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BLOG Bright Optimism for Fethiye Property Prices in 2024

4 June 2024 / Properties


Fethiye Property Prices in 2024

As Turkey enters the second half of 2024, there are notable shifts in Fethiye property prices of apartments and villas for sale. Having experienced a quiet year in 2023 due to various factors, home prices are once aligned with market expectations, to the great delight of everyone in the industry and home buyers.

In 2023, the Turkish property market spiralled out of control because of regional and global effects. Prices in critical areas like Istanbul, Bodrum, Antalya, and Fethiye jumped considerably. While this was good news for anyone who sold their property, domestic and foreign buyers were outpriced. As with any market, there is cause and effect to any event.

Although it has taken time, prices are once again becoming affordable and realistic, much to the delight of Turkey's mainstream public. But what exactly happened last year, what are the future market predictions for 2024, and what tips and advice do we have for anyone planning to buy property?

About Fethiye Property Prices and Market in 2024

Fethiye-property-market-2024

1: The Last Twelve Months in Fethiye and Turkey

Without knowledge of global events, it would be easy to assume that it was just the Turkish housing market that entered into turmoil. However, prices in housing markets in countries like the USA and the UK also jumped considerably.

When you browse YouTube, expect to see Gen Z complaining that they can't afford property. Gen Z was born between 1995 and 2009 and is the latest generation to enter the housing market. There were also equal complaints about rental prices for those who decided to rent rather than buy. In fact, many Gen Z are still living at home with their parents.

While this was a global event, Turkey did experience regional events. The February earthquake, the worst the world has ever experienced, saw a loss of confidence in construction sectors. Global events saw gas and oil prices rise, affecting industries relying on natural energy resources. The cost of iron, steel and cement went through the roof. However, Turkey is an energy importer, not an exporter, and prices are linked to foreign currencies. The Turkish lira wasn't performing that well anyway. All this impacted house prices like never before, with some areas reporting an increase of 25% yearly.

However, property owners, who were quick to celebrate, soon had to come back down to earth. Because, like any market, a slowdown in demand affects prices. Across Turkey, demand dropped as buyers were outpriced. Fast forward to June of 2024, and we are again seeing buyers return thanks to the more realistic prices.

2: The Fethiye property Market in 2024

Tolga Ertukel, director of Turkey Homes company, reiterated the above points, explained what happened this year, and made predictions for Fethiye's famous property market.

"As a leading Turkish real estate company, 2023 was one of the slowest years. The global inflation, the rising cost of construction materials and the over-the-odds expectations of asking prices may have slowed the business, too. Not just in Fethiye but other regions of Turkey saw similar effects with rising house prices.

However, we have witnessed property price reductions as markets reacted with less demand. For instance, going back only 6 months ago, in popular Ovacik, a modest 4-bedroom villa for sale in Ovacik was around USD 430,000 or, for our UK market, around GBP 350,00.

Prices were at least 10-15% over the market trend. Still, as the year 2024 swung into action, property owners started reducing prices to attract both foreign and Turkish buyers. This realistic and positive trend marks a return to regular business.

As Turkey Homes, we are optimistic about 2024, and we always feel people will need a roof over their heads and Fethiye's property market will return to the normality again."

Fethiye-property-buyers

3: Where are Buyers heading to in Fethiye?

Fethiye Town Centre: The heart of Fethiye, the town centre will always be a time-honoured favourite for property purchases. Buyers typically choose the town because of the excellent shopping, nightlife scenes, and good transport links. It is in the city's heart and near other districts like Calis Beach. Despite being a fully functional place on the verge of becoming a city, Fethiye still maintains homely vibes, and tourists are often attracted to places like the Lycian tombs, museums, and theatre.

Calis Beach: Sitting on the outskirts of Fethiye town centre, Calis initially dealt with the overspill of tourism. Yet these days, the area attracts foreign buyers with holiday-type vibes. Reasons for buying include a summer holiday home and permanent living. The profile was boosted three years ago when the council invested heavily in the beachfront promenade. Some locals like the two-hour scenic walk from Calis to the town centre, or they enjoy the quirky water taxi. Calis is also the ideal place to watch sunsets, and property buyers often look for the best home for front-row seats.

