Regional guides
Bodrum property market strong
A fishing village until the early 1970s, Bodrum is now one of Turkey’s largest and most cosmopolitan resorts
Covering an area of 649 square kilometres, the town is situated on the country's Aegean coast and holds a unique history that stretches back 2,000 years. Located between Europe, the Middle East, Asia and the Black Sea, Bodrum is home to one of the Seven Wonders of the World – the tomb of Mausolus who ruled on behalf of the Persians from 377 to 353 BC. More recently Bodrum has become a tourist mecca attracting hundreds of thousands of European and domestic holidaymakers each summer.
Renowned for its bougainvillea-splashed sugar-cube houses and vibrant nightlife, Bodrum also boasts excellent restaurants, a great museum and various local markets selling food and clothing, which run throughout the week. There is little humidity on this stretch of the coast, with the summer heat tempered by sea breezes and the sun often shining continuously from May to October. Winters in Bodrum are also mild and because of these pleasent year-round temperatures, the resort is more than a one-season town and attracts visitors throughout the year, aided by Bodrum's international airport, which is well served by charter flights, making access from the UK easy.
Bodrum's skyline is dominated by an imposing Crusader Castle which overlooks the harbour and the international marina. Beyond the town itself, much of the Bodrum peninsular is carpeted in olive groves and ringed by smaller resorts, beaches and new marinas at Turgutreis and Yalikavak.
The New York Times has labelled the Bodrum Peninsula the 'St Tropez of Turkey' and with an international airport, Blue Flag marina, vibrant nightlife and quality property opportunities, it's not hard to see why. "Unrivalled sailing, proximity to Bodrum International Airport, access to the massive rental market that flocks to this beautiful region every summer – recent reports suggest that winter charter flights between Bodrum and UK/Germany may be introduced this winter (Property Investor News: September 2007) – and the restriction of development in the region which will limit future supply all point to one of the best investment opportunities currently available anywhere in the world," says Julian Walker from Spot Blue.
Indeed, Bodrum is one of the most popular coastal regions of Turkey, attracting visitors not only with its own charms – including stunning scenery, a bustling and varied shopping area, quality dining opportunities and varied leisure facilities – but those of smaller resorts nearby. The resort towns of Yalikavak, with its Blue Flag marina, ever-popular with the yachting fraternity, and Gumusluk with its widely renowned seafood restaurants, are increasingly popular with overseas tourists, as is Bargylia, which, Jane Griffiths from Regnum Ltd describes it as being "unlike other areas of bustling Bodrum, designed to reflect peace and relaxation."
Knight Frank's latest research on European residential markets suggests that the Turkish residential market will outstrip many European property markets this year, noting that prices will rise 12.5 per cent on average. This significant nationwide property price increase is representative of property in Bodrum, which is in great demand from both domestic and international buyers and looks likely to go from strength to strength in the near future. "Demand for property is likely to remain strong, particularly as the area's infrastructure and facilities – like the new golf courses – continue to develop," agrees Dominic Whiting, editor of Buying in Turkey.
There are a number of golfing projects being planned over the next few years, which will attract many new buyers to Bodrum's expanding property market but due to strict building regulations there is little threat of over-development ruining the surroundings. "There is a two-storey height restriction on buildings here, helping to preserve the area's
character" says Phil Brooks from Brooks Global Property. This restriction on new builds will also limit future supply and create great investment opportunities for those who already own property in the region or those who buy in the next few years. And those that are looking to buy in Bodrum have a wide variety of options to choose from. "The choice of property is some of the best on the Turkish Riviera," says Whiting. "Sea-view apartments and villas are available in many areas thanks to local building regulations
and the area's steep, hilly topography."
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