Ten complete years · latest 2026 observation separate
Türkiye Property Market 2016–2026: A Ten-Year Review
The decade contains currency stress, changing credit conditions, a pandemic-era transaction surge, rapid nominal price growth, severe inflation, the 2023 earthquakes and a later recovery in domestic sales. No single lira chart captures the outcome.
Executive summary
Türkiye recorded high transaction volumes across much of 2016–2025, but the drivers and economic meaning changed. Credit conditions, inflation and lira volatility altered affordability and made nominal price growth an incomplete measure. The market moved from pre-shock conditions through the 2018–2019 adjustment, a credit-sensitive 2020 surge, intense nominal growth in 2021–2022, a 2023 correction and recovery in 2024–2025.
In 2025, sales reached 1,688,910, up 14.3% from 2024. Mortgaged sales rose 49.3% but were still only 14.0% of the total. Foreign-buyer sales fell to 21,534, or 1.3% of sales. In the first half of 2026, total and foreign-buyer sales declined year on year while mortgaged sales increased. July prices were up in nominal lira terms but down nationwide after inflation.
Annual home sales, 2016–2025
| Year | Home sales | Period note |
|---|---|---|
| 2016 | 1,341,453 | Pre-currency-shock conditions |
| 2017 | 1,409,314 | Highest total of the initial two-year period |
| 2018 | 1,375,398 | Currency and finance adjustment |
| 2019 | 1,348,729 | Adjustment continued |
| 2020 | 1,499,316 | Pandemic period and credit-sensitive surge |
| 2021 | 1,491,856 | High inflation and nominal-price acceleration |
| 2022 | 1,485,622 | Peak foreign-buyer volumes |
| 2023 | 1,225,926 | Transaction correction and earthquake context |
| 2024 | 1,478,025 | Domestic-volume recovery |
| 2025 | 1,688,910 | 14.3% above 2024 |
Source: TURKSTAT annual house-sales series and December 2025 release. Observation period: calendar years 2016–2025. Published at different annual release dates; latest release December 2025. Last checked 25 August 2026. Unit: completed home sales. Annual data may be revised by the publisher.
Ten-year analytical view
Turning points: what the annual series actually shows
The completed-sales record is not a smooth growth line. It shows a relatively narrow 2016–2019 range, a policy- and credit-sensitive step up in 2020, another two years close to that level, a pronounced 2023 contraction, and a two-year rebound that took 2025 above every other complete year in this table. The 2026 observation is only a half-year flow and must not be annualised or placed beside full-year totals as if the periods were identical.
| Reference point | Completed-sales evidence | Ten-year reading | Comparison discipline |
|---|---|---|---|
| 2016 | 1,341,453 in the full year | Starting point for the pre-currency-shock phase. | A transaction baseline, not a price or affordability baseline. |
| 2017 | 1,409,314 in the full year | Volume expanded from 2016 before the 2018–2019 adjustment. | Higher turnover alone does not establish higher real values. |
| 2020 | 1,499,316 in the full year | The pandemic year produced a credit-sensitive surge rather than the contraction a simple shock narrative might suggest. | The annual total conceals disrupted months, regions and buyer circumstances. |
| 2023 | 1,225,926 in the full year | The lowest complete-year total in the displayed decade marks a clear correction after 2020–2022 stayed near 1.5 million. | Lower liquidity and earthquake context do not identify the safety or value of an individual building. |
| 2025 | 1,688,910 in the full year; 14.3% above 2024 | The strongest complete-year volume in the table followed the 2023 low and 2024 recovery. | Record turnover is not evidence of a guaranteed achieved price, margin or investment return. |
| 2026 YTD | 699,516 in January–June; 3.1% lower year on year | The current year began with softer total volume even as mortgaged sales rose 32.2%. | A six-month count is compared only with the same prior-year period, never with a full calendar year. |
Source basis: TURKSTAT annual series through 2025 and the January–June 2026 release; checked 25 August 2026. Values describe registered transaction flow. They do not measure housing stock, asking-price changes, construction quality or returns.
The decade was liquid, but not stable
Most complete years cleared roughly 1.3 million transactions, yet the gap between the 2023 low and 2025 high is substantial. Participants should therefore distinguish a market that can sustain large volumes from one that offers stable financing, prices or resale timing.
Finance can move the mix before the total
The 2020 surge showed how sensitive transaction timing can be to credit. In 2026, mortgaged sales grew 32.2% while total first-half sales fell 3.1%, so improving mortgage activity did not translate into broad volume growth across every purchase method.
