Although there has been a significant increase in migration studies regarding Turkey in recent years, studies on the Turkey-Iran migration corridor are limited. Purpose: In this article, the recent developments in the Turkey-Iran immigration system will be examined. Three categories to be discussed in this context are the continuing but declining trend of persons subject to international protection, increasing number of Iranian international students and Iranian nationals purchasing real estate in Turkey. Methods: In case of the Turkish-Iranian migration corridor, while there is steady rise in the number of Iranian students in Turkey’s higher education and Iranians purchasing real estate in Turkey, the number of Iranians seeking asylum has begun to decline significantly. By utilizing process tracing method, this paper benefits from TUIK, YOK and PMM data on Iranian undergraduate students, Iranians buying real estate and Iranians seeking asylum in Turkey to demonstrate what has historically changed based on numbers. In understanding the declining and increasing trends in the corridor, the article analyzes macro policy changes and their impacts on “new” migration categories in the corridor. Findings: The article argues that in the post-2011 period there has been significant transformation in the Turkish-Iranian migration corridor which had been historically dominated by the mobility of Iranian asylum applicants. Particularly in the post-2011 period, as the article demonstrates, numbers of Iranian undergraduate students and Iranians purchasing real estate in Turkey are gradually increasing every year. The emergence and existence of international student mobility and citizenship-by-investment migration in this corridor is indicator of transformation towards the Turkish-Iranian migration system. More importantly, the article articulates that the formation of these two new regular migration categories is closely related to the neoliberalization of Turkey’s migration policies. Originality: The literature examining migration of Iranians to Turkey has largely discussed within the domain of asylum seeking and the resettlement of Iranians via Turkey. However, the literature has not explored the increasing number of Iranian undergraduate students and Iranians buying real estate in Turkey. The novelty of this paper is to link international student mobility and citizenship-by-investment migration categories with the changes in Turkey’s macro policies; to emphasize the transformation in the Turkish-Iranian migration system; and, to demonstrate the neoliberalization in Turkey’s migration governance through policy preferences in line with market logic.