Residents of Türkiye spent more than $2.5 billion purchasing overseas real estate last year, according to official data, lured in part by golden visa programs, with Dubai and Greece dominating demand.
The spending marked a 20.5% increase compared to 2024, according to the balance of payments data released by the Central Bank of the Republic of Türkiye (CBRT). The upward trend continued in January, with $144 million already spent on real estate purchases.
The demand for properties abroad has also been driven by surging prices in Türkiye, which worsens returns on investment. Turks have in recent years opted for assets like real estate to protect savings amid high inflation.
Bayram Tekçe, chair of the board of the Real Estate Services Exporters Association (GIGDER), noted that annual overseas real estate purchases by Turks were valued at around $130 million just five to 10 years ago, but have surged significantly in recent years.
According to Tekçe, the primary reason Turks are buying properties abroad is to secure “golden visas” for easier travel.
“Golden visas allow individuals to travel freely. Turks favor destinations like Dubai and Greece for property investments. Greece is particularly attractive because an investment of 250,000 euros ($270,490) grants buyers access to all EU countries,” Tekçe explained.
He added that these programs shift to countries in need of investment; for instance, while Spain and Portugal were previously popular, their visa programs have been suspended, paving the way for Hungary to launch a similar program for 250,000 euros.
As a secondary reason, Tekçe highlighted that investors purchasing homes to rent out are increasingly looking abroad, citing the growing challenges between landlords and tenants in Türkiye as a factor accelerating this trend.
Call for investor-friendly programs
Tekçe pointed out that while international investors’ demand for Turkish real estate is declining, domestic investors’ interest in foreign properties is on the rise.
“To reverse this trend, processes for international investors, such as obtaining residence permits, electricity and water subscriptions, need to be streamlined. More resources should also be allocated to international promotions, and investor-friendly visa programs should be developed,” he emphasized.
Tekçe revealed that overseas properties typically start at $300,000, with Turks spending an average of $500,000 per property. He added, “The most important factor when purchasing is whether the property can generate rental income.”
Özden Çimen, CEO of Parcel Estates, observed that in recent years, Turks have increasingly turned to Dubai for real estate investments.
Dubai’s attractive rental yields and tax-free investment opportunities are said to appeal to both individual and corporate investors.
“Turks rank seventh among the top investors in Dubai, following India, the U.K., Russia, China, Pakistan and the United States,” Çimen stated. “By 2025, I believe Türkiye could be among the top five countries investing in Dubai’s real estate market.”
Çimen projected that investments made in Dubai last year could generate over $150 million in rental income this year.
He also pointed out that Turkish construction companies are playing a substantial role in large-scale projects in Dubai, including infrastructure, metro, highway and housing developments. “Turkish contractors are making significant contributions, particularly in the expansion of the Dubai Metro,” he added.
