Türkiye · TUR · snapshot 2026-10-06
Türkiye
Measured
Currency movement
+15.5%
The local currency bought fewer euros at the end of this window than at the start — a cheaper entry for a euro-denominated buyer, and a worse exit for anyone already holding the asset.
What it does not show. It is not a forecast and not a property return. A currency move and a price move are different facts and routinely point opposite ways; nothing here says which way either is going next.
Foreign-buyer rules
9 of 9 published rules apply
These are the restrictions a foreign buyer meets before price is even discussed — approval regimes, surcharges, ownership limits.
What it does not show. It is not a completeness claim. A rule we have not read is not a rule that does not exist, and this row counts what is cited, not what is in force.
Cost of money
37%
The price of money to banks in this jurisdiction, which sets the floor everything else is priced from.
What it does not show. It is emphatically not a mortgage quote. What a non-resident is offered is a different number, usually much higher, and the gap between them is where a market's financing story actually lives.
Supply against absorption
Not measured
No statistics agency for this market has been read and cleared for republication. Two have been anywhere: Canada and Singapore. The data very likely exists; the permission to publish it has not been established.
Residential price cycle
157.9 against a 2015 base of 100
House prices have risen faster than consumer prices since 2015 — the market is above its own inflation-adjusted level of that year.
What it does not show. It is a position, not a direction, and it is not a valuation. Deflating by consumer prices says nothing about what the asset yields or what credit costs, and a market can sit above its 2015 level for years without that meaning anything is due.
Valuation against its own history
Not measured
The OECD house-price dataset does not carry this territory, so there is no ratio to state. The dataset covers its members and a set of partner economies, and most of the world is in neither.
On the market now
Not measured
No listings platform has been read for this market. The one platform this site can read covers Russian cities only, and inventing a count for anywhere else would be worse than an empty row.
No dossier has been written for this market yet. What follows is the measured layers and the rules, each with its source — not an argument about whether to be here. A market reaches this page as soon as two layers can be cited, because an unwritten thesis is a reason to publish less, not a reason to publish nothing.
The series behind those figures, and the workings
Currency
+15.5%
Twelve-month move in TRY per euro, 48.4914 in 2025-09 to 56.0149 in 2026-09. Positive means the local currency weakened. Source: European Central Bank monthly reference averages.
55.4196
Latest daily fixing, TRY per euro on 2026-10-06. Shown because it is what a reader would see if they went and looked; the window above uses monthly averages, which one volatile day cannot move.
Against other base currencies
A market is cheap or dear relative to the capital entering it, so the same twelve months read differently depending on what the buyer holds. Both legs are quoted per euro, so the euro cancels and no third source is involved.
| Buyer holds | TRY per unit, 2025-09 | TRY per unit, 2026-09 | Twelve-month move |
|---|---|---|---|
| US dollar (USD) | 41.3318 | 48.6527 | +17.7% |
| Pound sterling (GBP) | 55.8049 | 65.2760 | +17.0% |
| Swiss franc (CHF) | 51.8648 | 59.4016 | +14.5% |
| Singapore dollar (SGD) | 32.1658 | 38.2307 | +18.9% |
| Australian dollar (AUD) | 27.2502 | 34.6501 | +27.2% |
Cost of money
37%
Central bank policy rate, 2026-08. Source: Bank for International Settlements.
This is the price of money to banks, not the price of money to a non-resident buying a building. The gap between those two is where a market’s financing story actually lives, and it is not in this number. A mortgage quote for a foreign buyer depends on the lender, the asset and the borrower, and no public dataset carries it.
BIS terms permit this figure on a free page and state that nothing in their statistics constitutes investment advice. They also allow inclusion in a commercial product only where it adds no charge, so this series is published here and is not priced into any paid work.
Background
Annual national statistics from the World Bank, under a licence that permits reuse with attribution. They describe the country; they do not time an entry, and they are not counted as measurements of this market — otherwise every territory on earth would claim to be measured on the strength of one dataset.
| Indicator | Value | Year |
|---|---|---|
| GDP per capita | 18,599 US$ | 2025 |
| Consumer price inflation | 34.9 % | 2025 |
| Population | 85,878,556 | 2025 |
| Urban population | 89.5 % of total | 2025 |
| Official exchange rate | 39.4548 per US$ | 2025 |
What the rules do to a foreign buyer
Each entry cites the instrument and the authority page it was read from, with the date it was retrieved. Facts of law change; the retrieval date is how you know how old this reading is.
