Turkey

Nominal house prices continued to rise through 2025, but real (inflation-adjusted) gains were limited. CBRT KFE: +29.0% y/y in Dec 2025 with a -1.4% real annual change (monthly +0.2%). REIDIN (as an independent index) reported in March 2025: residential sales prices +33.77% y/y nominal and -3.14% real; residential rents +49.59% y/y nominal and +8.32% real-pointing to rental inflation outpacing capital values in many corridors. With policy rates easing in late-2025, upside risk to nominal prices increases if mortgage volumes recover, but real returns remain highly sensitive to inflation, FX, and credit rules.

Portals and PropTechs are deploying AI/ML to improve conversion and reduce uncertainty: AI-driven visual staging for listings (sahibinden's SahiDeko), automated valuation models (Endeksa), and broader decision tools embedded in search flows. On the growth/marketing side, Hepsiemlak publicly documented performance gains from using Google's AI-driven ads stack to optimize acquisition and lead quality.

EİDS (Electronic Advertisement/Listing Verification System) became the key anti-fraud infrastructure: identity verification and authorization checks are required for rental listings from 1 Jan 2025, targeting fake ads and unlicensed intermediaries. Separately, the Ministry of Trade has enforced against listing-based manipulation: it reported TRY 172 million in administrative fines on 1,416 individuals for excessive price increases in real-estate listings. This increases compliance costs for portals/agents but should improve lead quality and consumer trust over time.

Portal consolidation accelerated: Doğan Holding's Hepsiemlak disclosed an agreement to acquire Property Finder's Turkish portal Zingat, alongside a planned capital increase making Property Finder a minority shareholder in Hepsiemlak. At the macro level, Turkey's disclosed M&A value reached $8.2B in 2025 (KPMG Turkey data reported by Reuters), signalling improving investor appetite despite political/macro risks.

Regulation tightened around intermediaries and online advertising: EİDS verification (starting with rentals) and penalties for manipulative listing prices signal a move toward verified, accountable marketplaces. Broker/agent formalization continues via the Ministry of Trade's real-estate trade framework (TTBS) and authorization-certificate expectations. Rent dynamics shifted after the temporary 25% cap on residential rent increases expired on 1 July 2024, making CPI dynamics more important for 2025 renewals. For foreign investors, citizenship-by-investment via property purchase remained anchored at a minimum USD 400,000 with a 3-year resale restriction. Title/deed processes continue to digitize through WebTapu, supporting remote initiation and document verification but raising the bar for secure identity controls.

The market is moving from

Search remains highly price-and-location led, but users increasingly filter for building age, earthquake resilience, and neighborhood amenities. Portals that combine map UX, transit proximity, and trustworthy micro-market analytics (district-level trends) improve conversion-especially when price volatility makes

Transaction journeys are longer and more negotiation-heavy because credit is expensive and buyers benchmark against inflation and FX. Digitized land-registry workflows (e.g., WebTapu/e-services) help with initiation and document handling, but consumers still rely heavily on brokers for due diligence, deposit handling, and closing coordination-keeping trust signals central.

Innovation is clustering around (1) trust infrastructure (KYC/verification, fraud monitoring), (2) pricing intelligence (AVMs, rent-yield calculators, neighborhood benchmarks), and (3) financing/closing enablement (mortgage pre-qualification, escrow-like flows, bank-owned inventory auctions). AI is being applied first to content quality (photos/descriptions) and valuation rather than fully automated transactions.