Top7 cities in Turkey for buying property (excluding Istanbul!)!)

World-renowned as a favorite tourist destination, Turkey attracts attention in terms of real estate investments. According to the latest data from the World Tourism Ranking, Turkey ranks fourth in the world in terms of international visitors. This number is expected to increase due to the country's open visa policy and high interest in the citizenship by investment program.

We previously discussed the prospects of real estate in Turkey, noting that prestigious property in the center of Istanbul is one of the cheapest property purchases in Asia. We also discussed why buying property in Turkey is popular among foreigners but may pose some challenges when evaluating its long-term investment value in light of the country's economic instability.

Citizenship through investment program in Turkey, initially priced at1 million dollars, was then reduced to just250,000 dollars in real estate in2018, and now in2023, offers citizenship to investors who purchase at least400,000 dollars worth of real estate in the country. Regardless of profitability, many foreigners still choose this program, which in a way is the ultimate "too good to be true" deal for citizenship through investment in the world: buy a house (or two, or three) and get a free passport. Many investors rent out the real estate or use it themselves, choosing Turkish real estate as a way to obtain citizenship, making this program the most popular in history, despite misunderstandings by critics.

Where to buyreal estate besides Istanbul? When it comes to real estate in Turkey, the analysis is largely focused on the Istanbul market. After all, Istanbul has the highest share in Turkey's GDP, exceeding30%, and the highest share in all economic activities except agriculture, forestry, fishing, and a few other industries. It is one of the most popular cities for foreigners and long-term foreign residents for obvious reasons, as it is home to more than20 million people in the metropolitan area and is a cultural crossroads.

Nevertheless, "non-IstanbulTurkey" remains often ignored as a black box of foreign investment, which may be interesting both for obtaining citizenship and for a long-term approach to creating value. It should be noted that the country is a significant middle power in the G20 with a population of over85 million by2023 and80 other provinces besides Istanbul that are in stages of their own development. A young population with a median age of just29.2 years and a high number of working-age population, nearly32 million people, ensure that regional centers, attracting job seekers and new families, continue to represent an interesting investment opportunity.

Istanbul

Istanbul is one of the largest cities in the world and remains the most popular choice among foreign investors; however, it is not the only place to buyreal estate in Turkey. Considering it as a standalone market, real estate outside of Istanbul can be explored in provinces with high population growth rates, which are likely to experience economic growth and increased demand for housing and foreign direct investment. Although overall housing sales decreased by 17.7% from January to July 2023 compared to the same period in 2022, interest in Turkish real estate remains high, with over 675,000 homes sold during the same 7-month period. Foreign buyers are coming to Turkey, particularly from certain Eurasian countries, namely Russia, Iran, Iraq, Ukraine, and Kazakhstan, which are the top 5 nationalities of buyers. Where else can we consider the real estate market in Turkey? Let's correlate the 10 fastest-growing regions with other qualitative indicators of attractiveness. The following list is based on the 2023 bulletin from the Turkish Statistical Institute, describing the annual population growth rate by province for the period of 2021-2022. We also take into account tourist flows, the domestic economy, and geographical appeal.

Mugla - growth of 26.1%

Located in the southwest of Turkey, Muğla sits on a small plain about 20 kilometers north of the Gulf of Gökova. Due to its historical significance, stemming from the presence of Turkic emirs in the 14th century, it became part of the Ottoman Empire in 1425 and today serves as a regional center for tourism and agriculture.

Tekirdağ - growth of 25.8%

Tekirdağ is located on the coast of the Sea of Marmara, about 135 kilometers west of Istanbul, and has an important historical heritage as a border region with Europe, with a history that dates back to ancient tropical settlements. Its strategic location facilitated trade between Europe and Asia and ensured its significance throughout the Byzantine and Ottoman eras. Today, Tekirdağ is becoming an increasingly important economic center in the Marmara region due to its proximity to Istanbul and prospects in agriculture, including the production of Turkish wine, grains, and sunflowers. Tekirdağ has long been undervalued and underinvested in the region of Turkey. This presents a unique opportunity for those who prefer land access to Europe and more affordable housing prices on the coast. Buyers can expect to find properties ready for renovation, including boutique hotels, coastal time shares, and downtown apartments ready for redevelopment.

Antalya - growth of 25.7%

Antalya remains the most popular tourist region in Turkey, with a constantly growing demand for short-term rentals and resort properties. The MasterCard Global Destinations Index ranked it as the 10th most visited city in the world. This means that investors can expect a good rental income. In fact, there is virtually no "low season" in Antalya, with a steady influx of tourists throughout the year from European budget airlines and a large Russian expatriate community, including the Russian consulate. Antalya is a rapidly developing city with a strong economy, and it boasts a long coastline, making it a desirable place for vacations, raising children, or retirement. Seaside apartments and villas offer sea views and often include beach access and luxurious amenities, while the old town is famous for its charming, culturally rich historical residences, alongside which new residential towers are being built near the city center. Antalya is the "capital of tourism" in Turkey. Properties in tourist district markets often do not have the same stability as in major international cities, but if you are primarily looking for a purchase for your lifestyle, Antalya may meet your goals.

Kocaeli - growth of 22.2%

Kocaeli is a large industrial city in Turkey, located near the expanded metro of Istanbul, with a growing population of young people and proximity to major ports and a bit of the inland agricultural region of Sakarya. The city is well connected to transport networks linking Istanbul and Ankara, and its value is expected to rise as the demand for housing expands. The cost of living in Kocaeli is relatively low, making it an attractive place for manufacturing in factories and commercial real estate, and the Turkish government...