Guide For Bodrum Property Market
This Bodrum property guide aims to help house buyers in Turkey's exclusive, upmarket corner. As real estate experts, we testify that modern apartments and charming villas have promising returns if you know the market and ensure your purchase aligns with your budget and criteria.
As an attractive destination with much to offer, we advise all our clients to take their time and conduct thorough research. This guide will help you do exactly that. In it, we answer popular questions, such as why the Bodrum peninsula is ideal for investment, the various towns, prices to expect, and the purchasing process. So, let's start.
Bodrum Property Guide for 2024
The Trend of Luxury Tourism and Houses
To understand Bodrum's luxury property market, it is worth returning to where it all began. Bodrum’s desire for luxury is nothing new. Cevat Sakir Kabaagacli, an exiled poet from Crete, started this trend in the 1920s. He was exiled here and invited his artisan friends to join him as he sailed around the peninsula.
The influx of high-net-worth individuals gravitated to the town centre, but luxury rose to another level when Yalikavak Marina opened. These days, expect Saudi Royalty and famous American celebrities to be among luxury fans. Indeed, the status of sensational luxury villas is not a flash-in-the-pan trend but the whole identity of this peninsula.
Bodrum will always be the Creme-De-La Creme of Turkish coastal markets. Easily luring wealthy Turks, sailors and yacht owners with 7 figure luxury homes, the magnificent, all-contemporary, all-glass architecture blending with traditional Bodrum stone-built facade combinations impresses everyone. Attention to detail, architecture, and construction affect the asking price. We are not talking about a simple holiday home investment here. We are talking about Beverly Hills standards you watch on Netflix, jaw-dropping infinity pools, the magnificent vista, stunning bars and restaurants, etc. This is what Bodrum is all about.
Is Bodrum a Good Place to Invest?
To any affluent individual who asks if Bodrum is an excellent place to invest in property, our answer is yes. But getting to know the real estate scene helps. Nestled along picturesque Aegean Turkey, the larger Bodrum Peninsula attracts European tourists during holiday seasons with luxury hotels, upscale restaurants, and breathtaking views.
This beautiful spot in Turkey offers profitable investment opportunities. It comprises a bustling Bodrum town, an array of charming villages, and pristine beaches. However, specific real estate markets stand out over others, and even though favourable exchange rates are great, research will avoid costly mistakes and ensure profitable ventures.
Expect outstanding architecture and affordable prices, as well as the ambience and local facilities shining through in most cases. Whether your purchase is for investments, somewhere to buy a holiday home, or a popular destination for year-round living, take your time to ensure a comprehensive return on investment.
What is the Average Price of a House in Bodrum?
Over the last five years, villa and apartment prices have been on a whirlwind trajectory. This wasn't just the peninsula but the whole of Turkey, the 37th largest country in the world. The market was stable until 2019 when COVID-19 happened, and at the same time, the rising costs of construction materials.
Fast forward to several global events, including the Ukraine and Russia wars, a global recession, and a declining Turkish lira; from 2019 to 2023, the average price per square meter rose from $1200 to $2700. However, this impacted the traditional supply and demand model because reasonable prices were suddenly out of reach for domestic Turks.
At the beginning of 2024, house sales started declining throughout the country. Market predictions are that it will steady at just under $2000 per square meter. Additionally, remember that property prices vary between neighbourhoods. Looking at Endeksa, which calculates current house prices, there is an exciting table of results.
Endeksa says...
"The average size of houses for sale is 136 square meters. The average square meter price is 96,340 Turkish lira as of the end of July 2024. The neighbourhoods that gained the most value were Mazıköy, Kumköy, Yakaköy, Türkkuyusu, and Umurca. The neighbourhoods that gained the least value were Turgutreis, Karaova, Gümüşlük, Akyarlar, Gölköy."
Looking at their stats, the most expensive places to buy are Turkbuku, 145,289 Turkish lira per meter, and Yalikavak, 136,231 Turkish lira per meter. This is unsurprising since these two neighbourhoods have long reigned supreme for luxury homes. Gumusluk came in at 94,000 TL per meter.
Where is the Best Place to Buy a House in Bodrum?
1: Bodrum Town Centre
At the centre of this captivating region lies Bodrum coastal city, once a charming fishing village but now a vibrant hub with world-class daily amenities. Easily matching other countries for cosmopolitan living, a real estate investment here is to upgrade life in every way possible. Bodrum Centre seamlessly blends the old coastal town with the new for foreign buyers. Also, luxurious hillside villas offer incredible sea views and private pools.
This port city is not only about the vibrant nightlife, cosmopolitan atmosphere, and luxury hotels. It provides moments of serene beauty. Bodrum marina, lined with luxury yachts and traditional fishing boats, invites leisurely walks along the waterfront, while the seafront promenade offers a perfect setting for a peaceful afternoon.
2: Super Wealthy Yalikavak
Formerly a main sponge fishing port, Yalikavak town centre, surrounded by hills with incredible views, has attracted affluent individuals from European cities with a prime location and a multimillion-pound marina. Creating a space of high-end eateries and shopping outlets alongside mooring spaces for mega yachts, the peninsula is a fashionable place to holiday.
