The Investor's Guide to Real Estate

Türkiye

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Türkiye

Expectations

Türkiye’s macroeconomic outlook for 2026 is defined by a combination of resilient growth and a continuing disinflation trend. The latest institutional estimates place 2025 GDP growth broadly in the 3.5% to 4.1% range, while the 2026 outlook points to growth of roughly 3.4% to 4.2%, supported by recovering confidence, solid domestic demand and gradually improving financial conditions.

Inflation remains elevated by international standards, but the broader trajectory is moving downward. The IMF notes that inflation fell to 30.9% in December 2025, while end-2026 inflation is expected at around 23%. The World Bank also points to further disinflation, with inflation projected to decline to around 18% by the end of 2026. This signals a gradual transition toward a more stable macroeconomic environment, even as energy prices and external uncertainty continue to shape the risk outlook.

For investors, Türkiye continues to stand out through the scale of its economy, the depth of its market and its long-term growth potential. Improving policy credibility, recovering confidence and sustained domestic demand reinforce the investment case, while the pace of disinflation and external conditions remain the key variables to watch through 2026.

Sources:

IMF — Republic of Türkiye: 2025 Article IV Consultation

OECD — Economic Outlook, Volume 2025 Issue 2: Türkiye

World Bank — Turkey Overview

CBRT (Central Bank of the Republic of Türkiye) — Inflation Report 2026-I

https://www.bbvaresearch.com/en/publicaciones/turkiye-economic-outlook-february-2024

The World Bank (2024)

Money value calulation

2024.2025.2026.2027.
Money value0000
Bank savings0000
Real Estate Investment value0000
{ "2024": { "1": 1.0092, "2": 1.0092, "3": 1.0092, "4": 1.0092, "5": 1.0092, "6": 1.0092, "7": 1.0092, "8": 1.0092, "9": 1.0092, "10": 1.0092, "11": 1.0092, "12": 1.0092, "total": 1.1099 }, "2025": { "1": 1.0081, "2": 1.0081, "3": 1.0081, "4": 1.0081, "5": 1.0081, "6": 1.0081, "7": 1.0081, "8": 1.0081, "9": 1.0081, "10": 1.0081, "11": 1.0081, "12": 1.0081, "total": 1.0969 }, "2026": { "1": 1.0146, "2": 1.0146, "3": 1.0146, "4": 1.0146, "5": 1.0146, "6": 1.0146, "7": 1.0146, "8": 1.0146, "9": 1.0146, "10": 1.0146, "11": 1.0146, "12": 1.0146, "total": 1.1751 }, "2027": { "1": 1.0192, "2": 1.0192, "3": 1.0192, "4": 1.0192, "5": 1.0192, "6": 1.0192, "7": 1.0192, "8": 1.0192, "9": 1.0192, "10": 1.0192, "11": 1.0192, "12": 1.0192, "total": 1.2301 } }

Inflation

Year Inflation (%)
20108.57%
20116.47%
20128.89%
20137.49%
20148.86%
20157.67%
20167.78%
201711.14%
201816.33%
201915.18%
202012.28%
202119.60%
202272.31%
202351.17%
202462.50%
2025*52.48%
2026*48.14% (forecast)
2027*39.04% (forecast)

*Forecast values. Source: IMF (forecast) + World Bank (historical).

Sources:

Central Bank of Republic of the Turkey (2024), www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN

Turkish Statistical Institute (2024), https://www.tuik.gov.tr/Home/Index

World Bank Group (2024), https://www.worldbank.org/en/home

Import/Export

The top exports of Turkey are Refined Petroleum (€12.3B), Cars (€9.67B), Jewellery (€8.12B), Motor vehicles; parts and accessories (8701 to 8705) (€6.78B), and Delivery Trucks (€5.88B), exporting mostly to Germany (€21.9B), United States (€17.1B), Iraq (€13.7B), United Kingdom (€13.7B), and Italy (€12.6B).

in 000. Export Import
2020 Q1 31,217,061 42,410,177
Q2 48,386,444 46,449,241
Q3 37,460,473 58,566,435
Q4 39,021,326 54,527,370
2021 Q1 51,799,325 62,427,877
Q2 43,511,433 59,930,762
Q3 49,727,352 57,433,647
Q4 62,159,190 69,919,222
2022 Q1 56,853,792 81,675,484
Q2 85,280,688 85,226,592
Q3 69,487,968 99,431,024
Q4 72,646,512 88,777,700
2023 Q1 51,769,872 76,550,532
Q2 54,123,048 86,535,384
Q3 61,182,576 93,191,952
Q4 56,476,224 76,550,532
2024 Q1 58,904,702 79,842,205
Q2 61,437,604 83,275,420
Q3 64,079,421 86,856,263
Q4 63,246,388 90,591,082
2025 Q1 65,965,983 87,692,167
Q2 68,802,520 91,462,931
Q3 68,458,508 91,737,319
Q4 71,402,223 93,572,066

