Turkey’s housing market is showing the first signs of a possible stabilization in foreign demand following a prolonged period of decline. According to Hurriyet Daily News, market participants expect a gradual recovery in activity among foreign buyers, although statistics remain weak for now. In March 2026, foreigners purchased 1,353 residential properties in Turkey, a 20% decrease from the previous year, and the share of transactions involving foreigners in total housing sales amounted to only 1.2%.
Expectations for a recovery in demand are linked not so much to a sharp turnaround that has already begun, but rather to the fact that the market appears to be approaching the bottom of the cycle. Over the past two years, foreign activity in Turkey has declined significantly amid changes in the price environment, currency fluctuations, adjustments to the rules regarding residence permits and citizenship through investment, as well as a general cooling of interest from some traditional buyers. At the same time, market participants themselves believe that after such a sharp decline, the sector may begin to return to a more stable level of demand.
For Ukrainian buyers, Turkey remains one of the most prominent foreign housing markets. Over the past few years, Ukrainian citizens have been among the most active foreign buyers of real estate in the country. This is confirmed by official TurkStat statistics: in January 2023, Ukrainians ranked fourth among foreign homebuyers in Turkey; in March 2024, they ranked third; and in December 2025, they were once again among the top three, following citizens of Russia and Iran.
This trend shows that even against the backdrop of a general decline in foreign demand, Ukrainians maintained a significant presence in the Turkish market. For Ukrainian buyers, Turkey traditionally combines several attractive factors: a relatively wide selection of housing, a purchase process that is straightforward for foreigners, a high volume of supply in resort areas and major cities, as well as the opportunity to use real estate as a means of residence, recreation, or capital preservation.
According to Serbian Economist, Montenegro’s long-term residential rental market entered a cooling phase in 2026: following the rapid growth of previous years, oversupply began to shift the balance in favor of tenants.
Currently, studios in Montenegro are offered at an average price of 300–400 euros per month, one-bedroom apartments at 400–800 euros, two-bedroom apartments at 600–1,200 euros, and houses starting at 1,000 euros. In the premium segment, villas and luxury properties can cost from 2,000 to 10,000 euros per month and higher.
The main reasons for the market stagnation are the decrease in the number of foreign residents staying in the country long-term and the accumulated oversupply. According to a representative of a local real estate agency, property owners are increasingly finding that apartments remain vacant longer than they did a year ago, while tenants have more room to negotiate prices and terms.
The market is no longer operating according to the 2022–2024 model, when owners could quickly rent out properties amid an influx of foreigners and limited supply. Now, in a number of locations, tenants are increasingly choosing between several options, securing discounts, or demanding better terms regarding the lease, furnishings, and utility bills.
For Montenegro, this shift is significant not only for the housing sector but also for the broader demand model, which in recent years has relied heavily on the influx of foreigners, relocators, and investors. If the number of long-term tenants continues to decline, some landlords may increasingly switch to short-term rentals or adjust their price expectations downward.
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The province of Alicante has strengthened its position among Spain’s largest residential real estate markets, remaining a key hub for demand from both local and foreign buyers. This is reported by Prian, citing data from the Spanish housing market. An additional growth factor remains the high interest from foreigners, thanks to which Alicante maintains a special status in the national market.
According to Idealista, in 2025, foreigners accounted for 45.7% of all housing transactions in the province of Alicante—one of the highest figures in the country and, in fact, nearly half of the market. By comparison, the share of foreign buyers across Spain as a whole was 13.8%, and in the Valencian Community, 27.6%; in other words, Alicante significantly outpaces both the national and regional averages.
High foreign buyer activity supports market liquidity and demand in coastal areas, particularly on the Costa Blanca. At the same time, this makes Alicante one of the main indicators of external demand for Spanish housing, especially in the segments of second homes, investment apartments, and properties for permanent residency.
Among foreign buyers in Spain in 2025, citizens of the United Kingdom, the Netherlands, and Germany dominated. According to Spanish sources in the Valencian Community, in 2025 the Netherlands took first place among foreign homebuyers in the region, displacing the British, followed by Belgians, Poles, Ukrainians, and Germans among the most prominent groups.
Home sales to foreigners in Turkey in March 2026 fell by 20% year-over-year to 1,353 units, with Ukrainian citizens failing to make the top three list of foreign buyers. This is according to March statistics from the Turkish Statistical Institute (TÜİK).
According to March data, Russian citizens took first place among foreign buyers, purchasing 229 properties. Iranian citizens came in second with 130 transactions, and Iraqi citizens came in third with 84 purchases.
Previously, Ukrainian citizens had consistently been among the largest foreign buyers of housing in Turkey. As previously reported by the Open4Business portal, in January 2026, Ukrainians ranked third among foreign buyers, purchasing 77 properties, trailing only Russian citizens with 219 purchases and Iranian citizens with 118. For the full year 2025, Ukraine also ranked third: Ukrainian citizens purchased 1,541 residential properties in Turkey, while Russians bought 3,649 properties and Iranians 1,878.
Overall, the Turkish housing market showed mixed trends in March. The total number of housing sales in the country decreased by 2.1% compared to March 2025, to 113,367 units. At the same time, mortgage sales rose by 35.9%, to 25,978, and new home sales increased by 1.3%, to 35,725.
Istanbul, Ankara, and Izmir remained the largest markets by number of transactions in March. Istanbul accounted for 21,665 sales, Ankara for 10,236, and Izmir for 7,278.
