Home Searching in Turkey: A Spruced-Up Olive-Oil Manufacturing facility for $1.eight Million
Recognition…Engel & Volkers Bodrum
The ancient city of Milas “is a very prominent summer vacation destination,” said Ms. Tanbay, although this house is in a quieter area. The Aegean coastal town of Iassos, with 4,000 year old historic sites in its old quarter, is a 30-minute drive and Milas-Bodrum Airport is around 20 minutes. The Aegean port city of Bodrum with around 30,000 inhabitants is 30 miles southwest.
While there is no centralized database for real estate transactions in Turkey, the Central Bank of the Republic of Turkey’s residential property price index recorded impressive growth in September 2020, with a monthly increase of 1.6 percent and an increase of 27.3 percent over the previous year. In the region, which also includes Mugla Province, prices rose 36.3 percent year on year. This makes Turkey one of the top performers in Turkey.
However, the higher prices assume some devaluation related to the poor performance of the Turkish Lira, the worst-performing currency in the world in 2020. “After a huge boom that lasted until around 2013, the real estate market has been in decline for five or six years and transactions have declined dramatically in the past two years,” said Ali Onuk, managing partner of Aon Invest, a real estate consultancy in Istanbul. At the same time, the declining lira has “made real estate more affordable for foreign buyers, and demand in the A + segment, USD 3 million and more has increased.”
Prices in Turkey vary widely depending on the type and location of the property, said Neli Devidas, a realtor at Keller Williams Platinum in Istanbul. Homes and apartments can range from around $ 140 per square foot in central Istanbul to more than $ 750 per square foot for units in high-end brand developments that are popular in Turkey, she said. In the popular seaside town of Bodrum, branded residences range from $ 370 to $ 560 per square foot. Homes in the area start at $ 185 per square foot.
Bodrum has long been the most expensive real estate market on the Turkish coast and “prices in these areas are still rising due to Covid-19,” added Ms. Devidas. “Turks want to move from cities to houses or villas with their own gardens. That’s the trend right now. “
The migration has helped stimulate other market segments. “For three years we struggled to sell a luxury townhouse and villa development about 20 minutes outside of Istanbul,” said Ms. Devidas. “Now they have sold out quickly because of Covid and prices have already risen by more than 10 percent.”