Insight – Bodrum, Turkey

The Bodrum Penisula attracts a global mix of tourist visitors, investors and those wishing to make a life under the Turkish sun. With Turkish Lira dropping by almost 50% in 2018, for those wishing to take advantage of this emerging and exciting market, there’s really never been a better time.

Economy

In an interview with Forbes in June 2018, Turkey’s Minister of Economy stated ‘Turkey’s economy is extremely resilient and has been growing year on year a trend we very much expect to continue’. Gross domestic product output rose 5.2% during the three months through June from a year earlier, in line with the median estimate of 5.3 percent in a Bloomberg survey, putting the region at the forefront of it’s peers.

Unemployment has dropped by 16% in 2018, with minimum wage rising as the country’s economy rises.

The Turkish Lira has almost halved in value over the past 12 months, making investment incredibly attractive as properties are available at significantly discounted prices. Michael Byrne of Benoit Properties says “For investors wishing to enter a thriving market at a great entry price, Turkey really does offer a great opportunity. The currency advantage offered by the lowered Turkish lira gives investors what we believe is an excellent opportunity for capital growth in the mid and long term, alongside attractive rental yield”.

Tourism

Bodrum is an ever popular tourist destination, with the number of visitors the region up by 34% to 550,000 in the first six months of 2018 in comparison to the same period in the previous year – and the town expects to welcome around 1.1 million tourists throughout the year.

Home to Turkey’s first high capacity Mega Yacht Marina with the capacity to hold super yachts up to 135 metres in length has changed the face of tourism to the area, with more upmarket restaurants and bars opening to accommodate this new breed of visitor to the area.

Culture

Bodrum is home to some world class architecture. Following the installation of the Yalikavak Marina, construction companies kept up with the expectations of the area by employing some of the world’s leading architects to design homes and buildings that are in keeping with Turkish Riviera feel.

Bodrum attracts the elite well off Turks of Istanbul that provides them with a very resilient and strong domestic property market to invest in, complimented by internationally recognised brands which have flooded in in recent years. Mandarin Oriental, Hilton, Jeremiah, Niki beach, Paramount, Kampenski, smart shopping malls with Versace, Armani etc, International schools , spas and golf clubs are adding to the appeal.

Property Prices

Thanks to the huge down valuation of the Turkish Lira, property prices in Turkey are exceptionally attractive to overseas investors. Benoit Properties have high specification property available in the region from just €47,500.
Thanks to investment in the area, Bodrum is appealing to not just non resident investors, but also to the elite of Istanbul, who are looking to migrate to the area for more space and a laidback lifestyle; Bodrum is now coined
‘the furthest suburb of Istanbul’ with eight year round direct flights per day and being reached within one hour. This dual interest in the region assures buyers of liquidity in their investment.

Michael Byrne of Benoit Properties sums up “Bodrum really is an exciting investment. It’s a region that is very much garnering more and more interest, while still offering greatly reduced entry rates thanks to the currency advantage. To me, it sums up everything an emerging property hotspot should be”.

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