Real estate and property for sale in Bodrum - Page 14
Even after all these years, the Bodrum real estate market, on the south-western Aegean coast of Turkey, is still one of the top spots for snapping up holiday homes overseas. Buying property for sale in Bodrum, located in Mugla Province, is more than investing in bricks and mortar. Those who buy Bodrum property and real estate buy into an idea, a way of life that’s both sophisticated and laid back. Bodrum caters for all budgets with bargain properties available as well as some of Turkey's most luxurious villas with price tags in multiples of millions. With its Castle of St. Peter, Mausoleum at Halicarnassus, ancient Myndos Gate and sandy Camel Beach you will not have a dull moment.
Why buy Bodrum property?
Bodrum, the jewel of the Aegean, is a truly multicultural place. It is a great deal more than a holiday resort. It is where ancient history effortlessly merges with modern day contemporary living. The old stone houses of Bodrum, that have stood witness to centuries of Aegean folklore, now offer atmospheric settings for some of the area’s trendiest bars and restaurants. Within the vicinity of ancient town centres, you find the new built modern property for sale in Bodrum, where the beautiful contrast of old and new becomes even more apparent.
If you are looking for a permanent base in Turkey, where life does not just rotate around seasonal tourism and holiday-makers, a Bodrum property could be your dream home in the sun. Bodrum Milas airport is a mere 30 minute drive in to the Peninsula, Yalikavak can be reached in 50 minutes; Turkbuku is around 40 minutes by car and further south Gumusluk is just under an hour. Accessing your home in Bodrum is easy from anywhere in the world and throughout the year.
Despite its compact geography - you can drive a full circle around the peninsula in less than 90 minutes - Bodrum is exceptionally multidimensional. If you are into sailing and boats, a Bodrum property gives you access to some of the Mediterranean’s most attractive sailing routes as well as three excellent marinas. Within 15 minutes drive of your property, no matter where it is located on the peninsula, you can find some of the most tranquil getaways and nostalgic spots, where time appears to have stood still for hundreds of years. Gumusluk heritage zone around the Rabbit Island with its small fishermen’s harbour is a prime example of these. Having strolled the day to sunset on the seaside, you can enjoy a candle-lit dinner at the buzzing marina yacht club in Bodrum with live music from down below ranging from modern contemporaries to old time jazz hits.
How to buy property in Bodrum
Once you have decided to invest in a property overseas and liked the appeal of Bodrum, you ought to ask yourself some fundamental questions regarding the lifestyle you want.
Are you after a holiday home, just a place to relax a few weeks a year with little interaction other the pool and the sun or
Something a little more than that?
Do you wish to maximise rental income from your property?
Do you have young children, whose needs and entertainment you ought to keep in mind?
Are you looking for a property that will cater for year round living?
These are some of the questions you ought to ask yourselves before you come to Bodrum looking for the right property to buy. The answers to these questions will have a significant bearing on where in Bodrum and what type of property we should be selecting for you to view. As noted above, despite its seemingly small geography, Bodrum incorporates many different lifestyles in one and various different towns on the peninsula have very different characters.
Once we have identified your requirements and found the right property for sale in Bodrum, the rest is easy, we follow our recommended purchase process and buying overseas will be safe and smooth.
Bodrum property hotspots
The best story award goes to scenic Yalikavak. With its windmills, exciting hilly landscape, hidden coves and state of the art new marina, Palmarina Bodrum, Yalikavak is a prime investment destination. The area offers a wide range of properties, from bargain apartments to some of Bodrum’s most exclusive villas nestled in hilltops with very large private gardens. There are a good number of managed complexes available in Yalikavak with panoramic villas and apartments that are affordable, luxurious and modern. Yalikavak also offers the highest number of beachfront real estate in Bodrum, some with jetties and mooring in front.
Yalikavak’s most sought after areas are the Mansions District directly behind the marina up in the hills, Kudur Peninsula and Geris Heights. These all offer breathtaking sea and island views from older white-washed traditional houses and the modern new build properties constructed in the last 5 – 8 years. The charming town centre of Yalikavak is expanding and becoming livelier year on year. Formerly a mere holiday home destination, now the area sustains year round life with shopping malls, restaurants and town amenities that stay open 12 months of the year. Availability of development land and re-zoning of Yalikavak in November 2013 will no doubt trigger substantial further real estate development in the area. The upside is that new planning regulations do not allow high build density on available land plots and clusters of cooperative style properties will not be encouraged. Yalikavak is primed for high-end residential and 5 star commercial property developments. We expect the new face of the area will bring with it steep price increases particularly within close vicinity of Palmarina Bodrum.
Some of the best rental yields in Bodrum are found in Yalikavak holiday homes. Villas with private pools and open sea views are always in high demand.
Turkbuku, which is made up of two consecutive bays, Turkbuku and Golkoy, collectively Golturkbuku, has been the choice of the Turkish elite and celebrity since the late 80’s. Its crescent shaped bay, which acts like a natural marina, is ideal for large mooring yachts to shelter for weeks at a time without having to seek home in a marina. The seafront boasts some of the finest villas in Bodrum with mooring and beach platforms. All along the seafront, there are boutique hotels, restaurants and small cafes that all candle-light up in the evenings providing the idyllic setting that came to be known as ‘the Turkbuku nights’.
In terms of price per square metre, properties in Turkbuku are some of the most expensive that Bodrum has to offer. These high prices are driven by Turkish second home buyers and certainly not by foreign buyers. Neighbouring bays to Turkbuku such as Hebil, Paradise Bay, Golkoy are all highly desirable locations with some of the most stunning properties for sale in Bodrum.
