Non-residents made $322 million in net real-estate purchases in Türkiye in July, according to the Central Bank's new balance-of-payments report. The wider current account posted a modest $36 million monthly surplus, its first positive reading since October 2025. For international property investors, the two figures describe cross-border flows, not transaction counts, home-price growth or a return forecast. The annualised current account remained $40.7 billion in deficit, so one summer month does not establish a structural surplus.
The monthly surplus was narrow and services did most of the work
The balance-of-payments trade deficit was $5.579 billion in July. Net service income reached $8.228 billion, including $5.968 billion from travel and $2.893 billion from transport, helping the headline current account finish $36 million in surplus. Excluding gold and energy, the current account surplus was much larger at $4.972 billion. This composition matters because tourism seasonality can make a single summer month look stronger than the full year.
Foreign property purchases were one part of direct investment
TCMB recorded $514 million in net direct-investment inflows during July. Within the real-estate line, residents bought a net $169 million of property abroad, while non-residents bought a net $322 million in Türkiye. The latter is a monetary flow measured for the balance of payments. It does not reveal how many homes were bought, which provinces attracted the money, or whether buyers made a profit.
Portfolio capital also entered, but it is more liquid
Portfolio investments produced a $5.841 billion net inflow. Non-residents recorded net purchases of $1.969 billion in equities and investment funds and $2.368 billion in domestic government securities, alongside flows in overseas bond issues. Portfolio investment can reverse faster than direct property investment, so the two should not be treated as equivalent signs of lasting demand.
The twelve-month deficit keeps the headline in perspective
On an annualised basis, the current-account deficit was about $40.7 billion and the balance-of-payments trade deficit $77.2 billion. Services generated a $63.5 billion surplus, while primary and secondary income balances were in deficit by $25.2 billion and $1.9 billion. The July surplus therefore reduced pressure for one month but did not eliminate Türkiye's external financing requirement.
What a property buyer can and cannot conclude
The $322 million flow confirms that foreign capital continued to enter Turkish real estate in July, but it is not evidence that every coastal or metropolitan market strengthened. Buyers should still check registered comparable prices, title and occupancy documents, currency exposure, rental evidence, taxes and exit costs by property. Compare this balance-of-payments flow with TÜİK housing-sale counts before drawing conclusions about market depth.