One area of the Turkish coast attracting much attention these days is the area around Altinkum. With low cost mortgages and stable house prices coupled with the opening of the country’s largest yacht marina and the development of a new spectacular golf course property in Altinkum is holding its own and is set to increase to reflect the promising developments in this part of Turkey’s Aegean coast.
Up and Coming
Eight years ago, Altinkum was little more than a dirt track leading to the Altinkum beach resort and the main town of Yenihisar. Today, the town has changed dramatically with its own Carrefour hypermarket, and a host of busy restaurants, bars, cafes, shops, hairdressers and banks lining the Ataturk Boulevard. What was once a slept hollow now offers vibrant entertainment as well as some very affordable property thanks with still more to come. The new marina in nearby Didim is set to bring substantial increases to tourism. With Bodrum airport only 45 minutes drive away, Izmir Adnan Menderes Airport around a 50 minute drive away and regular ferries to and from the Greek Islands access to the area is significantly easy particularly with the growth in the number of charter and low cost scheduled flights. The development of a £22.8 million golf resort, which will be completed within the next three years is set to further enhance the levels of tourism in the area.
The Property Market
Property prices are still relatively cheap and compared to areas outside the Euro zone they represent excellent value. The current economic recession has had a positive effect on the area ridding the market of disreputable emlaks (real estate agents) who saw the property market as a route to easy money. My Turkish Home director Kate Ashley-Norman (www.myturkishhome.com) believes this has left more reputable emlaks to continue to work professionally and legally to create a more stable long term investment environment, Kate says, “The boom years bought a lot of money into the area as well as an international focus. The new $50 m marina is due to open bang on schedule next month. This alone will entice boat owners to enter these previously unchartered waters of the Didim coastline and explore the town and region. Add to this the new golf course scheduled for completion in 2012 and you have a winning combination.” Kate maintains that there are several factors, which are still bringing purchasers to Turkey in large numbers, “The price of property is just one reason why people come to Altinkum and on the whole prices have remained stable over the last couple of years and investments are still holding firm. There are also some excellent mortgage deals at incredibly low interest rates.”
Property Prices
A luxurious three bedroom, fully furnished, semi detached villa just a few minutes walk from the main resort with the use of a communal pool costs just over 75,000 Euros, whilst a luxurious three bedroom villa close to the marina will cost just over 100,000 Euros. Apartments represent excellent value with a beautiful, spacious one bedroom apartment in a pleasant residential area ten minutes walk from the beach costing just under 27,000 Euros and again there is access to a communal pool. A two bedroom apartment in the centre of Altinkum costs under 40,000 Euros. There are some excellent deals to be had on resale property with a large five bedroom villa five minutes walk from the beach and close to the town’s retail and entertainment facilities costing 101,000 Euros and a spacious two bedroom resale apartment in the town centre costing a mere 29,752 Euros.
The Rental Market
Altinkum is already popular with British, Dutch and Turkish tourists looking for a beach holiday and consequently the rental market is strong during the summer season. Private villas sleeping up to eight guests will yield around 300 Euros a week during the summer (May through to October) and for this guests will have the use of a large communal swimming pool and separate children’s pool, ample terraced areas for sunbathing and al fresco barbecues, a TV, air conditioning, a Jacuzzi bath and all mod con appliances. Prices for long term rentals are also available and are even cheaper, providing excellent accommodation for those looking to stay here over the winter months.
The Right Time to Invest
With so many positive developments taking place in Altinkum now is the perfect time to grab a property bargain as Kate Ashley-Norman reflects, “Altinkum still has a long way to go… and that can only be a good thing for people looking to invest. There is an ever growing sense of pride and responsibility in the town’s past and future development and if you take a sensible mid to long term view, anyone can enjoy the potential on offer.”
Property pictures courtesy of Kate Ashley-Norman www.myturkishhome.com