The recent rebound was mainly domestic
Foreign-buyer sales fell to 21,534, or 1.3% of the 2025 total, then declined another 9.2% year on year in January–June 2026. The 2024–2025 recovery therefore should not be described as a return to the foreign-demand peak of 2022.
New and existing homes can diverge
In the first half of 2026, new-home sales rose 0.8% while existing-home sales fell 4.8%. A national total can conceal different conditions for development inventory and the much larger resale segment.
CBRT price indicators at the current endpoint
| Series | Index / change | Status |
|---|---|---|
| Türkiye RPPI | 234.8 | Appraisal-based index, 2023=100 |
| Türkiye annual change | +25.0% | Nominal TRY |
| Türkiye annual change | −5.1% | CPI-adjusted real |
| İzmir RPPI | 224.0 | Regional appraisal-based index |
| İzmir annual change | +23.1% | Nominal TRY |
| New Tenant Rent Index annual change | +28.4% nominal; −2.6% real | National, new tenants |
Source: CBRT July 2026 RPPI and New Tenant Rent Index. Observation period: July 2026. Publication and retrieval cut-off: 25 August 2026. Index base: 2023=100. The series can be revised.
Four lenses that must not be merged
A ten-year market account changes depending on the unit of analysis. The same period can contain high transaction activity, rapid nominal lira growth and weak real purchasing-power performance. International buyers also face a separate currency path. The compact comparison below keeps those questions apart.
| Lens | What the verified evidence says | What can be concluded | What cannot be concluded |
|---|---|---|---|
| Completed transactions | TURKSTAT records 1,341,453 sales in 2016, 1,225,926 in 2023 and 1,688,910 in 2025; January–June 2026 records 699,516. | Turnover moved through distinct cycles and recovered strongly after 2023 before softening year on year in the first half of 2026. | Transaction counts do not reveal the price, condition or return of the homes sold. |
| Nominal TRY prices | The national RPPI rose 25.0% year on year in July 2026; İzmir rose 23.1%. | Appraised residential values increased in domestic-currency terms at the current endpoint. | Nominal growth is not inflation-adjusted profit and is not a completed-sale price for a particular property. |
| Real prices | The national RPPI fell 5.1% in real annual terms while July 2026 CPI was 31.75%. | National appraisal values failed to keep pace with consumer inflation over that annual comparison. | A national real index does not calculate an owner's net result after financing, taxes, upkeep or transaction costs. |
| EUR or USD perspective | No historical foreign-exchange series is reproduced in this review. | A defensible foreign-currency comparison requires a sourced exchange-rate series, matching dates and a stated conversion method. | Lira appreciation cannot be presented as a euro or dollar gain; today's exchange rate cannot be back-applied to historical values. |
| Listings and asking prices | No portal asking-price series is spliced into the official tables. | Advertisements describe seller expectations and available inventory, not registered outcomes. | An asking price cannot substitute for TURKSTAT transactions or CBRT appraisal-based indexes. |
2016–2017
Pre-currency-shock transaction conditions
Annual sales increased from 1.34 million in 2016 to 1.41 million in 2017. This provides a high-volume pre-shock reference, but it should not be romanticised as a uniform market. Financing access, local supply and first-sale versus resale conditions varied, while foreign demand remained a separate component of the national total.
Residential prices were expressed in lira, so a domestic nominal direction and an international buyer’s euro or dollar experience were never the same measure. Any historical currency comparison must use a sourced exchange-rate series and a stated conversion date; none is back-filled from today’s rate. Consumer inflation must also be considered before interpreting a lira increase as a real gain.
Construction supply responded to earlier development pipelines and local land conditions. National averages did not describe İstanbul, Antalya, Mersin or İzmir equally, and completed transactions should not be mixed with advertised asking prices.
2018–2019
Currency, financing and volume adjustment
The 2018 currency shock changed household affordability, construction inputs and the foreign-currency perspective. Annual sales eased to 1.38 million in 2018 and 1.35 million in 2019. Those totals were still large, but the underlying financing, buyer mix and price signals shifted.
Lira weakness could make a headline TRY price rise look very different after conversion to euros or dollars. Imported materials and energy-linked costs added supply pressure, while credit availability and borrowing costs influenced mortgaged demand. A lower foreign-currency entry price did not remove title, project, liquidity or exchange-rate risk.
For this period, nominal residential-price direction, CPI-adjusted change and transaction volume should be viewed as distinct series. First sales relate more directly to new supply; resales reflect the existing stock. Aggregating them can hide development-specific stress or resilience.
2020
Pandemic disruption and a credit-sensitive transaction surge
Despite the pandemic, completed sales rose to 1,499,316. The period demonstrated how strongly transaction timing can respond to credit conditions and policy support. A higher annual count did not mean every month, region or property type followed the same path.
