Prices for housing in Turkey in July 2026 rose by an average of 23.3% in local currency compared to last year; however, high inflation completely offset this increase: in real terms, real estate prices fell by 6.6%, according to the July market review by the platforms Emlakjet and Endeksa. The data was published on August 14.
The average price per square meter of housing nationwide reached 41,700 Turkish lira, or approximately $871, while the average price of a property sold was 5.21 million lira, which corresponds to approximately $109,000.
At the same time, July saw the first small positive sign in short-term trends: prices rose by 1.9% in nominal terms over the month and by approximately 0.5% when adjusted for inflation. However, one month is not yet enough to speak of a sustained recovery in the real value of Turkish housing.
Ankara’s Prices Are Rising Faster Than Istanbul’s and Antalya’s
Among the 30 provinces with the highest number of transactions, the most notable growth was recorded in Ordu—32.4% over the year. This is the only province among those analyzed where growth was positive even after adjusting for inflation—about 0.4%.
Ankara ranks second with a nominal increase of 28.7%, although in real terms, housing in the capital became approximately 2.5% cheaper. Next are Kocaeli—up 28.5%, Denizli—27.1%, and Elazığ—26.9%.
In Istanbul, a square meter of housing cost an average of 65,100 liras in July, and the average price of a property was about 7.16 million liras, or $149,500.
In Antalya, one of the main markets for foreign buyers, the average price per square meter reached 55,500 lira, and the average price per property was about 6.1 million lira, or $127,500. In Izmir, the average price was about 54,000 lira per square meter and 6.48 million lira per property.
Muğla remains Turkey’s most expensive province, home to resort centers such as Bodrum and Marmaris. Here, the average price per square meter reached 87,200 lira, and the average price per property was 11.34 million lira, or nearly $237,000. This is more than double the national average.
Housing sales have fallen sharply
The rise in prices is occurring against the backdrop of a significant decline in the number of transactions. According to the Turkish Statistical Institute (TÜİK), statistics on residential and commercial real estate sales for July were published on August 13, 2026. A total of 123,603 residential properties were sold nationwide during the month, which is approximately 17% less than a year earlier.
Istanbul remained the largest market with 22,600 transactions, followed by Ankara with 9,640, Izmir—6,550, and Antalya—6,300.
At the same time, the sales breakdown sends mixed signals. The number of mortgage transactions rose by 23.7%, while sales of new homes fell by 8.6% and those of existing homes dropped by as much as 20.8%. This may indicate a gradual return to the market of some buyers who are able to take advantage of bank financing.
Thus, the rise in the value of Turkish real estate in lira remains, to a large extent, a consequence of inflation. For investors, it is more important to pay attention not only to nominal growth of 20–30%, but also to real price trends, exchange rates, and rental yields. As of the end of July, the average property in Turkey is nominally significantly more expensive than a year ago; however, its real value continues to decline.
Open4Business recently conducted a separate analysis of the composition of foreign buyers of Turkish real estate. As of June 2026, Russian citizens ranked first with 381 purchases, while Ukrainians acquired 170 properties and tied for second place with Iranian citizens. In total, foreigners purchased 2,015 residential properties in June. From January through June, foreign demand totaled 9,083 properties, down 9.2% from the previous year.
Ukrainians remain one of the largest groups of homebuyers in Turkey, even over the long term. In 2025, Ukrainian citizens purchased 1,541 properties and ranked third among foreign buyers, trailing only Russians and Iranians. Thus, the decline in real prices for Turkish housing is of direct interest to Ukrainian private investors, who continue to maintain an active presence in this market.
In July 2026, Ukrainian citizens purchased 145 residential properties in Turkey and ranked third among foreign homebuyers in the country, according to data from the Turkish Statistical Institute (TÜİK) published on August 13.
Russian citizens purchased the most residential properties among foreign buyers in July—394 properties. Iranian citizens ranked second with 189 transactions, while Ukrainians ranked third with 145 properties.
Thus, Ukrainian citizens accounted for approximately 6.8% of all residential property sales to foreigners in Turkey that month.
However, compared to June, activity among Ukrainian buyers declined slightly. In June, Ukrainians purchased 170 properties and tied for second place with Iranian citizens. In July, the number of transactions by Ukrainians decreased by approximately 15%, but Ukraine remained among the top three foreign buyers of Turkish real estate.
In total, 2,120 residential properties were sold to foreigners in Turkey in July, which is 1.9% more than in July of last year. Foreigners accounted for 1.7% of total residential property sales.
At the same time, the overall situation in the Turkish real estate market was significantly worse: in July, 123,603 thousand houses and apartments were sold in the country—17% fewer than a year earlier. Sales of new housing fell by 8.6% to 42,529 thousand units, while sales of resale housing dropped by 20.8% to 81,074 thousand
Thus, demand from foreign buyers in July appeared more stable than in the domestic market. However, over a longer period, foreign demand remains lower than last year’s levels. From January through July 2026, foreigners purchased 11,203 thousand residential properties in Turkey, which is 7.3% less than during the same period in 2025.