| Topic | How it fails you | In force | When it bites | Applies to | What applies | Instrument | Read on |
|---|---|---|---|---|---|---|---|
| Thirty hectares a person, ten per cent of a district, and a list of nationalities set by decree | A cap that can be fullMoney does not open itThe property goes to the state | In forcefrom 2012-05-18 | On the way in | All propertyYour passport | A foreign natural person may acquire immovable property and limited rights in rem in Türkiye only if they are a citizen of a country the President has determined, on grounds of international bilateral relations and the national interest. Two ceilings then apply together: the total area a foreign individual holds may not exceed ten per cent of the privately owned area of the district in which it lies, nor thirty hectares per person across the whole country, and the President may raise the per-person national figure to double. The President may also determine, limit, partly or wholly suspend, or prohibit acquisitions by foreign individuals and foreign commercial companies according to country, person, geographic region, duration, number, ratio, type, quality, surface area and amount. That last power is the one to hold on to: the ceilings are in the statute, but who may buy and where is set by executive decision, so the answer to whether a given nationality can buy in a given district is not a stable fact about Turkish law. | Tapu Kanunu No. 2644, Madde 35, paragraphs 1 and 3, as amended by Law 6302 of 3 May 2012. Read from the consolidated text published by Mevzuat Bilgi Sistemi, the Presidency's legislation service. | 2026-09-06 |
| Only a commercial company may buy, and only under a special law | Not allowedMoney does not open itThe property goes to the state | In forcefrom 2012-05-18 | On the way in | All propertyYour passportExists because of the vehicle | The rule for foreign entities is narrower than the one for foreign individuals and is usually left out of the summaries. Commercial companies with legal personality, established abroad under the laws of their own country, may acquire immovable property and limited rights in rem only within the framework of special law provisions. Entities other than those commercial companies may not acquire immovable property at all, and no limited right in rem may be established in their favour. So the question for a fund is prior to price and prior to permission: whether the vehicle is a commercial company with legal personality under the law of its home state, and if it is not, there is no route. Taking security is the exception — the article's limits do not apply to a mortgage created in favour of such companies or of foreign individuals, so lending against Turkish property is open where owning it is not. A buyer of unbuilt land carries a further obligation: the project to be developed must be submitted for the relevant Ministry's approval within two years, the approved project is entered in the declarations column of the land register, and the Ministry monitors whether it is completed in time. | Tapu Kanunu No. 2644, Madde 35, paragraphs 2 and 4, as amended by Law 6302 of 3 May 2012. Read from the consolidated text published by Mevzuat Bilgi Sistemi. | 2026-09-06 |
| Fifty per cent of a Turkish company, counted through every layer | Somebody has to say yesMoney does not open it | In forcefrom 2012-05-18 | On the way in | All propertyYour passportReaches a company tooA business runs from it | Incorporating in Türkiye moves the buyer into a different article rather than out of the regime. A company established in Türkiye in which foreign individuals, legal persons formed under foreign law, or international organisations hold fifty per cent or more of the shares — or hold the power to appoint or dismiss the majority of those with management rights — may acquire and use immovable property or limited rights in rem only to carry on the business activities stated in its articles of association. The same rules follow the chain: they apply where such a company becomes a direct or indirect partner in another Turkish company and the foreign investor's ultimate holding reaches fifty per cent, where foreign investors acquire fifty per cent or more of a Turkish property-owning company directly or indirectly, and where a share transfer takes foreign ownership of an existing foreign-capital property-owning company to fifty per cent. Acquisitions by these companies in military forbidden zones, military security zones and zones designated under Article 28 of Law 2565 need the permission of the General Staff or a command it authorises, and in special security zones the permission of the provincial governor, assessed on whether the acquisition suits national security. A foreign-capital company outside these paragraphs is treated exactly as a domestic-capital one. The practical reading: a change in the share register of a foreign parent can bring a Turkish subsidiary's existing property inside this article without any property having changed hands. | Tapu Kanunu No. 2644, Madde 36, as amended by Law 6302 of 3 May 2012, with Law 2565 on Military Forbidden Zones and Security Zones. Read from the consolidated text published by Mevzuat Bilgi Sistemi. | 2026-09-06 |
| What happens to property acquired against these rules | Something must be filedThe property goes to the state | In forcefrom 2012-05-18 | On the way out | All propertyYour passport | The sanction is not a fine and not nullity: it is a forced conversion into money. Immovable property and limited rights in rem acquired in breach of Article 35, used contrary to the purpose of the acquisition as determined by the relevant Ministry or administration, held where no application was made to the Ministry in time, or where an approved project was not carried out in time — and property inherited outside the first paragraph's limits — must be liquidated by the owner within a period set by the Ministry of Finance of not more than one year. If the owner does not, it is liquidated by the State and converted into money, and the proceeds are paid to the person entitled. An underwriting consequence follows from that shape. The downside of getting this wrong is not the loss of the asset's value but the loss of control over the timing of the sale, which in an illiquid market is where the loss actually occurs. | Tapu Kanunu No. 2644, Madde 35, final paragraph, as amended by Law 6302 of 3 May 2012. Read from the consolidated text published by Mevzuat Bilgi Sistemi. | 2026-09-06 |
