Investment in the Turkish port city and region of Bodrum continues apace, with no immediate signs of a slow-down in a country where the long-term trends appear to be clearly positive.
It’s now a full ten years since the Turkish government came up with a law allowing foreigners to invest in property for sale in Bodrum. Coming from a somewhat protectionist history, the law was a significant step, albeit with conditions attached, such as approval from the military.
All of that detail would have been so much small print to the average foreign investor and there has been a steady increase in the investment levels over the intervening years. The further legal change permitting foreigners to use Turkish lending institutions in 2008 has helped somewhat and the charge of the outside investors buying properties in Bodrum is led by the British, followed by German nationals and a posse of other nationalities, including Greek, Irish and Dutch buyers.
With its optimum mixture of physical beauty, high culture and coastal resort, Bodrum is a superb location for second home - something that Turkish buyers have realised long before external buyers were allowed in.
Whilst the town is small (roughly 35,000 at the last census), the surrounding areas bring it up to just under 140,000. In other words, a medium-sized town with good services, a thriving tourism industry and three local marinas with a combined capacity of 1,300 berths.
Bodrum property for sale is still offering good value with 2-bed apartments close to the harbour fetching in the region of €100,000 and three-bed houses on the outskirts being offered at between €80,000 and €120,000. Better value is to be found the farther away from the coast you go and the local property taxes are in the region of 0.2%.
The impressive growth rate of 12.2% from 2012 to 2013 looks set to continue for the foreseeable future, given the country’s general economic indicators and a future entry into the EU that seems, at this point, to be an inevitability.