Now is the time to buy in Bodrum
It is official, now is the time to buy real estate in Bodrum according to an article published in the Evening Standard on November 19, 2014 by Cathy Hawker.
With holiday homes available from upwards of 75,000 GBP, Bodrum is a holiday home haven for anyone seeking a lifestyle surrounded by bays, beaches, boats, and a sophisticated lifestyle, yet still mostly low-level and low-key.
The Bodrum peninsula is 27 miles long, surrounded by mountains and olive groves stretching into the Aegean Sea, Property Turkey director, Cameron Deggin, says: “Bodrum is a boating paradise, you could easily spend two weeks just on the peninsula exploring small coves, dropping into ports round the bay of Gokova then heading over to the Greek island of Kos.”
Within Bodrum you will find 11 towns, each offering a different experience, ranging from the bustling town centre, to the classy and elegant Yalikavak and Turkbuku.
So what can you get for your buck in Bodrum? Deggin says: “Property prices peak in Turkbuku, Bodrum Town and Yalikavak but you can still get a two-bedroom flat with a balcony in a small complex of 20 or 30 units — and possibly even a sea view — from £75,000, or a three-bedroom detached house and pool for under £170,000.”
Entrance level projects
One thing in Bodrum is for sure, average prices are increasing on a yearly basis. However, that being said, you can still find some great entrance-level projects in areas such as Gulluk or Tuzla, close to the airport where it would be possible to pick up a small apartment for around 50,000 GBP and upwards.
With buyers from all around the world looking towards Bodrum, these projects are increasingly rare to find as the changing face of Bodrum sees the peninsula transform into one of the world’s top destinations for luxury real estate.
Mid-market value in Bodrum
You can find some beautiful mid-market homes within the peninsula including luxury penthouses offer three bedrooms and close to a local jetty for water access, found within Yalikavak and on the market at 550,000 GBP. Above the sea sits a three bedroom modern stone villa on the market at 399,000 GBP and boasting a private swimming pool and garden.
Offering high rental income for prospective owners, Deggin says that a four bedroom villa for sale at 320,000 GBP just 500 yards from the beach, currently rents at around 1,200 GBP per week from June to late September.
Below these villas you will find the famed Yalikavak Marina – a 450 berth brand new Palmarina, the first mega-yacht marina in Turkey. “Yalikavak marina already attracts some exceptional yachts as one of the best marinas in the Med. It has helped sales of waterfront homes in the area, too. It is not possible today to build within 100 metres of the sea so existing homes are in high demand.” Says Deggin.
The very top end in Bodrum
At the highest end of the market, there are some extraordinary projects. In 2006, planning rules in Bodrum were relaxed, allowing for some striking homes to be built within the peninsula. Famed architect Richard Meier epitomises the changing face of Bodrum with his project of 22 luxury villas found in Yalikavak – the first of these homes, a seven bedroom mansion was recently sold for close to 3 million GBP.
Yalikavak Heights offer a four bedroom stone home in expansive gardens on the market for around 1,300,000 GBP. Deggin says: “There are only 40 or 50 villas in total at Yalikavak Heights, all hidden among the trees in dense, large gardens,” says Deggin. “These homes are exclusive and completely private with good sea views.”
You can read the full article online by clicking on this link.