Ukrainians have maintained a strong presence in the Turkish real estate market for several years now. In 2025, Ukrainian citizens also ranked third among foreign buyers, purchasing 1,541 thousand residential properties. Ahead of them were Russians, with 3,649 thousand transactions, and Iranian citizens, with 1,878 thousand.
For comparison: in 2024, Ukrainians were also among the top three foreign buyers, purchasing 1,631 thousand properties.
Thus, despite a slight decline in July compared to June, Ukraine remains one of the three largest foreign markets for Turkish residential real estate, alongside Russia and Iran.
Cyprus’s real estate market continued to grow rapidly in the summer of 2026: from January through July, 12,047 real estate purchase and sale agreements were filed with the country’s land registries, a 14% increase compared to the same period last year.
In July, approximately 2,040 contracts were registered, which is about 11% higher than the figure for July 2025. Thus, July became one of the busiest months for the Cypriot real estate market this year. The data is based on statistics from the Department of Land and Geodesy of the Republic of Cyprus.
Demand from foreign buyers continues to play a significant role in the market’s growth.
In July, Cypriot citizens concluded 1,211 transactions, which is 12% more than a year earlier. They accounted for about 59% of the market. Another 829 contracts, or approximately 41%, were concluded by foreign buyers.
Of these, buyers from European Union countries concluded 277 contracts, compared to 274 in July of last year—an increase of just 1%.
Demand from citizens of non-EU countries grew much faster. They concluded 552 transactions, compared to 478 a year earlier—a 15% increase. Thus, more than two-thirds of all July purchases by foreigners were made by citizens of third countries.
In the first seven months of 2026, sales to buyers from countries outside the EU increased by 19% year-over-year, with growth recorded in all five administrative districts under the control of the Republic of Cyprus.
Limassol, Paphos, and Larnaca attract the most foreigners
The geographic distribution of demand among local and foreign buyers differs significantly. Among Cypriots, sales in Limassol grew particularly rapidly—in July, they increased by 39%, to 445 transactions. In Paphos, growth stood at 29%, while domestic demand declined in Larnaca and Famagusta.
Foreign demand is particularly noticeable in coastal areas. In July, non-EU citizens signed 150 contracts in Larnaca, a 42% increase from the previous year. Paphos traditionally remains one of the island’s most foreigner-oriented markets, while Limassol is the largest market for high-end real estate and corporate relocation.
From January through July, foreigners from the EU and third countries together accounted for approximately 41% of all real estate sales in Cyprus.
The Land Registry’s preliminary statistics do not break down the nationalities of foreign buyers by country. However, the Cypriot Ministry of the Interior has previously provided more detailed data on nationalities to Parliament.
According to government statistics for the period from September 2024 to September 2025, the composition of foreign buyers varies significantly by region.
In Limassol, Russian citizens led the way among foreign buyers with 846 purchases, followed by Israelis with 571 and Greek citizens with 261.
In Paphos, British citizens constituted the largest group—890 purchases—followed by Israelis—683—and Russians—327.
In Larnaca, Israeli citizens were particularly active buyers—850 properties—followed by Lebanese—723—and British—302.
In Nicosia, Greek citizens led the way with 403 purchases, followed by Romanian citizens with 112, Russian citizens with 80, and Lebanese citizens with 79. The Ministry of the Interior submitted this data to the Cypriot Parliament, and it was subsequently published by the Cyprus Mail.
Ukrainian citizens are also among the active buyers of Cypriot real estate, although they do not yet rank among the top three groups.
The most detailed breakdown by country, provided by the Cypriot Ministry of the Interior to Parliament in January 2025, covered transactions from 2021 through early 2025.
According to these data, Ukrainians were among the top ten most common nationalities of buyers in four coastal districts—Limassol, Paphos, Larnaca, and Famagusta. In Limassol and Paphos, they were preceded by Russians, British, Israelis, Greeks, Romanians, and Chinese.
As for Nicosia, there is separate data on applications by foreign citizens to purchase real estate in 2024. Ukrainians accounted for 4% of these applications, the same percentage as British citizens. Chinese and Lebanese nationals each accounted for 16%, Russians for 14%, Israelis for 10%, Syrians for 6%, and Egyptians for 5%.
However, it is currently impossible to accurately calculate the number of purchases made specifically by Ukrainians between January and July 2026: the DLS’s monthly public statistics group Ukraine together with all other countries outside the EU.
