
• Ukraine: ~38,200 homes
• Saudi Arabia: 27,300 homes
• Kuwait: 16,800 homes
• Germany: 15,400 homes

TURKSTAT also notes an inflection in Iraqi buying patterns: purchases by Iraqi nationals began to decline after 2020, a shift attributed to economic fluctuations and changes in Turkish property regulations. Despite the post-2020 slowdown Iraq kept strong relative positions in specific years — second in 2020 (behind Iran) and third in 2022 (after Russia and Iran).

These are hard transaction counts, not estimates. For buyers and investors the raw totals matter because they reflect real competition for stock and pressure on prices in certain locations.

Why Iraq climbed to the top: context and drivers

Numbers alone do not explain causation, but several plausible factors explain why Iraqis figure so prominently among foreign purchasers in Turkey. From our reporting and market experience, these drivers likely include:

• Geographic proximity and travel links between Iraq and Turkey that lower transaction friction.
• Family ties and migration patterns that create demand for second homes and relocation properties.
• A mix of buyers seeking residential use, business reasons and investment opportunities where Turkey is seen as accessible.

We do not have TURKSTAT data in this release on buyer motivations or the split between purchases for residency versus buy-to-let. Still, the sharp totals show that demand was consistent enough over a decade to push Iraq to the top. The post-2020 decline shows that such flows are not immune to macroeconomic turbulence or rule changes.

How changes after 2020 reshaped the market

TURKSTAT specifically links the slowdown in Iraqi purchases after 2020 to economic fluctuations and changes in Turkish property regulations. From an investor perspective this is an important lesson:

• Regulatory shifts can alter buyer incentives quickly and materially.
• Currency and macro shocks in home countries or Turkey can reduce buying power or appetite.

We have seen this pattern in other markets: rule changes that affect foreign ownership, taxes, financing terms or residency rights have immediate effects on transaction volumes. For foreign buyers considering Turkey now, the takeaway is that policy risk is real and can reshape demand in just a few years.

Geographic and market implications for buyers and investors

The TURKSTAT totals do not map purchases by city in this dataset, but the concentration of foreign buyers has practical implications for local markets. Based on transaction pressure and known demand corridors, investors should expect the following market dynamics:

• Price competition in prime coastal and metropolitan zones where foreign buyers cluster.
• Differential impact on new-build versus resale stock: buyers from abroad often prefer new developments but also buy resales when pricing or location fits.
• Rental market implications in high-demand areas, where buy-to-let investors can face higher yields but also greater tenant competition and seasonality.

For those looking at property Turkey, this means careful micro‑market analysis is essential. National figures tell you where demand comes from; local supply and planning rules tell you whether prices are likely to move.

Risks and downsides buyers must weigh

We are not arguing that the foreign buyer totals make Turkey a one-way bet. There are clear risks for purchasers and investors:

• Currency volatility in Turkey can change returns and debt servicing costs.
• Regulatory changes that affect foreign ownership, taxation or residency rights can reduce resale liquidity.
• Concentration risk in certain cities or building types: neighborhoods with heavy foreign buying can be vulnerable to sudden outflows.
• Political and regional shocks can affect both buyer source countries and the Turkish market.

A responsible investor will model downside scenarios: what happens to rental income if foreign tenants withdraw, or to resale value if a particular nationality’s buying power falls.

Practical advice for foreign buyers in Turkey

From our coverage of transactions across markets, these practical steps matter more than general sentiment when buying property abroad.

• Do full legal due diligence on the title deed (TAPU) and any liens. Use local counsel with experience in transactions for foreigners.
• Verify the seller’s documentation and the property’s municipal compliance.