Every country in this series forces one question before any other: is the cheap headline price telling me the asset is undervalued, or is it telling me the market is pricing in risk I have not fully counted yet? Turkey is the purest test of that question I have found. Nowhere else in the Mediterranean can a Canadian buy a modern two-bedroom apartment near a beach for a number that looks like a rounding error next to the Costa del Sol or the Algarve. And nowhere else does the reason for that price gap come down so completely to a single word: the lira.

This is the country introduction, not the city guide. I want to walk through how Turkey fits into an internationally diversified real estate portfolio for a Canadian, who it genuinely suits, who it does not, and which regions deserve their own dedicated write-ups later. Istanbul, Antalya, Bodrum, Izmir, Fethiye, Alanya and Cappadocia are all different markets serving different buyers, and I will sketch each one, but I am not trying to substitute for a proper deep dive on any of them here. This is the map before the road trip.

The central question to hold the whole way through: does Turkey deserve a place in a Canadian’s international real estate portfolio, or is the low entry price largely compensation for currency, inflation, legal and political risk a Canadian is not being paid enough to take? I am going to give you my answer and show my work.