Bodrum property hunting with New York Times
2019-02-04 14:31:40
Writing for the New York Times, Roxana Popescu goes Turkish property hunting in Bodrum to take a closer look at Bodrum homes. You can read the full article HERE.
Despite the recent drop of the Turkish lira, Bodrum has retained its appeal as a fashionable, desirable city for wealthy Turks, international buyers, and expats who live in the peninsula all year round.
Bodrum property overview
According to international real estate sellers, Bodrum is regarded as Turkey’s answer to St. Tropez, a playground for celebrities and international royalty who flock to experience Bodrum come the summer time.Cameron Deggin, managing director of Property Turkey says that the peninsula has two focal points. Bodrum Town centre is increasingly desired by younger Turks who might want to work remotely or fly to Istanbul a few days per week, while Yalikavak lures luxury tourists, families and buyers looking to enjoy some of the best beaches, resorts, shopping malls, and the world famous Marina.
Despite housing prices across Turkey falling in 2018 due to the decline of the Lira, the high-end quality of Bodrum’s market has resisted the trend thanks to international demand for housing in the peninsula. Agents state that a luxury home on the peninsula would typical start from 1.5 million Euros, doubling if you want private access to the sea. However, there are some new, more affordable luxury developments cropping up across the peninsula for those interested in a waterfront apartment within a 5-star complex with prices starting from around 440,000 Euros upwards.
International buyers of property in Bodrum have been boosted by the recent elimination of value-added tax paid by foreigners on new built homes and a change in the country’s Turkish citizenship by investment program that lowered requirements from $1 million to $250,000 for those looking to acquire citizenship. Cameron Deggin notes that enquiries have tripled since the requirement was lowered.
Who buys property in Bodrum?
Despite the surge of international interest in Bodrum, Bodrum is still a favourite for Turks themselves with the vast majority of buyers being Turkish. Deggin says: “The money is Turkish money in Bodrum” and notes that most buyers either live in the country or are expatriates returning from abroad. As for foreign buyers, the bulk of foreign Bodrum real estate buyers come from: France, Canada, Britain, Germany, Switzerland, Austria, United States, Norway, Sweden, and Denmark. The last five years have seen more Middle Eastern buyers looking towards Bodrum and Istanbul.Turkish property buying basics
Attorneys-at-Law advise buyers to inspect properties in person before finalising a deal to purchase, and to be selective when hiring an agent and lawyer. Typically, the buyer and seller split the title deed fee of 4 per cent of the sales price and the buyer normally pays a value-added tax of 18 per cent (this can be reduced or eliminated on certain occasions).