"Winds of opportunity in Alanya’s real estate market"

Winds of Opportunity in Alanya’s Real Estate Market

Ufuk Öner, the owner of OMRAN Property, emphasized that the recent decline in Alanya's real estate market has opened a major window of opportunity for cash investors.

After two years of turbulence, prices have visibly dropped, especially in the luxury housing segment, where discounts have ranged between 15% to 20%.

A LOOK BACK AT THE LAST TWO YEARS:

Why the Decline – and Who Will Benefit?

According to Öner, Alanya's property market underwent a significant transformation in the 2023–2024 period. In the first nine months of 2023, housing sales dropped 15% compared to the previous year — from 17,642 units down to 15,438.

The steep 150% price hikes observed by the end of 2022 were followed by a sharp slowdown in activity.

FOREIGN DEMAND TAKES A BIG HIT

One of the biggest blows came in October 2023, when the minimum property investment required for a residence permit was raised from $75,000 to $200,000. This, along with stricter residency policies and regional sales restrictions, caused a dramatic drop in foreign demand.

CRISIS OR OPPORTUNITY?

An oversupply of properties — especially in luxury and seafront segments — caused prices to fall. Average price per square meter dropped from $2,500 to $1,800–$2,000. Additional burdens like high taxes, transaction fees, and construction costs further weakened buyer interest.

Yet, for cash buyers, the situation presents unmissable opportunities.

Öner notes that the ongoing interest in short-term rentals and tourism-driven rental income potential remain key advantages.

POLICY CHANGES & TRUST-BUILDING INITIATIVES

In September 2024, the Alanya Real Estate Brokers Association launched the Electronic Listing Verification System to enhance market transparency. Sellers must now authorize listings via e-Government.

Öner adds that Turkey's rising cost of living — surpassing many European countries — is shifting tourism routes, drawing interest from Balkan countries like Serbia and Kosovo. However, a lack of judicial trust continues to push Turkey down in international investment rankings.

GOLDEN TIPS FOR INVESTORS

Cash investors can now find quality properties at competitive prices.

Short-term rental demand remains strong in touristic areas — though recent legal hurdles have tightened this market.

Always monitor legal updates about residency and foreign ownership regulations.

New developments, complexes, and high-rise projects offer transparency, rental ease, and developer warranties.

According to Ufuk Öner, the recent slowdown in the Alanya market clearly shows a period of price correction and foreign investor retreat. But this downturn creates strategic openings for those with liquidity and a mid-term vision.

If international demand revives in the near future, returns on today’s investments could be substantial.