Why Bodrum is Attracting Global Investment
Ah Bodrum! To thousands of holidaymakers visiting the region every year, it is the perfect utopia. A carefree lifestyle reflecting its hedonistic past makes it seem like a world apart from the rest of Turkey and it is, but not for the reasons you think.
It has a unique style and flair, and this is attracting real estate buyers as well as business professionals to invest in Bodrum town centre and the smaller coastal resorts.
This revival of interest, especially over the last 7 years, sees both Turks and foreigners flocking to the region. They see an area with mass future potential but what is driving this renewed interest and why are people choosing Bodrum as an ideal location for investment?
Why Bodrum is Attracting Global Investment
1: Turkey’s First High Capacity Mega Yacht Marina
For many decades, Bodrum was just ticking along nicely. The healthy tourism trade provided a lot of income for locals and small expat communities felt right at home, but the ultimate game changer that sparked the revival was the construction of Yalikavak Marina.
620 berths with capacity to hold super yachts up to 135 metres in length, changed the face of the small, sleepy resort forever. Bodrum had always said they did luxury in abundance but now they could boast about super luxury.
With its strategic position facing the Greek islands, it didn’t take long for super-rich yacht owners of the sailing world to come calling and along with them came totally different expectations demanding a lifestyle of abundance and extravagance. Finally, Bodrum was able to boast that its reputation could not only match any place on the esteemed French Riviera but deliver much more.
2: World Class Architecture
Yalikavak Marina made an impact on tourism and sailing in the area, but its influence also made its way into the real estate market. Having employed award winning architect Emre Aralot to work on Yalikavak Marina, construction companies of Bodrum now realised they needed to keep up with clientele expectations, so they employed some of the world’s best architects to design ultramodern homes befitting a Turkish Riviera lifestyle.
Homes featuring helicopter pads, Turkish baths, and smooth line, clean architecture now look like a neighbourhood out of a Beverly Hills. Private pools, ensuite bathrooms, 24-hour security and gorgeous landscape gardens are just a few features of exclusive living by award winning architects like Richard Meier.
3: Urban and Social Diversity
With an influx of influential people into Yalikavak, as well as its rising status as the home of millionaires, anyone could easily think the Bodrum region has outpriced themselves but this is far from the truth.
While Yalikavak thrust itself into super luxury stardom, surrounding coastal resorts on the Bodrum peninsula all kept their individualistic characters that define them. Budget buyers looking to invest in Bodrum gravitate towards the water sports destination of cheap and cheerful Gumbet, while Gumusluk attracts older clientele looking for a rustic destination with artisan vibes.
Torba attracts higher middle-class earners while foreigners like Turgutreis because of its existing expat community. No matter what your budget or lifestyle preferences, the Bodrum peninsula has it, and this in turn increases its popularity.
4: Vibrant Real Estate Market
One key aspect about any real estate investment is knowing its liquidity potential i.e. should we need to covert our bricks and mortar back into cash, how easy will it be. This is where Bodrum delivers with an ever-revolving real estate industry.
Receiving much attention from Turks, it also garners interest from investors all around the world including Russians as well as Europeans, and Middle Eastern nationalities. Recent reports by Turk Stat (Turkish Statistical Organization) also say interest by foreigners in the real estate market of Turkey is growing every year. Bodrum has that much of a good reputation, it looks to be in line with this growth.
5: Investor Confidence
Any shrewd investor knows you shouldn’t put your eggs in one basket and Bodrum’s diversity within its income and trade circles assures investor confidence. While tourism is the main income of the region, the industry has separated into separate niches such as sailing, luxury, health, spa, beach holidays and budget.
More importantly, it also appeals to a wide range of nationalities. Following a diplomatic incident with Russia, the Antalya region suffered highly when the Russian government banned all flights and package holidays to Turkey. Meanwhile Bodrum continued to thrive by hosting a variety of nationalities.
Interested investors might like to read our Bodrum blog posts to find out more about the area. Alternatively, if you want to invest in Bodrum, and would like more advice, call us today and chat with a local representative to find out more.
(Image Credit: Yalikavak Marina)