Why Buy Property in Bodrum?
The cosmopolitan city of Bodrum on the Aegean coast is attracting a new kind of foreign investor to property in Turkey. While resorts on the Mediterranean coast and much of the Turkish Riviera has seen homes sold to moderate buyers from the UK, Germany and the Netherlands, Bodrum is tipped to be the new Istanbul when it comes to foreign investment. Istanbul has been enticing wealthy business moguls for years, with multi-million pound cityscape apartments that overlook the Bosphorus river and are the perfect location for anybody doing business in Turkey. Bodrum on the other hand, has the multi-million pound properties, with a very different lifestyle attached to it. Istanbul is the place to do business, Bodrum is the place to do pleasure for the elite.
1) Yalıkavak and Palmarina
Formerly the Bodrum area’s main sponge fishing port, Yalıkavak is considered to be the most elite village on the peninsula. Located just 18km from Bodrum, the village has a bustling centre, particularly on market days and it boasts two blue flag beaches. Yalıkavak is well known for its attractive beach life and even the main stretch of town has a long section of sand which is perfect to relax on after a day of haggling at the local markets. The town centre is surrounded by hills which offer incredible views of the town and the nearby coastline, views that have been attracting investors from all over the world.
In 2012, Bodrum became the home of one of the glitziest and most glamourous ports in the world; Palmarina. After $45 million was spent on creating this brand new area, creating a space of high-end eateries and shopping outlets, the Bodrum Peninsula was put on the map as the new fashionable place to holiday and that reputation hasn’t slowed down since. Just a short stroll from Yalıkavak, Palmarina offers anybody with fame, fortune and fashion exclusive days and exceptional nights at every step. Surrounded by five star hotels, members clubs and mega-yachts, Palmarina has paved the way for Turkey to be considered a top choice with rich holiday makers and multi-million pound investors.
Despite the development of the elite Palmarina, Yalıkavak has managed to retain some of its elegance and charm and is still one of the least developed villages in the area, which is why it attracts those who want to stay away from the crowds and out of the spotlight. It is one of the most picturesque spots on the peninsula, with lush green vegetation and glistening turquoise seas.It is surely the combination of this quaint, traditional Turkish village and it’s rather neat step into the contemporary that attracts property investors and it is no surprise that property prices are on the increase here.
Thanks to the investment in Palmarina, Yalıkavak has become home to some of the most expensive and sought after properties in Turkey outside of Istanbul. Elite villas are being built on private complexes, perfect for those who want to stay out of the public eye and these villas are all about luxury, with floor to ceiling windows, offering panoramic views of the sea, jacuzzi bathrooms and private infinity pools.
Take a look at one of our very own Aegean Blue villas for sale in Yalıkavak, as recently featured in the Sunday Times. Just 300m from the beach and priced at just €800,000, luxury could be yours at the click of a button!
2) Sailing with Luxury Boats
You can’t have a high-end marina worth tens of millions of dollars without some luxury sailing boats and that is exactly what you will find at Palmarina. Some of the yachts moored here will simply take your breath away with their opulence and splendour. If you are a mega-yacht owner yourself, Palmarina is the perfect place to house your boat, alongside the yachts of millionaires and billionaires. If you don’t own your own, Palmarina can offer you a yacht to hire, giving you the freedom to explore the stunning Turkish coastline at your will.
There is nowhere better in Turkey to begin a sailing adventure. Turkey has thousands of miles of coastline and Bodrum is the first major port south of Istanbul as well as being the perfect gateway to the Greek islands. With picturesque islands such as Kos, Kalymnos and Leros just a stones throw away, not to mention the short cut across to the Datça Peninsula, Bodrum is simply heaven for anyone in love with sailing. Own a property anywhere in Bodrum and you will find yourself shopping for a yacht if you don’t already have one!
3) Luxury Shopping and Designer Brands
Palmarina was built with the full intention of attracting people with money and it wasn’t just the yachts that started sailing it, so did the fashion conscious. Supermodels such as Kate Moss and Naomi Campbell were the first to put their name to the elite, high-end holiday atmosphere in Bodrum as they were spotted out shopping at Palmarina while staying at an exclusive health resort just outside the city.
The type of investors interested in Bodrum, particularly in Yalıkavak and Palmarina, has attracted the world’s most famous fashion and jewellery designers to the west coast of Turkey. Palmarina in Bodrum is now considered the go to place for designer brands outside of Istanbul. Armani, L’Occitane, Tommy Hilfiger and Diesel have all invested in outlet space at the marina alongside Turkish designers and international brands such as Sunglass Hut and Samsonite.