Foreign buyers purchased $45.3 billion worth of residential real estate in the U.S. between April 2025 and March 2026, a 19.1% decrease from the previous 12 months, according to a report released by the National Association of Realtors (NAR) on July 29, 2026. The number of properties purchased by foreigners fell by 14%—from 78,100 to 67,100. This is the second-
lowest figure since 2009, when the NAR began tracking these statistics. The median purchase price was $465,000.
NAR Chief Economist Lawrence Yun attributed the decline in activity to an overall reduction in international tourism and travel to the United States. According to him, even a slight weakening of the dollar, which boosted foreign buyers’ purchasing power, was unable to offset high prices and limited housing supply.
Among foreign buyers who abandoned planned transactions, 33% were unable to find a suitable property, 28% found prices too high, and 19% encountered difficulties related to immigration regulations. High mortgage rates, inflation, trade policy, and geopolitical uncertainty placed additional pressure on demand.
Canadian citizens accounted for 16% of all foreign purchases, acquiring 10,700 properties worth $5.2 billion. Mexico ranked second with a 14% share and 9,400 transactions totaling $5 billion.
Buyers from China dropped from first to third place in terms of the number of purchases, accounting for 11% of foreign demand. However, they retained the lead in total transaction value at $7.6 billion. The average price of a property purchased by Chinese buyers was approximately $1 million.
The top five groups of foreign buyers also included citizens of India, with a 9% share and $3.7 billion in transactions, as well as the United Kingdom—4% and $1.2 billion, respectively.
Florida retained its status as the most popular destination for foreign buyers, accounting for 20% of all transactions. California accounted for 19%, Texas for 12%, and New Jersey and Georgia for 4% each. Foreign buyers continued to focus on the higher-end segment of the market. The median price of the homes they purchased was $465,000, compared to $413,600 for all existing-home transactions in the U.S. About 15% of foreign buyers purchased properties valued at over $1 million. Nearly half of the transactions—48%—were paid for entirely in cash, while among all U.S. homebuyers, this figure stood at 28%. Foreign buyers purchased about half of the properties for vacation use, rental income, or a combination of these purposes.
According to NAR statistics, foreign buyers include both non-residents who permanently reside outside the U.S. and recent immigrants and holders of non-immigrant visas who have been living in the country for more than six months. Non-residents purchased 29,500 properties worth $23.5 billion, while foreign nationals residing in the U.S. purchased 37,600 properties worth $21.8 billion.
The National Association of Realtors (NAR) brings together professionals in the residential and commercial real estate markets. The study of international transactions is based on a survey of association members and has been published annually since 2009.
Tokyo ranked first in the world in terms of the rate of growth in luxury housing prices in the first quarter of 2026, according to Knight Frank’s Prime Global Cities Index.
Over the past 12 months, luxury housing in the Japanese capital has risen in price by 44.4%. However, compared to the previous quarter, prices fell by 8.6%, marking the weakest quarterly performance among the cities tracked.
Manila took second place, where the cost of premium housing rose by 19.9% year-over-year and by 3.3% quarter-over-quarter.
Dubai ranked third with year-over-year growth of 13%. However, prices in the emirate fell by 0.8% in the first quarter.
Next were Seoul with an 11.3% increase, Singapore with 9.8%, Mumbai with 8.2%, Nairobi with 7.1%, Perth with 6.2%, Bangalore with 5.2%, and Zurich with 4.8%.
Seoul showed the strongest quarterly performance, with luxury housing prices rising by 5.4% over three months. Prices rose by 5% in San Francisco, 3.3% in Manila, and 3% in Bangalore and Miami.
Asian cities took five of the top six spots in the ranking, reflecting stable demand for premium real estate from affluent local and international buyers.
Dubai remains the leader in the longer term as well. Over five years, from the first quarter of 2021 to the first quarter of 2026, prices for premium housing in the emirate rose by 180.7%. In Tokyo, the increase was 126.4%; in Manila, 91.8%; in Seoul, 71.5%; and in Miami, 64.4%.
Kyiv and other Ukrainian cities are not included in the study.
Over the most recent available period—from October 2025 to March 2026—approximately 15,800 housing purchase and sale agreements were concluded in Kyiv, according to data from the National Bank of Ukraine, citing the National Information Systems. This is the highest figure among the country’s regions.
By comparison, approximately 19,100 transactions were registered in the capital from January through September 2025. In the Kyiv region, 17,000 contracts were signed during this period; in the Dnipropetrovsk region, 16,800; and in the Kharkiv region, 14,000.
The NBU notes that in the fourth quarter of 2025, overall activity in Ukraine’s housing market was the highest since 2022; however, in the first quarter of 2026, the number of transactions declined significantly. Cumulatively over the last four quarters, housing sales increased by 11% year-over-year.
The NBU’s figures cover housing purchase and sale agreements in both the primary and secondary markets; therefore, they should not be equated solely with sales of apartments in new construction projects.
