According to Intermark Global experts, in 2024-2025 the appreciation was fixed only in Turkish lira, but by the end of last year dollar prices increased by 1.5-2% in annual terms. At the same time, the market went through a painful “cleaning”: some developers left the industry, the number of unfinished projects increased. The vacated niches were occupied by large developers who started to buy out problem assets and restart construction, especially in resort regions.
Resorts are cheaper than megacities
The country’s largest market, Istanbul, continues to have high liquidity and diversified demand. The cost of apartments in the central districts reaches $220-280 thousand, while the yield of short-term rent is 7-10% per annum, long-term – 3.5-5%. At the same time, increasing regulation reduces the investment attractiveness of the old stock, shifting demand to the segment of new housing.
Ankara demonstrates a more conservative growth model. The average price is $1.2-1.3 thousand per square meter, and apartments of 1+1 format – $100-120 thousand. The market is focused on domestic demand and long-term rent, while strict state control reduces the risks of under-construction.
In Izmir there is still a price discount to Istanbul: 1+1 apartments cost about $150 thousand, which is about a quarter below the level of the largest metropolis. Additional investor interest is concentrated in coastal areas, including Cesme, where the season is longer and the cadastral value of objects is high.
Antalya, despite its reputation as a resort, remains a large urban market with a population of about 2.5 million. The main investment case here is short-term rentals with yields of up to 10% p.a., with an entry budget of $70-100 thousand.
Alanya, after correction of overheated demand in 2022-2023, has returned to more stable price levels: the cost of ready apartments starts from $70-80 thousand. Reduced activity of small developers and limited volume of new supply increase the stability of the local market.
