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Villas in Bodrum. Costs, Standards And Restrictions For Foreigners

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Bodrum is a premium location, a high quality mark. The lion's share of the local real estate market is occupied by villas either small, relatively budget or elite and ultra expensive. Let's look closely at this segment of housing: how to build villas, how much they cost and who buys them.

What is Bodrum?

Geographically, Bodrum is a peninsula in the southwestern part of Turkey, on the coast of the Aegean Sea. There is also a city of the same name. But when they talk about real estate in Bodrum, they mean not only the city, but also the surrounding objects.

In fact, the agglomeration includes several areas with their bays Turgutreis, Torba, Geltyurkbukyu, Gyumyushluk, as well as Yalikavak and Gundoan, especially popular among foreigners. The main city of Bodrum is 5-30 km away from each of them.

Each area on the peninsula has its own natural features. So, in the north, green areas with coniferous forests predominate, but the beaches here are either pebbly or concreted coastal zones. In the south, the beaches are sandy, and the vegetation is worse, less abundant.

The Turkish peninsula is bordered by water with the Greek island of Kos (from one point to another you can get by ferry in an hour). Therefore, some areas in Bodrum belong to the so-called military zones, which are protected border areas where foreigners are prohibited from purchasing real estate. The object can only be registered to a legal entity established in Turkey, but this requires additional financial investments and is accompanied by bureaucratic nuances.

In Bodrum, unlike Antalya and Alanya and other regions of Turkey, there is a restriction on high-rise construction. Seven-and eight-story buildings can only be hotel buildings, and residential buildings cannot exceed three floors by law. In some places there are four-story buildings meaning that according to the documents, the first floor is a basement.

There are complexes with apartments on the market, but mostly (more than 50%) in Bodrum, two-or three-storey villas are built, often combined into cottage settlements.

The view of the center of Bodrum
The view of the center of Bodrum. Photo: myhsu, CC BY-ND 2.0 license

Where to Build Villas in Bodrum

Most of the villas in Bodrum are located in the villages, which are called sites or compounds here. Usually they are fenced and have a security point at the entrance. Also, each of them has a management company that makes a budget for the year and determines the amount of the monthly fee for each owner. This amount includes cleaning and lighting of the territory, security, as well as maintaining the cleanliness of the beach, if it is in the possession of this compound.

If the villa is private and not part of the complex, the owner solves all these issues independently by looking for employees, gardeners, cleaners, up to the purchase of reagents for cleaning the pool. Or hires a manager for such purposes.

The development is rapidly expanding beyond the peninsula. So, there is already a complex of villas in the airport area, which is located 30-35 km from Bodrum. Despite the fact that it is geographically outside the resort, and belongs to another municipality Milas, people still generally consider this territory and call it Bodrum.

Also read:
Become a Property Owner in Turkey in 5 steps
Rights and Obligations of a Foreign Buyer in Turkey
Citizenship by Investment in Turkey

A Typical Villa in Bodrum

Traditional Bodrum villas are simple white houses built in the tradition of the Aegean style of architecture. The exterior decoration with natural stone is also popular. Occasionally there are high-tech mansions. What else do they have in common, other than their appearance?

In general, each villa has an outdoor barbecue area, a large terrace and or a balcony. In general, the street space is given special attention, as they spend most of the day there for ten months of the year eating, sunbathing, working, and relaxing.

Rooms in average villas are relatively small in size. But each house has several bathrooms: one bathroom in the master bedroom, another one or two shared use. Kitchens are usually open-plan.

In front of the villa there is a garden and a swimming pool, the area of which is limited only by the size of the plot.

Separately, it is worth noting the issue of cooling and heating. There are no central systems in Bodrum, and gasification has not reached the peninsula either. Therefore, when buying a villa here, you need to understand that the system will have to be created independently.

As a rule, buyers use VRF - an air conditioning system with moisture insulation and air circulation. The latter is mandatory, especially in the cold season, as the humidity is high in the winter months.

Luxury villa project in Bodrum
Luxury villa project in Bodrum. Photo: toInvestTurkey

How Much Villas in Bodrum Cost

In the Knight Frank report on the world housing price index, Turkish cities are leading the list: Izmir (+27.8%), Ankara (+27.2%) and Istanbul (+25.7%) for the year. International analysts have not studied the dynamics of prices in Bodrum, but Turkish consulting companies are closely monitoring the region. According to Endeksa estimates, over the past year, local housing has risen in price by 60% (!) to 11,500 liras (€1,100) per sq.m. The average transaction receipt in Bodrum is one of the highest among all resort regions of Turkey.

The most elite area of Bodrum is Yalikavak. This is what it became after the opening of one of the local marinas and the arrival of world brands such as Hermes and Louis Vuitton. 

This year, part of the marina is being rebuilt for the sake of new luxury brands that need certain conditions for opening.

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Resume

Bodrum is elite Turkey. The main share of the real estate market is private villas, the cost of which often reaches one or even several million. Despite the relatively high prices for Turkey, there is a demand for houses from both foreigners and local citizens.

Rent is also popular. In the pandemic, many residents of Ankara and Istanbul migrated here to sit out the quarantine in a spacious villa, and not in compact apartments. Now not only Turks come to Bodrum, but also foreigners: they are allowed to move freely on the streets and visit open places.

According to expert, prices for local properties are constantly growing due to huge demand. The resort is popular, because it is actively building up infrastructure like private colleges and network hospitals from the country's megacities come here.

 

Quoting conditions of Prian.info materials

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