Turkey's overseas property purchases drop as foreign investors boost local real estate amid Gulf war

Payments by Turkish residents for overseas real‑estate purchases fell sharply after the Gulf conflict began in late February. Between March and May 2024, the total fell 26 % to $517 million, with May’s $143 million the lowest level in the preceding 29 months. The decline followed a sudden slowdown in purchases in Dubai and Greece, markets that Turkish buyers had previously favoured.

In contrast, payments from foreign residents for Turkish property rose 28.3 % over the same period, reaching $590 million. The monthly breakdown shows a 62.4 % jump to $242 million in March, a 17.1 % rise to $164 million in April, and a 7.6 % increase to $184 million in May despite the Eid holiday. Officials attributed the foreign surge partly to growing interest from Russian buyers and to streamlined bureaucratic procedures.

Bayram Tekçe, head of the Real Estate Services Exporters Association, said the war‑related attacks in Dubai “almost stopped purchases from that market,” and added that Greece’s recent political stance toward Turkey also dampened Turkish demand.