TSKB Real Estate Appraisal Company is anticipating higher demand from Iranian buyers in the coming period given developments in the Middle East, Makbule Yonel Maya, general manager of the company, told BloombergHT on March 13.

Maya added that as regards supply, the company was expecting a pause of a few months in new projects. No decline in mortgage rates is foreseen because of the geopolitical developments, she also said.

The lowest available monthly mortgage rate on the Turkish market stands at 2.49%, suggesting an annual compound cost of 33-35%, according to Maya.

TSKB Gayrimenkul Degerleme, or TSKB Real Estate Appraisal Company, is a unit of Industrial Development Bank of Turkey (TSKB) and a leading player in the local real estate industry.

Record-breaking

Home sales in Turkey have broken consecutive records despite monetary tightening applied by the country’s central bank.

In February, the latest record was broken with the posting of 124,549 home sales, the highest ever figure registered for the month.

In January-February, total sales edged up 0.6% y/y to 236,029 units. Mortgage-financed deals grew 29% y/y to 45,298.

Across the first two months of 2026, foreign acquisitions dropped 12% y/y to 2,812. Iranians bought 261 homes, ranking second among foreign buyers, behind Russians who purchased 366 homes.

Turkey offers citizenship for in return for $0.4mn worth of real estate purchases and a residency permit for $0.2mn worth of acquisitions.

Since 2016, Iranians have bought 45,320 homes in Turkey.

Table: Starting from 2022, Turkey’s government hiked real estate payment thresholds for citizenship and residency permits.

In 2025, Turkey posted a record 1.69mn home sales, up 14.3% y/y. Mortgage-driven transactions moved up by nearly 49% y/y to around 237,000 units, though foreign purchases declined, with 21,534 homes sold to non-residents, marking a 9.4% annual decrease.