Are you planning to acquire real estate in Bodrum? If so, you are not alone! Thousands of people worldwide are attracted to Bodrum’s serine environment and dream of buying luxurious villas that face the sea.
But before buying a Bodrum-based property, it is vital to understand some aspects of the real estate market in that area. This article gives a clear picture of Bodrum’s property market to help you make informed investment decisions.
Types of Properties in Bodrum
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The Bodrum real market features various types of properties. You will find charming villas with breathtaking sea views and modern apartments ideal for small families or individuals looking for comfortable, low-maintenance homes.
Besides, ready-made properties, Bodrum’s real estate offers land plots for individuals planning to develop their dream homes from scratch.
Rent or Buy?
Before investing in Bodrum’s real estate, you need to consider whether to rent or buy a property in this coastal town of Turkey. Experts recommend purchasing a Bodrum-based property and then renting it, given the growing demand for holiday homes.
However, if you are not planning to stay in Bodrum for a long time, renting becomes a better option.
Property Prices
Buying a Bodrum property will cost you roughly $4,300 per square meter, according to the Central Bank of the Republic of Turkey’s data. This figure means that Bodrum’s housing prices are 58% cheaper than in London and Paris.
If you want to live in expensive and lavish homes in Bodrum, you might want to visit Türkbükü, Yalıkavak, and Gümüşlük. As for affordable units, you will find them in Gündoğan, Ortakent, and Göltürkbükü.
Is Buying Property in Bodrum a Good Investment?
According to the Fragile State Index, Turkey is now a considerably stable nation. Moreover, GDP forecasts conducted by the IMF in 2023 showed that Turkey’s economy will likely grow by 14% over the next five years.
That said, investing in Bodrum’s real estate now seems to be a good thing, considering that a growing economy typically results in increased income for citizens, thus boosting demand for properties. Furthermore, when demand for real estate increases over time, you can expect a positive return on investment in the coming years.
How to Buy Property in Bodrum
Here is a step-by-step guide to buying a Bodrum-based property:
1. Conduct research on available properties and understand market trends in Bodrum.
2. Work with a trustworthy real estate agent to help you find your ideal home.
3. Take a look at all properties that align with your specific needs.
4. Once you find your suitable home, check its title deed to ensure there are no legal battles over the property.
5. Survey the property to make sure it is in good condition.
6. Submit your bid to the seller with the help of your agent.
7. Enter a sale agreement with the property owner and make a down payment.
8. If you are a non-Turkish citizen, obtain a military clearance from the Land registry.
9. Pay title deed transfer charges and the remaining balance on the property.
10. Receive the new title deed bearing your name and move into your new Bodrum property.
Where Can You Find a Property for Sale in Bodrum
Here are the platforms that list Bodrum-based properties.
Property Turkey: This website lists all types of properties in Bodrum and other cities in Turkey like Antalya and Istanbul.
Turkey Homes: You can hire a professional on the Turkey Homes website to guide you through the property-buying process in Bodrum.
Turk Estate: Most of the properties listed here are villas, commercial buildings, apartments, and penthouses.
Turkey Expert: Like Turkey Homes, the Turkey Expert platform gives access to hundreds of qualified real estate agents who help clients find their ideal properties seamlessly.
Conclusion
The growing Turkish economy is a good sign that the Bodrum property market will continue witnessing a high demand over the coming years. But before buying a property in this town, we recommend doing your due diligence to avoid falling victim to scammers.