Turkey delights

Turkey’s Aegean coastline is loaded with bays, beaches, villages and the azure sea that lures locals and foreign visitors to its shores. The peninsula of Bodrum, incorporating the eponymous town and a raft of quieter villages that dot the 174-kilometre coastline, is one of the most popular areas along this stretch of coastline for both holidaymakers and second-home buyers because it offers something for every lifestyle. Bodrum itself is a bustling, vibrant town, and its near-neighbour Gumbet is famous for its bars and nightlife, while just a short drive away are a host of more sedate, traditional villages along the peninsula. The driving force behind Bodrum’s popularity is no doubt the weather and the natural beauty of the Aegean Sea, but easy accessibility and continued improvements to the infrastructure and facilities have maintained its elevated position on the international property ladder. Adam Godwin, marketing director for Dream Homes Worldwide notes the new international cruise line terminal, the biggest golf resort in Turkey – Vita Park - due to open in June this year, and of course Bodrum’s international airport, which is to get a second terminal to cope with demand, as just some of Bodrum’s upcoming attractions. And in the future “factors such as the widening of the mortgage market, expansion of low-cost airline services and a steady course towards EU membership will only push this region’s popularity even higher,” he says. Dogan Nadi, managing director of Seaside Properties Turkey says capital returns can be even higher if you choose to buy land and build on it, and believes annual rental returns of five to ten per cent are achievable in Bodrum. “Bodrum is a big peninsula and there are more than 20 holiday locations from which to choose property. For a sea view, good quality apartment prices start from £50,000, although there are some villas with a private beach and wharf for up to around £2 million to £3 million,” Nadi says. Bodrum town is at the hub of the peninsula. As a long-established resort with its own airport it is used to the presence of the Turkish holiday elite, and is equally welcoming of the growing number of international visitors and settlers. The town draws on its historical pedigree as the site of one of the Seven Wonders of the Ancient World, the Mausoleum at Halicarnassas, as well as boasting the prominent castle of St Peters and the Bodrum amphitheatre. Dominic Whiting explains that “local planning controls limit the height of building but there has been a lot of development – some would say overdevelopment - in recent years, which makes choosing a decent quality property in a good location essential if you intend to rent or resell.” Secret Garden estate agency has a very large property for sale in Bodrum with views of the castle and the bay from the roof terrace for £225,000. Helen Owen, the owner of Secret Garden says the new owner could add value to the property through refurbishment, a strategy she would recommend in Bodrum. “If I have clients looking for investment properties I would advise them to buy pretty much anything in Bodrum town right now and add value to it by refurbishment and decoration,” she says. “More and more people, from all over the world, are looking to live here 12 months of the year and want to be central - where they have warm weather in the winter, all the facilities on tap and low requirements for buying our very expensive petrol.” Spot Blue is selling a range of apartments and villas around five minutes’ drive from the nightlife and facilities of Bodrum and a short distance from the beaches of Bitez and Gumbet from £60,000. Alongside Bodrum, Spot Blue’s Julian Walker says some of the most popular places to buy include Gulluk, Yalikavak and Tuzla. The small fishing port town of Yalikavak used to be the main sponge fishing port and now boasts a sensitively developed seafront promenade and town centre. Many properties for sale in Yalikavak have sea views and local prices have risen sharply on the back of strong demand. Harmony Homes has two-bedroom apartments at the Deep Valley development available from £72,000 and large three-bedroom duplexes with huge terraces for £115,000 to £200,000. Seaside Property Turkey has a six-bedroom villa for sale in the town, with a pool, terraces and views of the mountains and the sea for €500,000 (£390,000). Alternatively, Buying in Turkey recommends three- and four-bedroom detached villas set around large landscaped gardens at the Waterside Villas development in Yalikavak from £225,000. The historical heritage of neighbouring Gumusluk - it is part of the site of the ancient harbour city of Myndos - has protected it from overdevelopment thanks to strictly enforced building, and the sleepy village retains its original charm as well as boasting excellent waterside restaurants. Seaside Property Turkey has a three-bedroom semi-detached villa property for sale in Gumusluk with patio, terrace and sea views and within walking distance of the beach from £93,500. Gulluk is a picturesque village with a long sandy beach and new marina due for completion in 2009, all just 15 minutes from the international airport and half an hour from Bodrum town. Dream Homes Worldwide is selling a selection of one-, two- and three-bedroom apartments at the Flip Flops development from £40,000, which includes a furniture pack. Alternatively, Olive Tree Apartments overlook the hidden coves and hillsides of Gulluk, and the two-bedroom properties have two terraces or balconies, starting from £75,500, with completion expected in June 2008. Dominic Whiting believes the best bargains on the peninsula are in the Tuzla area - near the airport and two new golf courses opening later this year - where property offers value with good potential for rapid capital growth as the area develops. “Several large developments are underway in Tuzla,” he says, “with one-bedroom apartments available off-plan from under £49,000, or villas from £140,000. Most of the developments have good on-site facilities, which are important as Bodrum town is a 15-minute drive away.” The process of buying property in Turkey is relatively straightforward and UK nationals can buy most types of property in the country (aside from in military zones) on a freehold basis. Usually a deposit is required to secure the property and a contract is signed that includes the payment plan and purchase conditions. The local land registry office carries out a search for any restrictions that may prevent foreign nationals from owning the property and once the application is passed by the Turkish military (the process usually takes eight to 12 weeks), the contracts are signed at the registry office. Property buyers can nominate a representative with power of attorney if they are unable to attend. The costs involved include three per cent stamp duty, which is shared between property buyer and seller, solicitors and notary fees and a three per cent estate agents fee. Foreign property buyers only pay capital gains tax on a 15 per cent sliding scale if they sell the property within five years, otherwise they are exempt.