Iranians remain second-largest group of foreign homebuyers in Türkiye as war drives demand

Iranians bought 130 homes in Türkiye in March 2024, ranking as the second-largest group of foreign homebuyers behind Russians, who purchased 229 units. This comes amid a 20% year-over-year decline in home sales to foreigners, to 1,353 units total, even as overall Turkish home sales dipped 2.1% to 113,367. The persistent demand from Iranians follows the outbreak of conflict on February 28, when U.S. and Israeli strikes on Iran triggered regional escalation. Iranians have long been top buyers in Türkiye’s property market, but the recent hostilities have intensified cross-border movement of people and capital. As a NATO member sharing a border with Iran and maintaining diplomatic channels with the U.S., Iran, and Pakistan, Türkiye has positioned itself as both a nearby refuge and a stable investment destination. Last week, a two-week cease-fire was agreed, with talks potentially resuming in Pakistan. Amid this volatility, the 130 homes bought by Iranians in March reflect not just real estate trends, but the financial consequences of geopolitical instability.