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

According to the balance of payments data released by the Central Bank of the Republic of Turkey (CBRT), the amount paid by residents of Turkey for real estate purchases from abroad rose by 20.5% to $2.513 billion in 2024 compared to the previous year. The figure for the first month of the new year stood at $144 million. “INCREASED PURCHASES FOR GOLDEN VISAS” Experts commenting on from which countries Turks mostly make purchases abroad pointed out that the increase in purchases is due to the golden visa program. Bayram Tekçe, President of the Real Estate Service Exporters Association (GİGDER), recalled that annual real estate purchase amounts from abroad were around $130 million 5-10 years ago, noting that this figure has significantly increased.

“WITH A €250,000 INVESTMENT, THE DOORS TO EUROPE OPEN” Tekçe pointed out the reasons for real estate spending, continuing: “The main reason for buying a property abroad is for those who want to travel freely to obtain a golden visa. Dubai and Greece stand out in Turks’ real estate investments abroad. The primary reason for choosing Greece is that with an investment of €250,000, the door to all European countries opens for the buyer. As a policy, they direct visa programs to countries in need of investment sequentially. For instance, Spain and Portugal were preferred before but now their visa programs have been closed, and instead, Hungary has launched golden visa programs for €250,000.”

LANDLORD-TENANT DISPUTES AS THE SECOND REASON Tekçe noted that the second reason is the shift of investors who buy properties to rent abroad, pointing out that the increasing disputes between landlords and tenants in Turkey in recent times have accelerated the tendency of investors to move abroad.