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.
According to Serbian Economist, Belgrade continues to account for a significant portion of Serbia’s construction and investment activity, while the development of the real estate market in other regions of the country remains noticeably less uniform.
In the second quarter of 2026, the Belgrade region was the only region in Serbia where construction activity grew in real terms, with growth reaching 51% compared to the same period last year.
This is evidenced by data from the Republic Statistical Office of Serbia (RZS), published on August 10.
In all other regions of the country, construction activity declined in the second quarter. In Vojvodina, the value of completed construction work at constant prices fell by 2%; in Šumadija and Western Serbia, by 27.5%; and in Southern and Eastern Serbia, by 32.3%.
Thus, the latest quarterly statistics indicate a sharp widening of the gap between the capital and the rest of Serbia in terms of the volume of construction work.
Across Serbia as a whole, the value of construction work in the second quarter rose by 20.6% in current prices compared to April–June 2025.
Building construction grew particularly rapidly. In constant prices, the volume of work in this segment increased by 32.4% year-over-year, while for other construction projects, including infrastructure, the figure decreased by 7.1%.
Vera Yegorova-Tolsta, founder of the Belgrade real estate agency VIDOVSTAN, believes that the concentration of capital in the capital is a sustained trend and is linked not only to local demand but also to Belgrade’s investment appeal.
“Belgrade remains a distinct market within Serbia. It is home to jobs, foreign businesses, major infrastructure projects, and a significant portion of investment demand. Therefore, new projects in the capital’s prestigious neighborhoods typically find buyers faster than similar properties in smaller cities. At the same time, within Belgrade itself, the differences between neighborhoods and the quality of projects are becoming increasingly noticeable,” says Yegorova-Tolstaya.
In practice, this means that nationwide Serbian statistics do not always fully reflect the situation for an apartment buyer in the capital. The growth in supply across the country may be accompanied by persistently high prices in Belgrade’s most popular neighborhoods.
Yegorova-Tolstaya has also previously noted that the Serbian market remains stable, but demand is becoming more selective, and the quality and location of properties are becoming increasingly important.
It will be possible to definitively assess the extent to which construction activity in the second quarter affected apartment prices in Belgrade after the publication of the latest quarterly report from the RGZ Real Estate Price Register.
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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.
The municipality of Naro in the Sicilian province of Agrigento has opened applications for the purchase of abandoned houses at the symbolic price of EUR1. The program’s official digital portal began operating in July 2026, while the municipal regulations were approved by the city council on June 4. The program is aimed at restoring vacant properties, preserving the historic center and attracting new residents, entrepreneurs and investors to the town. The municipality does not purchase the buildings or become their owner, but verifies the properties and acts as an intermediary between private owners and potential buyers.
At the time of the launch, two houses are listed in the public catalog. The first property, with an area of about 20 sq. m, is located on Via Vanelle and consists of three rooms. The second house, with an area of 93 sq. m and 5.5 rooms, is located on Via Madonna della Rocca. Both buildings require renovation.
Applications may be submitted by adult citizens of Italy and other countries, including those who do not reside in Italy. The program is also open to companies, associations, foundations, cooperatives and other legal entities. The regulations do not impose any restrictions based on citizenship.
The restored property may be used as a primary residence, second home, tourist accommodation, B&B, artisan workshop, commercial premises or an organization’s office. However, in the allocation of houses, preference will be given to projects involving permanent residence in Naro, the creation of businesses and jobs, and the restoration of the building’s historic elements.
The maximum 30 points are awarded to applicants prepared to move their primary residence to Naro. Commercial, artisan and tourism projects may receive up to 25 points, while using the building as a second home may receive up to 10 points. Additional points are awarded to young couples under 35, families with children, energy-efficient projects and initiatives involving the hiring of local workers.
The symbolic price of EUR1 does not include notary services, registration and cadastral fees, project preparation, obtaining permits or construction work. All costs associated with the purchase and restoration are borne by the new owner.
The winner of the competition must provide a deposit of EUR5,000. It may be arranged in the form of a bank or insurance guarantee. The amount is returned after the work has been completed and verified as compliant with the approved project. If the buyer fails to meet their obligations, they lose the deposit and the right to benefit from the program.
The restoration project must be submitted to the municipality within 12 months after completion of the transaction. Work must begin no later than 12 months after the project is approved and must be fully completed within 36 months from the date of purchase. In the event of technical or other justified circumstances, the buyer may be granted a single extension of up to 12 months.
The restored house may not be sold for at least five years after completion of the work. During the renovation, the owner must also obtain third-party liability insurance. Municipal specialists will inspect the status of the project every six months.
The applicant must select a house from the electronic catalog and specify its assigned unique code. Applicants may submit a simplified application containing basic contact details or immediately provide a complete package describing the intended future use of the property, a preliminary project, a work schedule and the estimated amount of investment.
Submitting an application through the portal does not mean that the applicant will automatically receive the property. The documents and project are reviewed by a municipal technical commission, after which a ranking of applicants is compiled. Preliminary results are published for 15 days to allow for possible comments, while final completion of the transaction takes place after the deposit has been provided.
The official primary source of information is the dedicated portal of the Municipality of Naro and the regulations for the “One Euro Houses” program published there. As of August 6, the portal does not specify a final deadline for applications, while the list of available properties may be expanded after new offers from private owners have been verified.
The total volume of mortgage loans in the banking system as of June 1, 2026, reached 50 billion hryvnia, or about 4% of all loans issued, said Olena Dmitrieva, First Deputy Chair of the Board of Globus Bank, on Wednesday during the analytical panel “Market Analytics for the Construction and Real Estate Sectors for the First Half of 2026,” organized by the Confederation of Builders of Ukraine.
“The real estate market is gradually adapting to the conditions of war, but demand remains highly sensitive to shelling, power outages, and rising construction costs. At the same time, the share of mortgages in the total number of residential purchase and sale transactions still accounts for only about 3%,” noted Olena Dmitrieva.
According to her data, as of June 1, 2026, the total volume of mortgage loans in the banking system reached 50 billion hryvnia, or about 4% of all loans issued. Over the past year, banks’ mortgage portfolios have grown by 35%, while the total loan portfolio increased by approximately 10%.
She also emphasized that approximately 42,000 Ukrainian families currently hold mortgage loans, representing only 0.4% of the total number of households. The share of non-performing loans in this segment stands at 12%, primarily due to older foreign-currency loans.
At the same time, the number of new mortgage loans has not yet returned to pre-war levels. In 2025, banks issued about 77% of the number of loans granted in 2021.
“Mortgage portfolios are indeed growing much faster than the credit market as a whole. However, the main driving force behind this growth remains ‘eOselya.’ Without government support, the scale of mortgage lending would be significantly smaller,” Dmytrieva emphasized.
On average, banks issue about 207 loans per month secured by property rights to apartments in buildings under construction, as well as about 238 loans for the purchase of completed housing from developers. Thanks to these two areas of mortgage lending, construction companies receive about 884 million UAH, or approximately $20 million, each month.
Since the “eOselya” program began, about 28,000 loans have been issued for a total of 49 billion UAH. Currently, it accounts for 93% of all new mortgage loans in Ukraine.
Globus Bank was founded in 2007. As of January 2026, its regional network comprises 34 branches, 29 of which are part of the Power Banking network, enabling operations even during power outages.
Its priority areas of activity include lending for energy-efficient projects, mortgage lending in the primary market, auto loans, and lending to small and medium-sized businesses.
Serhiy Mamedov, Chairman of the Board of Globus Bank, is Vice President of the Confederation of Builders of Ukraine and Vice President of the Association of Ukrainian Banks.