Ukraine’s construction market is showing mixed trends at the start of 2026: infrastructure and engineering construction remains the main driver, while the residential and part of the commercial segments continue to face pressure from rising costs, limited effective demand, and military risks. However, complete official statistics for January–March 2026 have not yet been published: according to the statistical agencies’ calendar, construction data for January–March is expected to be released in late April, so the current picture as of April 10 is based primarily on January–February results and related first-quarter indicators.
After a 12% increase in the volume of completed construction work in 2025—to UAH 248.1 billion—the market entered 2026 with a higher base, but growth rates began to level off as early as the first few months. In January, the volume of construction work grew by 3.3% year-over-year to UAH 11.254 billion, while building construction declined by 6.5%—including residential construction by 12% and non-residential construction by 4%—while civil engineering added 15.5%. Based on the results for January–February, the market already showed a 1.8% year-over-year decline to UAH 23.04 billion: the residential segment fell by 11.5%, the non-residential segment by 9.5%, while civil engineering structures, conversely, grew by 8.5%.
Rising construction costs remain a separate factor putting pressure on the market. According to the State Statistics Service, in February 2026, prices for construction and installation work rose by 7.2% compared to February of last year, and by 6.5% for the January-February period. In residential construction, price growth over two months was 6.1%, in non-residential construction—6.9%, and in civil engineering—6.4%. This means that even if certain growth areas remain stable, the profit margins of developers and contractors remain under pressure, especially in projects where sales prices or budget limits cannot keep pace with rising construction costs.
The residential segment, meanwhile, continues to present a mixed picture. On the one hand, the National Bank noted in its January inflation report that in the fourth quarter of 2025, the number of projects where construction began rose by 19% year-over-year, including a 77% increase in residential projects, and the number of buildings commissioned increased by 21%, including residential housing—by 40%. On the other hand, the NBU noted in its December Financial Stability Review that sales in unfinished projects remain sluggish, especially in the early stages of construction and in less secure regions, and housing prices in most regions are changing only slightly, indicating subdued demand.
Preferential mortgages remain a key support mechanism for the primary market. As of early April 2026, banks had issued 2,152 loans totaling 4.19 billion UAH under the “eOselya” program since the start of the year, and a total of 24,765 families have purchased housing since the program’s inception, for a total of 43.1 billion UAH. At the same time, in just one of the latest weekly reports, 101 out of 158 loans were for “first-sale” housing, including 48 loans for apartments in buildings under construction. This confirms that part of the demand for new housing in 2026 continues to be driven by state-subsidized mortgages.
According to Maksim Urakin, founder of the information and analytical center Experts Club, in January–March 2026, the Ukrainian construction market entered a phase of more complex but more mature growth. “It is no longer possible to speak of a single construction boom. Ukraine is effectively operating in three parallel markets: the first is reconstruction and engineering infrastructure, where demand remains stable; the second is the locally active residential segment in relatively safe regions; the third consists of frozen or very slow-moving projects in high-risk zones. The main trend at the start of 2026 is not simply volume growth, but a redistribution of capital toward infrastructure, logistics, industrial, and social real estate,” Urakin believes.
In his assessment, the market will depend on three factors in the coming months: continued funding for reconstruction, the sustainability of the “eOselya” program, and companies’ ability to maintain construction costs. “If state and international reconstruction programs maintain their pace, and mortgage instruments continue to support primary demand, the construction sector will be able to remain in positive territory in 2026. But without an expansion of long-term financing and a reduction in military risks, the housing market will grow in isolated pockets rather than across the board,” noted the founder of Experts Club.
Overall, the start of 2026 shows that Ukraine’s construction market remains vibrant and adaptable, though its growth is becoming increasingly segmented. Infrastructure, logistics, and restoration projects are performing the most steadily, while mass residential construction still depends on security, affordable mortgages, and developers’ ability to finance projects amid rising costs.
CONSTRUCTION MARKET, EXPERTS CLUB, HOUSING, INFRASTRUCTURE, URAKIN
In the fourth quarter of 2025, housing prices in the European Union rose by 5.5% year-on-year, and by 5.1% in the eurozone. Compared to the third quarter of 2025, growth stood at 0.8% for the EU and 0.6% for the eurozone. Eurostat released the latest data on April 7.
Among EU countries, an annual price decline was recorded only in Finland, at 3.1%. The highest growth rates were seen in Hungary, where housing prices rose by 21.2%, Portugal, by 18.9%, and Croatia, by 16.1%. On a quarterly basis, prices rose the most in Slovenia (5.1%), Hungary (4.2%), and Portugal (4.0%), while declines were observed in France, Finland, and Estonia.
New statistics confirm that the European housing market remains in a phase of sustained price appreciation following the 2023 correction. According to Eurostat, after negative trends in the second and third quarters of 2023, price growth in the EU resumed and by 2025 had once again settled above the 5% mark on an annual basis.
A broader analysis of Eurostat’s housing data shows that this is not a short-term spike but part of a long-term trend. By the end of 2024, housing prices in the EU were 53% higher than in 2010, while rents rose by 25% over the same period, and inflation stood at 39%. Separately, in its statistical review for Q4 2025, Eurostat notes that from 2015 to the end of 2025, housing prices in the EU rose by 64.9%, while rental rates increased by 21.8%.
For the market, this means that real estate in the EU is appreciating faster than both consumer prices and rents, and the main pressure is now shifting to countries in Central and Southern Europe, where growth rates are significantly higher than the European average. Against this backdrop, investors and developers are likely to continue focusing on markets with double-digit price growth, primarily in Hungary, Portugal, and Croatia.
