Despite global economic turmoil, buying a place in the sun is more popular than ever. The appeal is obvious: a second home in warmer climes that you can call your own, far from the stresses of everyday life.
However, while buying a villa on the Mediterranean coastline is undoubtedly an emotional decision, the reality is that many buyers realise that they will need their property to work for them as a buy-to-let if they don’t want their dream home to become a financial burden.
The rental solution
While Turkey’s holiday rental market is booming, thanks to a sharp upswing in the numbers of holidaymakers seeking self-catering accommodation, not every area is ideal for renting. Built up areas like Fethiye and Bodrum are good for guaranteed rental income due to their proximity to beaches, good restaurants and cultural and historical attractions. However, if you are seeking somewhere truly special where demand for rental villas outstrips supply, creating the perfect buy-to-let location, we recommend you investigate Kalkan buy to lets.
Where tradition meets luxury
Located on the Mediterranean coast, an hour southeast of Fethiye, Kalkan is a charming traditional town wrapped around a pretty harbour.
Kalkan is sleepy enough to be a tranquil retreat from the world, while having enough attractions to engage holidaymakers and residents. From the old town, stroll along the pretty harbour, full of bobbing yachts and traditional wooden gullets. There are plenty of waterfront cafes perfect for sitting and watching the world go by. Quaint stores rub shoulders with boutique establishments, and, as you’d expect from Turkey’s Mediterranean shores, there are a number of excellent seafood restaurants on the seafront. Kalkan is famous for its rooftop restaurants, perfect for a romantic evening under the stars.
A short drive from Kalkan takes you to the protected Patara Beach, with its 17km of unspoilt sandy beach and hidden ruins, or the Kas peninsula, green as a jewel and an ideal place from which to scuba dive. You can also head out on a boat tour from Kas harbour.
Add it up
Villas for sale in Kalkan are typically modern and luxurious, and thanks to the elevation of the town, enjoy incredible Mediterranean sea views. Rents are high in the town and the general rule is that the more exclusive or striking the property, the greater the rental potential.
However, you don’t need a multi-million Euro property to reap the benefits of Kalkan’s healthy rental market. Take this lovely sea view Kalkan villa for sale for £159,000. This kind of villa will do very well as a family rental villa as it enjoys stunning sea views from almost every room and has a large pool, spacious living areas, and is on a bus route into town and beyond.
Rental for this villa currently averages £800 per week. The high season is 15 weeks of the year, between June and September, but it is also rented out during the low season, the months of April, May and October, bumping the rental season to as much as 25 weeks.
See below for the breakdown of costs and earnings.
Weeks (based on high season only) 15
|Average weekly rental rate||£800|
|Gross rental income||£12,000|
|- Pool management||£500|
|- Garden upkeep||£300|
|- Home insurance||£250|
|- Wear and tear||£500|
|- Cleaning before and after||£700|
|- Welcome baskets||£300|
|- Rental management fee||£1,200|
|Take Home Rental Earnings||£7,100|
Renting your Kalkan villa out during the high season will earn you a respectable income, while still allowing you holiday time in your own property. By extending the rental season, ensuring your home is marketed effectively and treating the property as a business rather than a holiday destination, you could up this figure by as much as 60%.
See here for more information on maintenance and property expenses.
Growing a nest egg
Due to very limited building space and the high hills surrounding the harbour, the number of new properties in Kalkan are extremely limited. Demand outstrips supply in Kalkan, creating a very healthy resale market. This creates a favourable exit strategy for investors hoping to cash in on their initial investments. In the past decade property values have soared, and we anticipate the rise to continue as initial investors begin to cash in on their properties, boosting the resale market.
“Kalkan is my home - and my office”
Christine Watkins bought a small Kalkan villa in 2007 for, as she calls it, “a holiday bolthole” for herself and her two children. The three-bedroom property has typical Kalkan views over the Mediterranean and a shared pool.
“Back then Turkey was just taking off as a destination and was getting a bit of publicity. Flights were also getting cheaper as more airlines started to fly to Turkey,” Christine says. “I started getting requests from friends and family to use the villa, and then by friends of friends. By the end of 2008 I realised I was sitting on a potential goldmine.”
With the help of a friend, Christine designed a website to market her villa, and also advertised the property online. The success was so great that by 2010 she was taking bookings for 20 weeks of the year and was booked up two years ahead. “I found myself turning a lot of potential renters away, and at that point I thought to myself ‘you know what, you’re onto something’. I decided to invest in more property in Kalkan.”
Since 2010 Christine has bought two more Kalkan villas as well as an apartment complex consisting of four units. She has a full time manager based in the town, and spends each summer in the town overseeing her properties - and making sure her clients are having the best possible time.
“I never dreamed I’d be a property magnate,” she says with a smile. “But it was too good an opportunity to turn down – my property in sunny Kalkan became a way of life and a legitimate business venture.”
Exquisite 5-star residence offering amazing sea views and a quality of life that will have you place amongst the most luxurious homes you will find in this part of Turkey. Fully furnished and complete with a large private swimming pool and self-contained apartment level for guests and family.