Currency: EUR

Values: in .000

Sources:

World Bank (2024)

GDP

A slight increase in GDP was recorded, while gross investments are in permanent decline. The consumption of the population is around 1.1 billion euros.

in 000. Consumption Investments GDP
2020 475,603,200 218,724,480 662,400,000
2021 513,459,250 238,434,816 752,872,800
2022 575,027,232 294,597,285 833,372,800
2023 754,184,720 319,200,716 1,062,232,000
2024 786,614,663 332,926,347 1,107,907,976
2025 991,134,475 419,487,197 1,395,964,050

Currency: EUR

Values: in .000

Sources:

World Bank (2024)

Credit

As a result of its analysis in November 2023, the Standard & Poor's agency confirmed Turkiye's B credit rating with a positive outlook. In January 2024, Moody's Investors Service confirmed Turkiye's credit rating of "B3 with a positive outlook".

Agency Moody's Investors Service
Rating Date Activity
B3 / positive 1/12/2024 Confirmed Rating
Agency Standard & Poor's
Rating Date Activity
B / positive 11/30/2023 Confirmed Rating

Sources:

https://tradingeconomics.com/turkey/rating

Construction

Year 2022 2023 2024 2025
Price per m2 - Residential 2,000 2,100 2,520 2,636
Price per m2 - Hotels 2,430 2,650 2,915 3,049
Price per m2 - Office Buildings 2,000 2,000 2,240 2,343
Price per m2 - Industrial Buildings 1,830 1,900 2,185 2,286

Currency: EUR

Sources:

https://www.tuik.gov.tr/Home/Index

Tourism

Tourist overnights
2021 37,100,000
Hotels 35,430,500
Resorts 1,113,000
Camps 556,500
2022 67,800,000
Hotels 64,749,000
Resorts 2,034,000
Camps 1,017,000
2023 83,450,000
Hotels 79,694,750
Resorts 2,503,500
Camps 1,251,750
2024 91,795,000
Hotels 87,664,225
Resorts 2,753,850
Camps 1,376,925
2025 105,564,250
Hotels 100,813,859
Resorts 3,166,928
Camps 1,583,464

Currency: EUR

Sources:

https://www.tuik.gov.tr/Home/Index

Interest rates - Savings

Period Deposits - 1 year Deposits - over 1 year
Q1-2022 0.22% 1.09%
Q2-2022 0.21% 1.15%
Q3-2022 0.22% 1.15%
Q4-2022 0.22% 1.14%
Q1-2023 0.27% 1.20%
Q2-2023 0.26% 1.18%
Q3-2023 0.30% 1.20%
Q4-2023 0.30% 1.25%
Q1-2024 1.70% 2.10%
Q2-2024 1.70% 2.10%
Q3-2024 1.70% 2.05%
Q4-2024 1.70% 2.05%
Q1-2025 1.70% 2.10%
Q2-2025 1.65% 2.10%
Q3-2025 1.65% 2.00%
Q4-2025 1.65% 2.00%

Sources:

https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en

Interest rates - Loans

Period Loans - Fixed Interest Rate Loans - Variable Interest Rates
Q1-2021 4.20% 4.10%
Q2-2021 4.20% 4.10%
Q3-2021 4.35% 4.10%
Q4-2021 4.20% 4.30%
Q1-2022 4.44% 4.50%
Q2-2022 4.40% 4.45%
Q3-2022 4.40% 4.45%
Q4-2022 5.20% 5.30%
Q1-2023 5.20% 5.30%
Q2-2023 5.20% 5.50%
Q3-2023 5.00% 6.00%
Q4-2023 5.00% 6.20%
Q1-2024 5.10% 6.10%
Q2-2024 5.10% 6.10%
Q3-2024 5.10% 6.15%
Q4-2024 5.00% 6.15%
Q1-2025 5.00% 6.10%
Q2-2025 5.10% 6.10%
Q3-2025 5.10% 6.10%
Q4-2025 5.10% 6.10%

Sources:

https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en