Turks’ overseas property purchases fall in March amid war impact

ISTANBUL

The amount spent by Turkish residents on real estate purchases abroad fell 18 percent year-on-year in March to $187 million, as the conflict between the United States, Israel and Iran weighed on property transactions.

According to balance of payments data from the Central Bank, overseas property purchases by Turkish residents had reached $2.7 billion in 2025.

The figure rose sharply at the start of the year, increasing 44.4 percent to $208 million in January and a further 18.4 percent year-on-year to $225 million in February.

However, the latest data indicate a slowdown following the escalation of the conflict.

In March, spending on overseas real estate declined 18 percent from a year earlier to $187 million, marking the lowest monthly level in 13 months.

Industry experts say Dubai — one of the top destinations for Turkish property buyers — has been directly affected by the war’s economic and geopolitical repercussions, playing a key role in the slowdown in March.

Bayram Tekçe, chairman of the Real Estate Service Exporters Association (GİGDER), said Dubai and Greece remain among the most popular destinations for Turkish buyers.

“The attacks there [Dubai] in March nearly brought transactions in this market to a halt, leading to a sharp decline in sales,” he said.

He added that political tensions have also weighed on purchases in Greece.

“Recent negative developments in relations between Greece and Türkiye have partly affected demand. Greece’s cooperation with Israel and the Greek Cypriot Administration, as well as its military deployments and armament activities on the islands, are discouraging our investors,” Tekçe said.