Over the past three years, Turkish investors have invested approximately EUR614 million in Greek real estate, significantly strengthening their presence in the housing market of their neighboring country. According to experts, the main motivation for buyers from Turkey has been the desire to protect their capital from high inflation, currency fluctuations, and domestic economic uncertainty. For them, Greek real estate serves not only as an investment asset but also as a way to gain access to the European residency program.
An additional factor is the Golden Visa program, which allows citizens of non-EU countries to obtain a residence permit in Greece through investment. Depending on the property and region, the minimum investment threshold ranges from EUR250,000 to EUR800,000, and the residence permit itself is issued for five years with the possibility of renewal provided the investment is maintained.
The growth in interest from Turkish buyers is particularly noticeable against the backdrop of an overall decline in foreign investment in Greek real estate. According to the Bank of Greece, foreign investment in this sector fell by 22% in 2025—to EUR2.05 billion, down from EUR2.75 billion the previous year. Despite the decline, 2025 remained one of the strongest years for the market in terms of foreign capital inflows.
For Greece, Turkish demand has a dual effect. On the one hand, it supports developers, the secondary housing market, and investments in tourist areas. On the other hand, it increases pressure on prices, especially in Athens, Thessaloniki, on the islands, and in coastal locations, where supply is limited and local residents are already facing housing affordability issues.
Turkish investors’ interest is also linked to geographical proximity. Greece is perceived as a familiar and relatively close market: tourism and business ties are developing between the countries, and the Greek islands remain a popular destination for Turkish citizens. Reuters previously reported that Greece had extended a simplified visa regime for Turkish citizens to a number of Aegean islands, which further bolstered ties between the two markets.
In the near future, Turkish capital is likely to continue playing a significant role in the Greek market.
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.
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.
Turkey’s decision to open an import quota for 3 million tons of corn with a reduced tariff rate of 5% has significantly altered market conditions, according to the information and analytical agency “UkrAgroConsult.”
“This move is expected to stabilize domestic prices in Turkey and meet high demand. The country’s domestic balance dictates the need for active imports: domestic production amounts to about 8 million tons, while consumption exceeds 10 million tons,” analysts noted.
According to the agency, Ankara’s customs policy remains strict: a 130% tariff applies outside the quota. However, the market is adapting thanks to temporary preferential regimes. Under these conditions, Ukraine is strengthening its presence and already accounts for 85–87% of Turkish imports due to significant supply and favorable logistics.
“Currently, the key competitive factor is the speed of shipments and traders’ willingness to assemble flexible shipments. Market dynamics are driven by raw material shortages within the importing country and the efficiency of logistics chains,” emphasized UkrAgroConsult.
Among the main trends, experts highlighted the transformation of demand due to quotas and the dominance of regional suppliers amid shortages. The agency forecasts that Ukraine will maintain its status as Turkey’s key partner precisely due to the speed of deliveries, despite protective tariffs on non-quota volumes.
The results of a public opinion sociological survey conducted in March 2026 by the research company Active Group in cooperation with the information and analytical center Experts Club indicate a moderately positive and stable attitude of Ukrainians toward Turkey. In total, 55.0% of respondents evaluate the country positively, while negative attitudes account for only 5.6%. Compared to August 2025, positive assessments have increased (from 52.3%), while negative ones, on the contrary, have decreased (from 8.0%), indicating an overall improvement in perception.
The structure of responses demonstrates the predominance of moderate positivity. The share of “completely positive” attitudes is 14.5%, while “mostly positive” accounts for 40.6%. This means that the positive perception of Turkey is widespread, but mostly does not have an unconditional character.
At the same time, the share of neutral assessments is significant — 36.4%. This indicator shows that for a large portion of respondents, Turkey remains a country toward which a rather restrained or pragmatic attitude has been formed, without clearly expressed emotional accents.
The negative segment is relatively small and predominantly moderate in nature: 5.1% of respondents chose the option “mostly negative,” while only 0.5% selected “completely negative.” The share of those who were unable to determine their answer is 3.0%, which indicates a sufficient level of formed opinions among the majority of respondents.
The comparative dynamics between 2025 and 2026 demonstrate a positive trend: the growth in the share of positive assessments is accompanied by a reduction in negative ones. This indicates a gradual strengthening of Turkey’s positive image in Ukrainian society. At the same time, the high level of neutral responses indicates that this perception remains open to further changes.
From an analytical point of view, such a structure of assessments reflects the pragmatic nature of the attitude. Turkey is perceived as an important, but not unquestionable partner, toward which Ukrainians maintain a certain distance. The positive balance of assessments indicates the presence of trust; however, the significant share of neutrality means that this trust is not fully consolidated.
“In the case of Turkey, we see a characteristic example of moderately positive perception with a high share of neutral assessments. This means that attitudes are formed not on the basis of emotions, but rather through practical experience and the current context of interaction. Such results are usually more sensitive to change and can quickly respond to new signals,” said Oleksandr Pozniy, Director of the research company Active Group.
Overall, the results of the study indicate that Turkey occupies an intermediate position in Ukrainians’ perceptions: on the one hand, there is a clearly positive balance; on the other, a lack of full emotional definiteness. This creates potential for further strengthening of a positive image, but at the same time means that it requires constant confirmation through real results of cooperation.
According to a study conducted by the Experts Club information and analytical center based on data from the State Customs Service, Turkey ranks fourth in terms of trade in goods with Ukraine, exceeding $8.9 billion. The country is an important partner in the Black Sea region, although the trade balance also remains negative for Ukraine.
The study was presented at the Interfax-Ukraine press center; the video can be viewed on the agency’s YouTube channel. The full version of the study can be found via a link on the Experts Club analytical center’s website.
ACTIVE GROUP, EXPERTS CLUB, LATER, SOCIOLOGY, SURVEY, TURKEY, UKRAINE
Turkey is streamlining certain administrative procedures for foreign investors participating in the citizenship-by-investment program, while the basic eligibility requirements for the program remain unchanged. The most popular option still involves purchasing real estate worth at least $400,000 with a commitment not to sell the property for three years; alternative routes include a bank deposit, the purchase of government bonds, stock market investments, or fixed capital investments starting at $500,000.
According to industry consultants, in 2026 the program continues to operate without requiring long-term residence in the country or a language exam, and the total processing time for citizenship is typically about six months after investment confirmation. Market participants cite clearer and more centralized coordination of procedures through investment and immigration authorities as one of the practical simplifications, which reduces some of the bureaucratic burden on applicants.
Interest in the Turkish program remains steady amid overall foreign demand for local real estate, although the market itself cooled significantly in 2025. According to Daily Sabah, citing official statistics, foreigners purchased 21,534 residential properties in Turkey in 2025—the lowest figure in nine years.
Russian citizens led the list of buyers, followed by Iran, Ukraine, Germany, and Iraq. The top 10 also included Azerbaijan, Kazakhstan, China, Saudi Arabia, and Afghanistan.
