The Bodrum Property Market – New York Times Interview
Roxan Popescu, writing for New York Times, has interviewed Turkey Homes Director Mr Tolga Ertukel in regards to the rising interest in the luxury Bodrum property market. Full article by New York Times is here.
In 2018 the Turkish Lira took a nose dive with property prices in many areas of Turkey also dropping, however, the St Tropez of Turkey, the Bodrum Peninsula, managed to avoid this trend, especially the high-end luxury Bodrum real estate market, says Turkey Homes Director and founder – Mr Tolga Ertukel.
One reason for this is that the Turkish Government lowered the threshold for buyers seeking Turkish citizenship when buying property in Turkey, where previous buyers were investing $1m (US Dollars) to secure the citizenship status, Mr Tolga Ertukel says that since the threshold has been lowered to $250,000 enquiries from prospective Bodrum property buyers have risen dramatically especially from overseas buyers, with an increasing number over the last 5 years from the Arab nations though they are also buying in Istanbul, Izmir and Antalya.
Another reason is that VAT was recently abolished for foreigners purchasing newly built real estate in Turkey, thus saving a huge chunk of well earned cash.
Where to Buy Property in Bodrum
One of the top areas where Bodrum property prices remain at the top of the scale is Yalikavak, located on the north western tip of the peninsula, home to Palmarina, which was completely renovated a few years ago to one of the most trendy marinas on the Turkish coastline, attracting famous names on luxury yachts from all around the globe, a very lucrative area in terms of rental yields if you seek to buy investment property in Bodrum.
Despite this influx of foreign buyers in Bodrum, the peninsula still sees more Turkish buyers, the favourite for wealthy Turks being the area of Turkbuku, on the north eastern tip, where again the rental yields are high from discerning Turkish visitors.
Bodrum Town, the very heartbeat of the peninsula, has been a favourite for both Turkish and foreign buyers for many years, especially amongst the trendy younger buyers with its vibrant nightlife, cosmopolitan feel, busy harbour and its excellent shopping facilities and yet again Bodrum Town rental yields are high.
Bodrum Property Prices
Mr Ertukel goes on to say that Bodrum property prices in the above mentioned areas, if looking at a high-end luxury property, start in the region of 1.5m Euros, however, this can double if you are in search of sea front property in Bodrum, though much lower prices can still be found in other areas of the peninsula for those with a more humble budget, however, gone are the days of finding a property in Bodrum with a bargain price tag.