| Title-deed transfer duty on a sale | It costs | In forceNot stated by the source | On the way in | All propertyEveryone | On a real-estate sale, buyer and seller each owe title-deed duty at an applied rate of 2% of the declared transfer price, with the property-tax value as the minimum base; their statutory shares total 4%. The consolidated Tariff (4), item 20(a), read on 2026-09-29, charges the transferor and the acquirer separately at the per-mille-20 rate. The same item authorises the President to set different rates by property type, including for the first sale of a newly built residence, so a lower rate for a particular transaction is not excluded. A private allocation of the cost does not establish a different tax-office liability, and any later presidential rate change was not established. | Harçlar Kanunu No. 492, articles 57 and 63(2), Tariff (4), Part I, item 20(a); applied rate identified through BKK 2012/3735, Annex article 6, cited in the official consolidation. | 2026-09-28 |
| Annual tax on a Turkish residence | It costs | In forceNot stated by the source | While you hold it | Residential onlyEveryone | An owner of a Turkish residence, or its usufruct holder where applicable, owes annual building tax at 0.1% of its tax value, doubled to 0.2% in metropolitan-municipality areas. A valuable residence above the 2026 threshold of 17,711,000 TL may also face progressive valuable-residence tax on the excess at 0.3%, 0.6% and 1%. Building tax also covers other buildings, but this record states the residential rate and valuable-residence charge. Any current decree changing the building-tax rate was not established. | Emlak Vergisi Kanunu No. 1319, articles 1, 3, 8(1), 29 and 42–47 (https://www.mevzuat.gov.tr/MevzuatMetin/1.5.1319.pdf). The 2026 amount is reported in official-consolidation notes citing a general communiqué; the communiqué was not separately opened. | 2026-09-28 |
| Capital gain on an ordinary sale within five years | It costs | In forceNot stated by the source | On the way out | All propertyEveryone | A gain on selling Turkish real estate within five years after acquisition is taxable; property acquired without payment, including inheritance or gift, is excluded from this rule. Net gain takes account of cost and sale expenses, with cost indexation where the statutory price-index rise reaches 10%. The 2026 annual exemption shown in the official consolidation is 150,000 TL, and taxable gain uses the progressive income-tax rates. A changed rule for property acquired after 2025 is not established in the consolidated primary text reviewed; a later amendment or treaty outcome was not checked. | Gelir Vergisi Kanunu No. 193, mükerrer articles 80 and 81 and articles 101(1), 103. The 2026 amount is recorded in the official consolidation's reference to General Communiqué Serial No. 332, not separately opened. | 2026-09-28 |
| Inheritance tax on Turkish real estate | It costs | In forceNot stated by the source | When it passes on | All propertyEveryone | Turkish-located property passing by inheritance is subject to inheritance and transfer tax regardless of the deceased's or heir's nationality. The heir is the taxpayer; the ordinary inheritance schedule runs from 1% to 10% by share. The official consolidation reports 2026 brackets of 3 million, the next 7 million, 15 million and 30 million TL, with the excess above 55 million TL at 10%; a descendant or spouse has a 2,907,136 TL exemption, or 5,817,845 TL for a spouse without descendants. Article 16 also has a special 1% case linked to income-tax article mükerrer 20/D; who qualifies, including whether a newly settled foreign national does, is not established. Treaty relief and separate registry costs were not established. | Veraset ve İntikal Vergisi Kanunu No. 7338, articles 1, 4(b), 5, 8–10 and 16. The 2026 amounts are reported in official-consolidation notes citing General Communiqué Serial No. 57, not separately opened. | 2026-09-28 |
| A non-resident individual's rent from Turkish property | It costs | In forceNot stated by the source | While you hold it | All propertyWhere you liveLet to a tenant | A non-resident individual is taxable in Turkey on rent from Turkish property at progressive income-tax rates of 15% to 40%, after allowable expenses. Article 21 lists a 58,000 TL residential-rent exemption for 2026, but whether the tax administration applies it to non-residents is not established. The withholding rate, private-tenant filing mechanics and treaty effects were not established. | Gelir Vergisi Kanunu No. 193, articles 6, 7(5), 21, 70, 74, 86, 94 and 103 (https://www.mevzuat.gov.tr/MevzuatMetin/1.4.193.pdf). The 2026 amount is reported in official-consolidation notes citing a general communiqué; the communiqué was not separately opened. | 2026-09-28 |
What is missing, and why
supply — Source does not cover this market
The dataset simply does not include this territory. Absent, not zero.
No statistics agency for this market has been read and cleared for republication. Two have been anywhere: Canada and Singapore. The data very likely exists; the permission to publish it has not been established.
What supports this, what would make it wrong, and how it could go
Record
| Why this market is on the list | Added because two layers already covered it from sources whose licences are confirmed — the ECB reference rate for the currency and the BIS policy rate for the cost of money — and neither needed a new grant, a new connector, or a new fetch. The friction layer was opened on 2026-09-06 from the consolidated text of the Land Registry Law published by the Presidency's own legislation system. The rule that matters most to an institutional buyer is not the widely quoted thirty-hectare cap, which binds individuals: it is that a foreign legal person which is not a commercial company cannot acquire Turkish real estate at all. It is on the screen because it is measured, not because it was chosen. |
|---|---|
| Dossier | None written. Layers and rules only, which is why this market reads as “Measured” rather than reviewed. |
| Next review | 2026-11-15 |
| Evidence snapshot | 2026-10-06 |