Turkbuku is generally a holiday home destination and very seasonal. If you are looking for a permanent base in Bodrum, then unless you like it on the ‘too quiet’ side, Turkbuku may not be the right choice. Holiday homes deliver very strong rentals, we must add.
Once a small fishing village and home to Myndos, the oldest settlement in Bodrum, Gumusluk always retains its appeal for overseas and Turkish home buyers alike. Unfortunately, some parts of Gumusluk have been spoilt by irregular cooperative style developments in the property boom of early 2000’s. Fortunately, ongoing excavations and ancient ruins around the old town of Gumusluk near the Rabbit Island have helped preserve some of the seaside districts of Gumusluk in its authentic charm. South-west facing Gumusluk enjoys some of the most striking sunsets imaginable. Property prices come at a discount to Yalikavak and seafront land can be bought at a fraction of the cost of Turkbuku.
Bodrum Town, the centre of old Halicarnassus, is where the heart beats and always in demand for real estate. There is very little land remaining with permission to build in and around Bodrum Town, therefore demand versus supply dictates that prices will carry on appreciating. If you are looking for a colourful vibrant place to live, where trendy bars, restaurants, night clubs and marina facilities are at your doorstep, then buy a home here. You will not have the size of land or tranquil settings of Yalikavak’s hills or Turkbuku, however, you will feel the buzz all the time come summer or winter.
Stone houses of Bodrum are worth a look also. They make most authentic homes as well as bars and restaurants. There are still some good buys waiting to be restored and renovated.
Prices for property for sale in Bodrum
As discussed above, prices vary from area to area and desirability of locations within areas, however, the following is a rough guide as to what you can expect to pay for a home in Bodrum peninsula.
2 bedroom apartments in a hillside complex with sea view range from as low as Euro 60,000 to Euro 200,000. Best bargains are found in Gumusluk, some parts of Yalikavak and Turgutreis. Turkbuku and prime location Bodrum Town are the top ends.
2 bedroom apartments at the seafront in Yalikavak, Turkbuku or Bodrum Town can range up to Euro 500,000. These are generally luxurious properties with hotel like facilities on offer and on-site management with concierge services such as the Kuum residences in Turkbuku and several similar in Yalikavak.
3 or 4 bedroom villas in small to medium size complexes with shared facilities such as swimming pools, cafes, fitness start from Euro 120,000 in the hills of Gumusluk and range to Euro 500,000 in more desirable panoramic locations of Yalikavak, Turkbuku and Bodrum Town. Most of these have private pools also. You can buy an attractive detached villa with private in pool in Yalikavak from around Euro 200,000 – Euro 350,000.
Beachfront villas and seafront homes start from around Euro 500,000 for the most basic and range to Euro 10m for the most luxurious ones with private beach access and mooring.
Mansions in the hills of Yalikavak and Turkbuku, our exclusive homes category, are generally priced in the Euro 1m – Euro 4m range depending on size, location and land area.
Note: Our price indications do not include cooperative properties due to the fact that most of them have title deed issues and lack of habitation licence. If you come across properties in Bodrum that appear to be substantially below the prices indicated above, please make sure you check habitation and title deed completeness prior to proceeding with a purchase.
Is Bodrum property a good investment?
Unlike most other holiday resorts in Turkey, Bodrum real estate is heavily geared toward domestic buyers. Bodrum is a brand in Turkey and having a second home in Bodrum has long been an established trend. Up to 80% of all properties are owned by Turks and not by foreign buyers. Majority of Bodrum’s most exclusive and expensive homes have Turkish owners. Mandarin Oriental Bodrum launched its hotel plus residences in Istanbul, Turkey and not in the overseas home buyer market. Bodrum apartments for sale start from Euro 500,000 for the most basic and villas front-line to sea within the complex are priced up to Euro 7.5m. Up to 85% of all units were sold in the domestic market within 12 months of launch. Strong and stable domestic demand is one of the most sought-after signals of a high-performing real estate market, particularly when it comes to seaside towns. It indicates that the market is far less vulnerable to changes in holiday home buying trends globally. This is a major positive indicator that a foreign property investor should underline before making the purchase decision. Strong and assured exit strategy is a key investment factor.
Premiums in Bodrum are not with the standard run-of-the-mill homes but with the more exclusive, luxury property end of the market. Our analysis indicates that this is where the demand is highest and where price appreciation is in double digits year on year.
Bodrum’s summer season is June to October, in other words around 20 weeks. This is the peak season for Bodrum. Rental returns of attractive holiday homes, villas with private pools and luxury apartments are comparable to Kalkan, which is always tipped as the highest rental yielding resort in Turkey. Having said that, in order to generate 6%+ annually one should be very selective in what one buys. Modern contemporary with open sea views and close to town amenities are key success factors.
Are there any restricted zones in Bodrum for foreign nationals purchasing real estate?
The north, west and most of eastern coastlines are available for foreign nationals purchasing real estate. The areas that directly overlook the Greek islands, particularly the island of Kos, are not open to foreign purchase. These include most parts of Bitez, Ortakent, Yahsi, Akyarlar and some parts of Gumbet and Turgutreis. Areas such as Yalikavak, Bodrum Town, Gumusluk, Torba, Turkbuku and Gundogan are perfectly safe and clear for foreign nationals buying land and property.