Home hunt in Turkey: olive oil factory renovated for $ 1.8 million
The ancient town of Milas “is a very important summer vacation destination,” Ms. Tanbay said, although this house is in a quieter area. The Aegean coastal town of Iassos, with 4000-year-old historic sites in its old quarter, is a 30-minute drive away and Milas-Bodrum Airport is approximately 20 minutes. The Aegean port city of Bodrum, with around 30,000 inhabitants, lies 30 miles to the southwest.
Although there is no centralized database for real estate transactions in Turkey, the Residential Real Estate Price Index of the Central Bank of the Republic of Turkey recorded impressive growth in September 2020, with a monthly increase of 1.6% and a year-over-year gain of 27.3%. . In the region that includes Mugla province, prices rose 36.3% year-on-year, making it one of Turkey’s best performing countries.
But the rise in prices belies some depreciation linked to the poor performance of the Turkish lira, the worst performing currency in the world in 2020. “After a huge boom that lasted until 2013, the real estate market has been in decline for five or more years. six years. , and transactions have dropped significantly over the past two years, ”said Ali Onuk, managing partner of Aon Invest, a real estate consultancy in Istanbul. At the same time, the sagging pound has made real estate “more affordable for foreign buyers, and there is greater demand in the A + segment, $ 3 million and above.”
Prices vary wildly across Turkey depending on the type and location of the property, said Neli Devidas, real estate agent at Keller Williams Platin in Istanbul. Homes and apartments can range from around $ 140 per square foot in central Istanbul to over $ 750 per square foot for units in high-end branded developments, which are popular in Turkey, has t she declared. In the popular seaside town of Bodrum, branded residences range from around $ 370 to $ 560 per square foot, with homes in surrounding areas starting at around $ 185 per square foot.
Bodrum has long been the most expensive property market on the Turkish coast, and “prices in these areas continue to rise due to Covid-19,” Ms. Devidas added. “The Turks want to leave the cities to settle in houses or mansions with independent gardens. This is the trend right now.
The migration has enabled other market segments to be relaunched. “For three years, we had difficulty selling a development of luxury townhouses and villas about 20 minutes from Istanbul,” Ms. Devidas said. “Now, because of Covid, they sold out quickly and prices have already gone up by over 10%. “