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Alanya is a favorite among foreign investors

Alanya is a favorite among foreign investors

23 August 2023

Antalya province in general and the resort town of Alanya in particular are in great demand among foreigners, especially in recent years, but the latest statistics on the demand for real estate in Turkey have shown unprecedented figures.

With reference to the words of an expert of one of the leading Turkish property valuation companies EVA (EVA Gayrimenkul Değerleme) the website Emlakhaberajansi reports that Alanya has not only taken, but also stubbornly maintains the top position in terms of housing sales to foreigners.

In 2023, a standard apartment of 100 m2 in a new building was sold for 5-6 million Turkish lira (TL), or 18-22 million Russian rubles. Over the past three years, the increase in real estate price has reached from +750% to +850%. 

The rent has risen by about 600%. But this situation may change in the direction of a decrease in the growth rate of rental rates, since many visiting foreigners did not receive an extension of a residence permit and were forced to leave the country. Thus, many vacant residences have appeared on the rental market.

According to the results of May 2023, Antalya entered the top 3 leading provinces in sales of residential real estate in Turkey after Istanbul and Ankara. In Istanbul, 18,435 sales took place during the month (16.3% of the total number of transactions in the country), in Ankara – 11,196 (9.9%). And finally, Antalya accounted for 6,158 sales and a share of 5.4%.

At the same time, it was Antalya that took the lead in sales of residences to foreigners: 1,245 transactions per month. Istanbul is next with 934 sales and Mersin with 249 completed transactions.

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    ARAVANA Capital management
    23 August 2023
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