Public-health restrictions altered viewing, construction, handover and administrative processes. Financing-sensitive demand brought transactions forward for some households, while income uncertainty affected others. The mix of mortgaged and other sales is therefore essential to understanding the headline volume.
Supply faced project delays and changing material and labour conditions. Asking prices published during a volatile period cannot be used as substitutes for registered sales or an appraisal-based index.
2021–2022
High nominal growth, inflation and peak foreign-buyer volumes
Annual transactions remained near 1.5 million in both years. At the same time, inflation and lira conditions accelerated nominal residential-price growth. This is the period in which nominal lira appreciation most clearly needs to be separated from inflation-adjusted and foreign-currency outcomes.
Mortgage composition changed with borrowing conditions, while cash or other-financed sales remained important. Foreign-buyer sales reached their historical peak in 2022 before declining in later years. Foreign demand should still not be treated as a single national force: geography, nationality, regulation, exchange rates and property type matter.
Construction-cost pressure intensified the challenge of delivering new supply. Higher input and finance costs can raise replacement costs while also weakening affordability and increasing completion risk. They do not guarantee that sale prices will rise enough to preserve a project margin.
2023
Transaction correction, earthquake context and tighter conditions
Sales fell to 1,225,926, the lowest annual total in the table. Tighter financing and affordability pressures formed part of the market context. The February earthquakes also brought enormous human consequences and sharpened attention to building quality, code, soil, damage history and insurance.
Earthquake hazard must not be translated into an unsupported city or building safety claim. AFAD’s map is a hazard map, not a structure-specific risk certificate. Individual decisions require title and permit review, local soil information and appropriately scoped technical assessment.
Nominal price growth amid inflation still did not establish real or foreign-currency profit. Reduced volume can also make local comparables thinner, which increases the importance of property-specific valuation evidence.
2024–2025
Domestic-volume recovery and a smaller foreign-sales share
Transactions recovered to 1,478,025 in 2024 and then to 1,688,910 in 2025. The TURKSTAT December 2025 release states that 2025 was 14.3% higher than 2024. İzmir recorded 96,998 sales during 2025.
Mortgaged sales rose 49.3% in 2025 but represented 14.0% of the total, showing both a strong annual rebound and the continuing dominance of other purchase methods. Foreign-buyer sales declined to 21,534, just 1.3% of total sales. Recovery was therefore primarily a domestic-volume story rather than a return to 2022 foreign-buyer peaks.
Developers and sellers still faced inflation, finance and construction-cost constraints. Rising transactions can improve liquidity without ensuring a specific achieved price, profit or sale speed.
2026 year to date
High volume, recovering mortgages and negative real annual prices
TURKSTAT reported 699,516 sales in January–June 2026, 3.1% fewer than a year earlier. New-home sales were 221,487, up 0.8%; existing-home sales were 478,029, down 4.8%. Mortgaged transactions increased 32.2% to 142,794. Foreign-buyer sales declined 9.2% to 9,083. See the current-market page for the accessible table and source link.
In July, the national RPPI was up 25.0% nominally but down 5.1% in real terms, while CPI was 31.75%. New-tenant rents rose 28.4% nominally and fell 2.6% in real terms. The endpoint supports a description of a high-volume but inflation-distorted market, not a purchase recommendation.
Mortgage growth may signal improving activity relative to a weak comparison, but financing remained a key constraint. The decline in foreign purchases reinforced the need for sellers to treat international visibility as an opportunity, never as a guaranteed source of demand.
How to read the decade
Nominal versus real
A nominal TRY change is the movement in lira. A real change adjusts for consumer inflation using the stated method and period. Neither is automatically a foreign-currency return.
Transactions versus listings
TURKSTAT sales are completed transactions. Asking prices are seller requests. CBRT’s RPPI is appraisal-based. Do not merge them into one price series.
National versus regional
National averages conceal city, district, building and property-type differences. İzmir requires its own dated evidence and property-level checks.
Flow versus stock
Annual sales measure transaction flow, not total housing stock, construction quality or the number of homes available at any one moment.
Use history to improve disclosure, not promise returns
Accurate price, completion, legal-status and availability information remains useful in every market phase.
Methodology and limitations
The review uses complete calendar years 2016–2025 for the annual transaction table and presents 2026 year-to-date or July observations separately. It does not splice asking-price series into completed sales or appraisal indexes. Inflation-adjusted status is stated explicitly, and no euro or dollar series is shown without a separately sourced exchange-rate method. Official figures may be revised.
Direct dataset definitions, dates and limitations appear in Sources and Methodology. Legal, structural, insurance and transaction checks appear in Risks and Due Diligence.