Bodrum real estate, which has always been one of the top destinations for Turkish second home buyers, saw its bargain overseas property status shining bright from 2002 to 2007. In this narrow time span of 5 years, overseas home buyers could not buy enough property in Bodrum. Encouraged by this strong demand for Bodrum holiday homes, developers built many apartment and villa complexes along the hills of Gumusluk, Torba, Yalikavak and Bodrum Town itself. Bitez, Ortakent and Yahsi areas were always restricted to foreign purchase thus stayed less developed.
Effect of 2007 - 2008 era on Bodrum property market
With the slow down in the global markets come 2007-2008 financial crises, Bodrum property market started tailing off. This left a great number of off plan and new build projects unsold and somewhat of a surplus to demand. To make matters worse, several international agents, including Parador Properties of UK now declared insolvent, sold cheap apartments on the outskirts of Bodrum to non-suspecting property investors with all sorts sof wrong promises such as golf courses, marinas, promises of high returns basically. Hardly any materialized in the years that followed. This left a bad taste in many investors' mouths.
What happened to the oversupply to market?
Years 2008 - 2011 saw this somewhat surplus stock slowly melting away, some with discounts to market. At around late 2011, we started seeing a different type of activity in Bodrum. Instead of cheap and cheerful apartments in similar complexes, we realized that a different type of overseas buyer started showing interest in Bodrum properties. In 2012 alone we sold 6 villas in Bodrum with price tags in excess of GBP 1.2m. The common attributes of these villas were seafront locations and their exclusive profiles. At the same time we noticed an increase in sailing and boating activities in the area. before long we put the picture together - Bodrum was slowly being seen as an alternative to places like St Tropez of France.
Bodrum going posh
Then came the modernization of Yalikavak marina in 2012. Millions of Dollars were invested in Yalikavak marina development project within a time span of 6 months. Planning in the area got frozen with a view to refining construction laws. Mandarin Oriental opened their Euro 1,000 a night boutique hotel in the summer of 2012 together with multi-million Euro residences for sale. Countless international celebrities, Jaggers, Prince Charles of the UK, Abramovich and crew, to name but a few attended nighclubs and openings of restaurants, shows.
So, Bodrum is coming back with a vengeance. It is going up-market and property for sale in Bodrum is changing its look, its image into something more stylish, more contemporary. Price tags are beginning to increase again and we are seeing an increased number of exclusive homes for sale in Bodrum.
Where should you buy a property in Bodrum and why
So, where to buy property in Bodrum? If you are looking for year round buzz and busy street-life, then head to Bodrum Town. If you are looking for a more tranquil place with some of the best sunsets in the world, then look no further than a home in Yalikavak, Bodrum. In addition, we tip Yalikavak to be the next big brand in Turkey so investment potential is very high indeed. Get in before prices soar.