Charming Uzumlu: For those who want more spacious living in large countryside villas, Uzumlu still comes out on top. This is an ideal district in which to build your own house in Turkey. Sitting roughly a 20-minute drive from Fethiye town centre, it is far enough to be off the grid but close enough for all amenities. Land prices are lower in Uzumlu, reflecting exceptional prices per square meter. Please find out more about property in Uzumlu in our video here.

Seydikemer Region: Seydikemer has risen in popularity over the last four years. Yes, it is 35-40 minutes by car to Fethiye's famous beaches, but buyers win with exceptional prices per square meter once again. In 2024, a 4-bedroom villa for sale in Seydikemer is priced at $250,000 or GBP just over £200,000, proving excellent value for money. Seydikemer is still less exploited and is perfect for those looking to retire and property investors looking at mid- to long-term projects.

4: What to Expect When Buying Property in Fethiye

Lower Prices: Prices are the first thing on the mind of every house buyer, and in Fethiye, expect lower prices than last year. As mentioned above, land in Uzumlu and Seydikemer sells at lower prices thanks to their inland locations. In contrast, buyers pay more in the town centre, but apartment living is popular there.

Healthy Portfolio: Given that property sales slumped, the healthy market is bountiful with many apartments, duplexes and villas. Hence, buyers can take their time viewing and researching to ensure they find the best property for their lifestyle and budget.

Year-Round Market: Sometimes buyers ask us when the best time to buy property is. However, Fethiye operates year-round. Some people assume that because the tourism season runs from May to October, this affects house prices, but it doesn't. Fethiye's demographics of buyers include foreigners and Turks, who flock to buy property in all 12 months. The good news is this increases liquidity for future sales.

Freehold Properties: Forget about leasehold property because Turkey's market is freehold, so what you buy is what you own. This eliminates the need for leasehold renewals or extensions.

English-speaking Locals: One concern first-time buyers have is the language barrier, but English is widely spoken, and buyers can find agents who talk, read, and write in impeccable English. Translators are readily available for small fees for other moments in Turkey's home-buying process, such as the land registry or notary office.

Fethiye-property-prices-2024

5: More Benefits of Investing in Fethiye

Ideal Climate: Fethiye has an extra benefit compared to places on the Aegean and Istanbul in that it sits in a separate climate zone. The Mediterranean location leads the way to mild winters and warm summers. So, fans of nature feel right at home.

Dalaman Airport: Foreign buyers love Fethiye because of the nearby Dalaman airport. Operating all year round but with increased schedules from May to October, the short transfer time means they are in Fethiye in next to no time.

Extensive Amenities: As a major Mediterranean destination, Fethiye's public and local amenities and facilities accommodate every daily necessity. From shopping to banking, nightlife and healthcare, fulfilled living is on your doorstep.

Bus Transport Network: Fethiye's central bus station connects to other places in Turkey with frequent schedules and cheap tickets. This makes it popular with Turkish buyers and those who like to get out and explore. Additionally, Fethiye sits on the D400 highway, and exploring Turkey's Mediterranean coast is easy.

Affordable Running Costs: One reason foreign buyers love Turkey, compared to other countries, mainly European, is that it is cheaper to run property, whether this is low electric costs and council tax or performing maintenance and upkeep on your property investment.

Fethiye Marina and Sailing: Fethiye's Mediterranean position sits on the heart of the Turkish Rivera and belongs to the stretch of coastline known as the turquoise coast, which features fantastic views and makes up one of the world's best sailing routes. Even if sailing isn't your passion, you will enjoy shopping and dining at the swanky Fethiye marina.

Why Use Our Property Services in Fethiye

We are Turkey Homes, and we sell property in Fethiye. Buyers are safe with our agents, who have extensive local knowledge and experience in Turkish housing markets. Many people use our services to buy Turkish property, and there are good reasons for this.

Our Portfolio: With many apartments and villas in all neighbourhoods of Fethiye, you are sure to find the home you want. See our portfolio of listings here. Each one contains the price, location, features, photos and contact details to learn more via email or arrange viewings.

Neighbourhood Property Viewings: For newcomers, we don't just show properties but highlight the advantages and disadvantages of neighbourhoods to make informed decisions based on logic rather than emotional reasoning. Our experience means we discuss market trends like Fethiye property prices and demand.

Assistance with Buying: The Turkish property buying process is rapid, and you can receive your title deeds in as little as seven days. Still, for property buyers, the lack of knowledge makes it daunting. But we assist at every step, from finding properties to moving in. With Turkey Homes, you can find your ideal property in Fethiye.

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