It’s not that long ago that Bodrum used to be a quiet fishing town. The occasional sponge diver ventured here but apart from that it remained an undiscovered sleepy hollow until a group of intellectuals, friends of an eminent, exiled Turkish writer descended on the town in the mid-20th century. From then on it attracted people with artistic talents and much later the masses in the tourist wave of the 1980’s descended on Bodrum turning it into the hive of activity it is today. A Sound Real Estate Investment
As the idea of owning foreign property grew in popularity with cash rich Western Europeans, many people invested in a piece of this heaven and built luxury villas. Even wealth Turks started to invest in the area’s real estate and today it is no less popular than it was 25 years ago, yet it still represents excellent value and a secure haven for investment and the news just gets better; industry professionals expect the number of foreigners wishing to own real estate in Turkey increase tenfold over the next few years, which obviously will lead to a growth in prices.
Bodrum remains one of the Turkish Riviera’s most stylish resorts. The towns and villages that make up the Bodrum Peninsula continue to attract investors from all over the world. The most popular towns for real estate investment are Bitez, Gumusluk and Yalikavak. Villa’s here still sell for around 40,000 euro, although property at this end of the market will need some degree of renovation and it’s best to bank on an extra 10 – 15,000 euro to cover this. Most of the homes in this range were built in the last decade when building laws were not so strict and consequently they are devoid of essentials like damp proof courses and insulation. Newer properties in this area start at around 45,000 euro for an apartment with villas starting at approximately 65,000 euro. This makes Turkish real estate in this area a highly attractive investment when compared to real estate options in other Mediterranean countries. Another salient point to note if you are considering an investment here is that supply does not meet the growing demand especially where luxury villas are concerned.
Continued Growth in Tourism
The unblemished, natural charm and historic value of this beautiful area has ensured that tourist numbers have continued to grow steadily despite global down-turns and localised economic recessions. What continues to drive tourism to this area is the virtual guarantee of 300 days of sunshine a year coupled with year-round low cost flights to the three local airports of Izmir, Dalaman and Bodrum and a solid infrastructure. The fact that you don’t need a visa to visit and if you decide to stay permanently you can easily pick up a residence permit has encouraged this growth. The prediction of continued growth means that investment returns are secure and capital growth assured. Rental property is always in demand and is an excellent way of paying for your investment or earning an income. Rental income is estimated to yield around 10 – 15% return on your investment each year. Properties on Offer
If you want a traditional build in Bodrum or its environs then you are likely to be buying a house built from stone with a flat roof, generally these houses are two storeys high with usually two storeys high and with an enclosed courtyard. Even new builds tend to follow this traditional style adding a wealth of authentic Turkish character with all of the comforts of home like air conditioning and in some, solar power. Prices in Bodrum town start at around 70,000 euro for a small apartment with great facilities and amenities. Obviously, there are more apartment blocks available for holiday homes and this growth in holiday accommodation has lead to the construction of more modern facilities like shopping centres and new hotels, but these have by no means deflected from the style and splendor of the town; it still retains a high degree of appeal with the more affluent holidaymaker thanks to its yacht port and marina, as well as the new golf courses sprouting up in the region. Again such up market facilities will have a positive effect on existing and future investments. Tuzla is an up and coming area, which will become the golf mecca of this area. It lies 20 minutes to the north of Bodrum and 10 minutes from the airport. Two golf courses have already built and a further four to come in the next couple of years. Golfers have traditionally always brought increases in property prices and are a good source of rental income. Yet prices around Tulza still remain low with sea and lake view, off plan property at Harmony Dream Village on sale for 79,000 euro.
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