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Bodrum and Fethiye: Demand for holiday homes on the rise

Thursday, August 7th, 2014 at 10:27am Engel Völkers

• Prices rises of up to 15 percent for holiday properties in the Fethiye region

• 7 million euros for premium residences in Bodrum

Hamburg/ Turkey. The market for holiday properties and second homes in Turkey remains on an upward trend. In the coastal regions around Bodrum and Fethiye, the Engel & Völkers Shops are registering an increase in the level of demand. Accordingly, prices for residential property in good and very good locations also rose significantly over 2013 in the first half-year of 2014.

In Fethiye and the surrounding area, prices for high-end properties have risen by 8 to 10 percent over the previous year. The upper price bracket for villas in very good locations has increased from 950,000 euros in 2013 to 1.1 million euros. On Kalamar Bay around the town of Kalkan, Engel & Völkers has witnessed price rises of as much as 15 percent. The most desirable locations also include Çaliş and Koça Çaliş in Fethiye, as well as the peninsula of Kaş. “At the moment we are seeing the highest demand focused on villas with sea views, in a Bauhaus style, for sale for around 500,000 euros,” said Kai Heiselmeier, Managing Partner of Engel & Völkers Fethiye.

Most buyer enquiries are from clients in German-speaking countries, although there is increasing interest for second homes in Fethiye and the surrounding area amongst clients from Scandinavian countries and from major Turkish cities such as Istanbul and Ankara. The region is a sought-after holiday destination, thanks to its direct location on the Mediterranean, its many sandy beaches, its strict building regulations whereby properties cannot exceed two-and-a-half storeys, and its good infrastructure with the nearby airport in Dalaman. “Fethiye is a long way off from being taken over by mass tourism and, compared to other holiday regions, properties here remain relatively low priced,” Mr. Heiselmeier added.

Bodrum: High-end real estate in high demand The average prices for villas in the prestigious city of Bodrum range from 500,000 euros in average locations to as much as 4.2 million euros in very good locations, whereby there is no upward price limit for truly exceptional homes here. The best addresses on the peninsula include Bodrum, which is flanked on both sides by the Turkish Aegean Sea, Paradise Bay and the town of Yalikavak, which affords views stretching as far as the Greek Islands. Up to 10,000 euros per square metre are being fetched for top-end freehold apartments directly on the coast. “Apartments and houses with direct access to the sea are in particularly high demand, as are properties with an individual style of their own and a large plot in a private setting,” said Heike Tanbay, Managing Partner of Engel & Völkers Bodrum.

The majority of buyers of holiday homes in Bodrum in the superior market segment are wealthy Turkish citizens, usually from Istanbul or Ankara. “Although we are registering an increasing number of enquiries from interested German buyers,” said Ms. Tanbay. New high-end developments such as “The Residences at Mandarin Oriental” pose great potential. As much as 7 million euros were reached on several occasions in 2013 for outstanding properties here.

Overview of residential property prices 2014

Fethiye and surrounding area

Locations Freehold Apartments (euros/sqm) Detached House (euros) Villas (euros)
Very Good 1,750-2,000 275,000-380,000 575,000-1,100,000
Good 1,100-1,650 175,000-225,000 450,000-575,000
Average 850-1,000 140,000-165,000 350,000-450,000

Bodrum

Locations Freehold Apartments (euros/sqm) Detached House (euros) Villas (euros)
Very Good 5,000-10,000 650,000-850,000 2,200,000-4,200,000
Good 3,000-5,000 400,000-550,000 1,000,000-2,500,000
Average 2,000-3,000 125,000-250,000 500,000-700,000

 Captions:

(Source: Engel & Völkers)
1. This modern villa with sea views and an outdoor pool is located in the fishing resort of Kalkan. It is on the market for 920,000 euros. The approx. 360 square metre living area comprises five rooms and a roof terrace.
2. Spanning some 488 square metres, this large villa is set in one of the finest locations in Bodrum with beautiful views overlooking the port and the bay. The sale price for this property, which was carefully renovated in 2010, is 3.5 million euros. Press Information

For further information please contact:

ENGEL & VÖLKERS AG Princess Wittgenstein Head of Global Corporate Communication Stadthausbrücke 5 20355 Hamburg Germany Phone: +49 40-36 13 11 20 Fax: +49 40-36 13 12 35 Bettina.Wittgenstein@engelvoelkers.com

About Engel & Völkers:

Engel & Völkers is one of the world’s leading service companies specialised in the sale and leasehold of premium residential property, commercial real estate and yachts. With its licence system, Engel & Völkers is the only Germany-based firm to rank amongst the top 100 franchise companies in the world.* Around 530 residential property shops specialised in high-class real estate and 59 commercial offices brokering office, retail and industrial space, investment properties, multi-purpose apartment and office blocks and property portfolios offer both private and institutional clients a professionally tailored range of services. Leasing, sales, consultancy and valuations form the core competences of the staff of around 4,900 employees. The Company is currently operating in 38 countries on five continents. Intensive training schemes in its in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the Company’s success. In 2012, Engel & Völkers was named the most valuable property brand in Germany in the category “Property broker” by the European Society for Real Estate Brand Observation (EUGIMB). * Source: Franchise Direct “Top 100 Global Franchises Ranking” 

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