Surrounded by five-star hotels, members' clubs, and mega-yachts, Yalikavak Marina made Turkey a top choice, with multi-million-pound investors looking at a villa for sale with private pools. The demand for exceptionally unique holiday homes and modern complexes keeps buyers returning.
3: Quaint Gumusluk and Natural Surroundings
Sitting next door to Yalikavak, Gumusluk has something old-world that captures the admiration of those looking for dream homes with spectacular views. Gumusluk is smaller, more laid-back, and less pretentious. But, in saying this, most properties in Gumusluk are modern builds made with easy living in mind.
Gumusluk maintains an authentic village experience with laid-back neighbourhood vibes, but for more access to amenities, other places like Yalikavak are nearby. For quaint fishing villages with bohemian flair and your dream property, Gumusluk is ideal. The wide range of homes in Gumusluk ranges from cosy apartments to beachfront villas, providing peaceful retreats with authenticity and fantastic prices.
4: Turkbuku Property Market
Standards rose in Bodrum as the gap between middle and upper-class societies narrowed. Rich people demanded more significance; naturally, decadent lifestyles meant more choices. Hence, upscale resorts stepped up to offer high-end property investment. Out of turquoise waters, beautiful scenery, and bountiful water activities, Golturkbuku is where celebrities like Kate Moss hang out, so expect to pay more than average for detached villas with private gardens.
Although there is a distinct lack of shopping centres and beautiful beaches, residents and vacation makers enjoy tranquil atmospheres and the luxury property market. Known as the Turkish Saint-Tropez, Golturkbuku coastal village attracts the elite with glamorous beach clubs, restaurants, and exclusive properties with expansive gardens. This upmarket resort offers high-end rental properties and waterfront estates, making it a wise decision for luxury living.
5: Sale Prices in Guvercinlik
This is a well-kept secret among domestic buyers and is well-known for retired Turks who adore laid-back atmospheres, quiet living, several property options, and limited nightlife. Although Guvercinlik isn't a famous neighbourhood, being away from urban living is ideal. Those on holiday often use short-term rentals, but retired Turks stay here all summer. The resort does stay off the international travel and tourism scenes, hence suited buyers looking at more affordable apartments or old-style duplex villas.
6: Beautiful Bitez and Modern Living
Bitez is famous for its sandy beaches, spacious gardens, lush tangerine groves, and laid-back ambience. The area offers various properties, from beachfront villas to traditional Turkish houses, making it ideal for more relaxed paces of life. Coastal living stands out in this resort, with solid potential for capital appreciation. Expect tremendous views, the ornate Bodrum sea, and developed infrastructure.
7: Trendy Torba
Just a short drive from the bustling city centre, Torba offers luxury lifestyles, a beautiful coast, and blended modern and traditional properties. It appeals to those who desire tranquil environments without sacrificing proximity. Houses for sale include conventional Turkish-style or modern villas with SMART home technology. Rental yields are high in Torba since it isn't a budget destination. However, home buyers can find a beautiful luxury investment property and somewhere to live in Turkey all year round.
8: Family-Friendly Gumbet and Beautiful Sunset Views.
Gumbet, a beautiful town popular with Brits, beckons foreign property buyers with lively atmospheres and homes for sale—some with amazing panoramic views. Gumbet is renowned for its bustling beachfront, energetic nightlife, and water activities. The crescent-shaped bay of Gumbet boasts golden sand, making it a popular destination for sun-seekers and water enthusiasts. By day, visitors can indulge in various water-based adventures, from jet-skiing to parasailing.
Why Buy Property in Bodrum
Excellent Transport Networks
Bodrum Airport, officially called Milas-Bodrum Airport (IATA: BJV, ICAO: LTFE), serves the area and other western Aegean coastal resorts. It is in Milas, just 36 kilometres away, hence the short transfer times. Residents also use Izmir airport, and the peninsula connects to other major towns and cities through excellent highway connections and the bus station, which has frequent and cheap schedules. Travelling to and from Kos by ferry during peak seasons is also popular.
Tourism Sector and Things to Do
Tourism is big business, and millions of tourists visit every year. Some head to popular tourist destinations like the town centre or Gumbet, while others head to more remote villages. The vital tourism industry revolves around high-end hotels, the warm climate, coastal villages, traditional seafood restaurants, plenty of water sports, shopping centres, and active nightlife scenes. Indeed, homeowners are never short of activities and places to go.
Active Nightlife, Shopping and Dining Out
Across the peninsula's neighbourhoods, with plenty of water sports, stunning beaches, scenic beauty, and ideal locations, foreign buyers enjoy exceptional entertainment options, seaside restaurants, and shopping amenities alongside the tourism sector. Commercial properties in shopping malls sell international and Turkish brands, and shopping complexes like Yalikavak Marina sell high-end goods.
Lively nightlife activities range from trendy bars to traditional Turkish meyhanes and cosy rooftop restaurants for romantic nights. Yalikavak's beautiful marina boasts some of Turkey's top high-end restaurants. This desirable location knows how to do pleasure on another level and won't disappoint with high-end amenities.
