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Monthly report

The real estate market and the Turkish economy

Analytical report of DDA Real Estate Turkey for September 2026

Key Highlights of the Month

142 390

residential transactions
in September

-9.3% vs September
2025

+3.5%

Turkey: price growth
YoY in $

in lira +22.3%

+7.3%

Istanbul: price growth
YoY in $

in lira +26.8%

+4.7%

Antalya: price growth
YoY in $

in lira +23.7%

+24.7%

mortgages for
January-September

212 210 transactions

Market. 1,092,919 apartments and houses were sold in 9 months, which is 7.2% less than last year. The secondary market is declining (-10%), while the primary market is almost at the 2025 level.
Foreigners. 2,167 purchases in September, which is +9.9% YoY and the best month of 2026. Russians are first (388), followed by Iraq and Germany.
Prices. Real estate has grown in price over the year in dollars. This means that the client who bought in dollars is in profit today.
Competitors. DDA made 89 deals in 9 months, twice as many as last year. In fact, Turkey is the only one of our destinations where an apartment provides both income and citizenship for $400,000.

Housing Sales in Turkey: September 2026

Indicator	September 2026	August 2026	MoM	September 2025*	YoY
Total transactions	142 390	127 410	+11.8%	156 918	-9.3%
Primary market	51 519	44 378	+16.1%	49 608	+3.9%
Secondary market	90 871	83 032	+9.4%	107 310	-15.3%
With mortgage	23 397	22 131	+5.7%	22 264	+5.1%
To foreigners	2 167	1 938	+11.8%	≈1 972	+9.9%

* September 2025 according to revised TÜİK data. For foreigners (≈) recalculated from the YoY percentage given by TÜİK, the rest from the bulletin table.

What I see

The market grew by 11.8% compared to August, but is down 9.3% compared to last September. The secondary market is falling (-15.3%), the primary market is growing (+3.9%).
Mortgages are up 5.1% YoY, accounting for 16.4% of all transactions.
Foreigners bought 2,167 apartments: +9.9% YoY and the maximum for 2026.

January-September 2026 vs 2025

Segment	Jan-Sep 2026	Jan-Sep 2025*	Change
Total	1 092 919	1 177 125	-7.2%
Primary	359 913	362 242	-0.6%
Secondary	733 006	814 883	-10.0%
With mortgage	212 210	170 209	+24.7%
To foreigners	15 308	≈15 992	-4.3%

* 2025 after TÜİK revision. For foreigners (≈) recalculated from the TÜİK percentage, the rest from the bulletin table.

January-September 2026 to January-September
2025, %

To foreigners

-4.3

With mortgage

24.7

Secondary

-10.0

Primary

-0.6

Total

-7.2

burgundy: growth

blue: decline

Monthly Sales: 2026 vs 2025

Residential transactions in Turkey, units

180 000160 000140 000120 000100 00080 00060 00040 00020 0000

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2025

2026

My observations

Sales were higher than in 2025 only in February, April and June.
May 2026 was a failure: 93,333 transactions, down 31% YoY.
September 142,390: the best month of the year, but down 9.3% vs September 2025.
TÜİK will publish October data in mid-November.

Sales to Foreigners and Who Buys

Sales to foreigners by
month 2026, units

2 5002 0001 5001 0005000

1 306

1 506

1 353

1 516

1 387

2 015

2 120

1 938

2 167

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2026

Top-10 countries, Jan-Sep 2026

#	Country	Jan-Sep 26	Sep 26
1	Russia	2 676	388
2	Iraq	967	166
3	Germany	899	162
4	Ukraine
5	Iran
6	China
7	Azerbaijan
8	UK
9	Palestine
10	Afghanistan

Russia is first: 2,676 apartments in 9 months, 388 in September. Iraq (967) and Germany (899) moved up to 2nd and 3rd place in September. China is growing the fastest.

September 2026

Russia: 388
Iraq: 166
Germany: 162

Total 2,167, +9.9% YoY.
* TÜİK has published the remaining countries for September only in its database, they are not yet available in open sources.

DDA in the Market: Share of Foreign Transactions

Month	Turkey: foreign.	DDA	Share	Istanbul: foreign.	DDA	Share	Antalya: foreign.	DDA	Share
Jan 2026	1 306	11	0.84%	595	3	0.50%	375	7	1.87%
Feb 2026	1 506	7	0.46%	721	1	0.14%	390	6	1.54%
Mar 2026	1 353	2	0.15%	623	1	0.16%	431	1	0.23%
Apr 2026	1 516	11	0.73%	689	3	0.44%	471	6	1.27%
May 2026	1 387	7	0.50%	589	1	0.17%	435	6	1.38%
Jun 2026	2 015	7	0.35%	837	2	0.24%	667	4	0.60%
Jul 2026	2 120	10	0.47%	899	5	0.56%	661	4	0.61%
Aug 2026	1 938	23	1.19%	763	11	1.44%	599	11	1.84%
Sep 2026	2 167	11	0.51%		3			8
Jan-Sep 2026	15 308	89	0.58%		30			53

* TÜİK has published the foreign data by city for September only in its database, I will update it as soon as it becomes available. DDA in September: Istanbul 3, Antalya 8. Antalya at DDA includes Alanya (one province in TÜİK), in total there is also Mersin for Turkey. I do not count canceled deals. We have the contract date, while TÜİK counts the title registration, so the share is conditional.

DDA Grows as the Foreign Market Falls

89

DDA transactions for January-September 2026

in 2025: 43, growth +107%

-4.3%

foreign market in Turkey, January-September

15 308 transactions

9.9

DDA transactions per month on average in 2026

in 2025: 4.8 per month

0.58%

DDA share of all foreign purchases

January-September 2026

DDA transactions by month 2026, by city

2520151050

7

6

2

6

4

5

4

11

8

7

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct*

Antalya and Alanya

Istanbul

Mersin

January-September	2025	2026	Growth
Antalya and Alanya	26	53	+103.8%
Istanbul	11	30	+172.7%
Mersin and Bodrum	6	6	0.0%
Total DDA	43	89	+107.0%

Look: the foreign market is down 4.3% in 9 months, while DDA sold twice as much. * October as of the 19th: already 10 deals. So we are growing not with the market, but by taking share from competitors.

DDA vs Competitors, January-September 2026

≈2.5 times

DDA in Istanbul sells more than the average agency

≈4.5 times

DDA in Antalya sells more than the average agency

≈6.9 times

DDA in two cities vs the average agency

Indicator	Istanbul	Antalya	Two cities
All licensed agencies	20 761	8 361	29 122
Actively work with foreigners (estimate)	500-600	300-500	800-1 100
Foreign transactions, January-September (TÜİK)*	≈6 659	≈4 693	≈11 352
Average agency, transactions per month	1.23-1.48 (≈1.35)	1.04-1.74 (≈1.30)	≈1.33
DDA, transactions per month	3.3	5.9	9.2
DDA is more effective by	≈2.5 times (2.3-2.7)	≈4.5 times (3.4-5.6)	≈6.9 times
September: average agency / DDA	≈1.71 / 3	≈1.66 / 8	≈1.69 / 11
September: DDA is more effective by	≈1.7 times (1.6-1.9)	≈4.8 times (3.6-6.0)	≈6.5 times

Look: an agency among those actively working with foreigners closes an average of 1.3 deals per month. DDA does 9.2, meaning in 9 months we work like 6.9 such agencies, and in September like 6.5. * TÜİK has provided September data by city only in its database: I took 2,167 purchases in Turkey and distributed them by city shares for January-August (Istanbul ≈943, Antalya ≈664). I will replace them as soon as exact figures are available.