4) Luxury Food and Nightlife
It is not just the fashion designers that are cashing in on the success of Palmarina and the money that the area is attracting. Bodrum is now home to some of the most exclusive eateries in Turkey, not to mention some of the trendiest bars and beach clubs, members only, specifically for those with a full wallet of cash! Nobu, the international Japanese restaurant, part owned by Hollywood actor, Robert DeNiro, is now a dominant fixture on the marina, in prime position right by the water. The restaurant even sports a seawater pool for its guests. Just a few footsteps away is the equally popular and highly competitive Zuma, also offering fantastic Japanese food. Top notch Italian food can be found at Mezzaluna and Sait offers some of the best seafood in Bodrum.
Nightlife is massively important in Bodrum, but particularly at Palmarina where the clubs are exclusive. Known for attracting a global jet-setting crowd, the world famous Billionaire Club is more than present in Bodrum. The club features a 700 square metre pool and hosts world famous DJs. The club is now a prestigious brand and a synonym for glamour, quality and uniqueness, having hosted celebrities such as Heidi Klum, Mike Tyson and actor Denzel Washington. The owner, Flavio Briatore, who has also opened Billionaire Clubs in Istanbul, Monaco, Marbella and Sardinia, wanted to open a club in Bodrum that would bring an energy and buzz to the Turkish Riviera.
Briatore’s club is not the only one of its kind at Palmarina though, others followed suit once the clientele began flooding to the Bodrum shores. Club Monaco is exclusively for the use of any mega-yacht owners using Palmarina to moor their boats and Club Xuma offers a more relaxed vibe with garden lounging, a wide range of water sports and fantastic on the spot massage. Not only is Palmarina attracting heavily financed property investors to the area, it has increased the popularity and the property market all over Bodrum. The more investment there is in the area, the more of these exclusive clubs and restaurants start to appear.
5) Invest in Tourism
Yalıkavak is not the only area of Bodrum worth investing in. While Yalıkavak and Palmarina are attracting the rich and famous, Bodrum itself remains one of the most popular holiday resorts in Turkey and there are fantastic investment opportunities all over the city. Bodrum’s beautiful coastline and wonderful climate are just two of the reasons why real estate is growing in demand across the area.
Tourist activities are increasing all of the time in this part of Turkey and Bodrum is perfectly situated on the west coast with fantastic access to many attractions such as Ephesus and other beach favourites like Kuşadası, Datça and Marmaris, which are all within a two hour drive of Bodrum. The demand for all inclusive hotels is also on the decline, with families opting to rent classy apartments and villas as a more affordable alternative, providing property owners with a huge incentive to invest.
Many people are buying apartments in Bodrum as an investment rather than as a personal holiday, as the rental capacity in this area is offering exceptional return. The city has some fantastic neighbourhoods such as Gumbet, Ortakent and Turgutreis which offer a different experience from the busy city centre, all of which are popular with tourists. Outside of the trendy and glamourous Yalıkavak and Palmarina, Bodrum attracts young families who look for competitive rates for large villas with two or more bedrooms. While these families may not be able to afford the luxury of the elite, they are willing to spend their money on attractive and comfortable properties where they can enjoy their own privacy and spend quality time together. This is a market for investors that should not be overlooked.
6) A Huge Range of Investment Opportunities
Property investment in Bodrum is a growing market. Thanks to the development of Palmarina, property prices in the area have increased by 30% in the past few years. But Bodrum speaks to all kinds of investors. Yalıkavak is certainly attracting million pound investment, with many luxury properties appearing across the stunning hills, but those looking to buy property in Bodrum may be surprised to find that there are also affordable properties available.
In Yalıkavak itself, Turkey Homes is currently advertising four properties in this trendy neighbourhood for less than £100,000. Take a look at this moderately priced, private, detached 3 bedroom villa on a complex of 24 luxury villas that offer 24 hour security, a large swimming pool and private parking.
At the other end of the spectrum, £2 million will buy you a private luxury villa located just 100m from the sea with 4 bedrooms and 4 bathrooms, an open plan living area with stunning stonework flooring and a state of the art kitchen, all set amongst manicured gardens with a coastal view.
Gokcebel, just a 10 minute drive from Yalıkavak, offers properties in an area that can share in the glamour of the Palmarina glitz, while being far enough away that the prices for private villas come in at slightly less. Take this stunning 3 bedroom, semi detached villa in an area of Gokcebel that lacks mass tourism and retains the local charm. The gardens here are maintained and this particular property overlooks the communal pool and sun terrace which offers incredible panoramic views across the bay. All of this for less than £200,000!
With a huge variety of properties on offer in the Bodrum area, now is the time to act if you are interested in investing. Property prices in the fashionable neighbourhood of Yalıkavak are still on the rise and as a result, the surrounding villages are starting to see a rise in property prices now too. Take advantage of this growing market and get in touch with us today to find out what we have on offer in your price range. Turkey Homes can help you find the perfect investment in a property that will bring you pleasure and a fantastic return!