Architectural Beauty and Property Style
Elevated land, a common aspect of homes, means waking up to stunning sea views and expansive gardens. Property options range from traditional blue and white houses and beautiful stone villas to eco-friendly living or minimal styles with large bay windows letting in natural daylight. Other places are famous for one-bedroom apartments that sit on complexes with property management costs or within hotel resorts.
Bodrum excels in villas with private swimming pools. Some historic old properties have been refurnished, while others are luxurious villas boasting modern trends, spacious gardens, and smart home technology. From apartments to luxury villas, the varied type of properties on the market means you will easily find somewhere to match your family and budget.
Finding Beachfront Estates
Naturally, being a peninsula, Bodrum excels in beachfront homes. Bitez and Ortakent offer exclusive villas near the beachfront, but remember, these beaches get busy from July to September. With water sports, beach clubs, and thriving party scenes, Gumbet promotes dynamic seaside experiences. The beachfront promenade has cafes and bars, creating lively backdrops against stunning Aegean views.
Often called the Turkish Saint-Tropez, Turkbuku boasts glamorous beach clubs that cater to discerning clientele seeking pleasant climates. With high-end beach clubs, designer boutiques, and luxury resorts, Turkbuku offers sophisticated retreats for seaside indulgence. The beautiful beach of Yalikavak combines natural beauty with sophistication. The gorgeous beach, surrounded by traditional fishing boats and gourmet restaurants, offers stunning views.
NOTE: One aspect to remember in Turkey is that the closer a home is to the beach, the higher the price. Additionally, since most beaches become busy during peak tourism seasons unless they are private and exclusive areas, most people buy homes within a short walk instead.
Rental Potential and Changes in the Law
In 2024, the Turkish government changed laws regarding the daily and monthly rent of properties. This affects those looking at rental income property. For decades, buy-to-let in Turkey had proved popular; however, like other countries, they changed the law for short-term vacation rentals to combat rising rent prices, underoccupancy in hotels and income tax avoidance.
These days, to run vacation rentals, landlords must get a license, and for apartments, obtain permission from other owners in that building and complex. We can advise further on these rules and regulations; however, if this is not an avenue you want to pursue but would still like an attractive investment opportunity, look at branded hotel residences run by popular international hotel chains.
Turkish Citizenship Program
Turkey runs a citizenship-by-investment program, where wealthy individuals who purchase a home worth $400,000 or more and pledge to keep it for at least three years can apply for a Turkish passport. This scheme has attracted applicants as one of the most affordable in the world. Turkish citizenship via this method allows applicants to maintain dual nationality.
What is the Property Buying Process?
Know Your Reason: Your reason will dictate the house you buy, and knowing this will prevent you from purchasing the wrong home. Decide whether you want somewhere for a vacation spot, somewhere to live permanently, or an investment property for rental returns. If it is the latter, investors prefer branded hotels rather than stand-alone luxury real estate, where they handle short-term vacation rentals.
Finances: Every purchaser should consider investment returns, even if this is just capital appreciation. However, before taking any steps, know your budget. Remember to consider closing costs and whether you can afford monthly running costs. For mortgages, check in your home country first since Turkey's mortgages for foreigners run at high interest rates.
Property Search: Foreign buyers who want to learn more about solid demand, attractive payment plans, the rental market, and average property prices can start their journey by browsing our ideal houses. Each apartment, villa, or penthouse listing contains prices, features, locations, and contact details to arrange viewings.
Contact An Agent: Alternatively, call us today and chat with an agent about the housing market. Let us know your budget and requirements, and we will suggest various property types that match your criteria. Our real estate advisors also answer questions.
Viewing Trips: Make an appointment with a real estate representative to view real estate for sale. We highlight homes and the neighbourhood so buyers can get a well-rounded impression and see access to amenities and facilities. Whether you want a famous neighbourhood, a laid-back neighbourhood, or somewhere off the grid with a blank canvas, we will match you with ideal properties for sale.
Deposit and Purchase Contract: Once you choose the home to buy, our agents will arrange for a sales contract with a detailed breakdown. We will help you get a Turkish tax number and open a Turkish lira bank account to make the payments, as this must be via banks in Turkey, as outlined by the legal law for house buyers.
Employ a Lawyer: Turkish law doesn't require a lawyer for legal procedures; however, people use one as an extra precaution and diligence. Many lawyers speak English. At Turkey Homes, we already do our homework on propene parties but work with lawyers to evaluate reports, payment, payment plans, and applications for title deeds.
Sign for the Title Deed: The housing market moves quickly in Turkey. If paperwork and finances are in place, home buyers can get the title deeds in as little as seven days. Translators are used at the land register office to overcome the language barrier so foreign home buyers know what they are signing for. Once you take ownership, arrange bill payments and furniture, and put your key in the door.
Use Our Services
We hope you have found this Bodrum property Guide helpful. Whether you're seeking a serene villa with panoramic sea views, stylish apartments for sale, or a charming house in the peaceful countryside, our real estate agents can help. Turkey Homes is a prominent real estate agency, and we have conducted many transactions and offer our services. With valuable insights into foreign investment in Turkey, we help all international buyers become homeowners in Turkey.
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