Bodrum Tipped As Double Rental Prospect

It has been stated that the Turkish Aegean Peninsula of Bodrum provides a dual incentive to investors.

Both buyers and investors hoping to rent out property can benefit from the fact that the area boasts both a domestic and an international market for tourist rentals.

This is due to the fact that the peninsula is the preferred Turkish holiday destination not only for the Turks but also by tourists visiting from Britain, Sweden, Denmark and Germany.

Hannah Gelbart of Cumberland Properties, a property developer that owns three developments within the Bodrum Peninsula, affirms that “more than 50% of our buyers come from Ankara and Istanbul.”

Bodrum has a great many attractions, including cultural and historic features such as Bodrum Castle and the remains of the Mausoleum, one of the seven wonders of the Ancient World. It is also famed for its stunning marina, whitewashed houses, narrow winding streets and elegant boutiques.

Furthermore, its Underwater Archaeological Museum that is housed in Bodrum Castle is recognised as the best of its type in the world. It was the wealth of marine artefacts recovered locally that originally inspired the commissioning of the museum.

Diving for antiquities remains a firm favourite amongst the more adventurous tourists. The area boasts a full range of water sports from a gentle paddle or a trip out on a pedalo – for the less adventurous – through to parasailing and scuba diving courses all that can be arranged locally.

Recent studies in and around the area have noted that crime rates are minimal, as indeed is the cost of living. English is widely spoken throughout the region. During the summer months you could almost be forgiven for thinking it was the first language.

English pounds sterling, Euros, Dollars and obviously Turkish Lira are all in circulation during the summer months and are readily accepted in most local shops and markets. Although be prepared to have your change given in Turkish Lira. The UK especially continues to benefit from superb exchange rates virtually doubling your money.

Bodrum has been recently tipped as one of Turkey’s property hotspots for buyers in 2010, along with fellow Turkish resorts Altinkum and Dalaman.

Turkey Is The Place To Be For The New Year

Keen overseas investors and holiday-home buyers for early 2011 have been recommended to consider Turkey as an ideal location. The number of holidaymakers in Turkey is on the increase, particularly from the UK, due to the pound’s strength against the Turkish lira compared to the euro.

The three locations that were specifically mentioned were Bodrum, Dalaman and Altinkum, although Bodrum is widely known as the preferred destination of the three. With its stunning marina, sandy beaches and lively old-town, the Bodrum peninsula is especially popular due to the building restrictions that protect it from overdevelopment and its excellent investment potential, compared to other areas of Turkey.

However, with or without the beauty, glamour and character of Bodrum, all three destinations have inexpensive property with plenty of rental demand. Some developments, including renowned property developers Cumberland Properties, that operate on the Bodrum Peninsula, can also arrange and facilitate rentals.

Venturing further from Europe, Hurghada in Egypt and Tenerife in the Canary Islands were also noted as good investment prospects for 2010.

Earlier this month, international mortgage firm Conti identified Turkey as a fast-growing market, noting that 13 per cent of its mortgage enquiries so far this year concerned the country, making it the third most popular buyer destination. This figure was an increase in the 11 per cent total for 2008, Conti revealed.

Turkish Property Sales Rise By 24% In Q3 2009

Even though the real estate sector continues to feel the negative after effects of the global financial crisis and is expected to regain pre-crisis levels by as late as 2012, sales of property in Turkey rose by 24% in the first nine months of the year compared to the same period last year thanks to several incentives, Today’s Zaman reports, quoting Real Estate Investing Partners Association (GYODER) President Turgay Tanes as saying.

Delivering a speech at a press conference called to present the association’s recently released report on the sector, Tanes said that real estate in Turkey had been one of the sectors that was anticipated to have been hit most severely by the global financial crisis.

However, he noted, the sector saw a 24% rise in housing sales figures in the January -September period of 2009 over the same period of 2008.

The fact that demand for property in Turkey, both domestically and internationally, remains strong is partly fuelled by the burgeoning tourist industry and strong overseas investment in Turkey maintaining demand, consequently this will have helped to deflect the worst impact of the crisis and continues to underpin the market.

These figures are certainly bourn out by Cumberland Properties own experiences of sales of property in Bodrum for the period.

To a great extent the Bodrum peninsular remains immune from the negative effects of the crisis due to its preferred location. Unequivocally the favoured holiday destination both domestically and internationally the peninsular benefits from its designation as a protected area; the Turkish Ministry of Forestry and Agriculture has issued a White Paper that lays out specific guidelines limiting the density of construction in order to retain the authenticity of the Aegean and Mediterranean coastlines.

Buildings may only be 2 storeys high and must be whitewashed, maintaining the region’s authentic and picturesque identity. Furthermore, only 20% of the land in Bodrum can be built on, thus ensuring that its diverse range of wildlife together with its unique natural beauty will be protected for generations to come.

Cumberland Properties can further endorse these findings having already sold a number of properties at Woodland Regency in the first week of January 2010 and are currently experiencing a significant increase, over the same period last year, in enquiries for both property for sale in Bodrum and rentals in Bodrum, having already secured a number of reservations for the ever popular Seaview Regency Prestige

For further information on Yali Seaside Residence contact: Volkan

Source: ANSAmed.

Redesign For Notorious Torba Junction Bodrum

A junction named after a famous Turkish singer who died in a traffic accident at the same location three years ago will be reconstructed to prevent future accidents. Torba junction, located approximately 5 kilometres from Bodrum town centre, is now named Barış junction, after Barış Akarsu, who died there on June 29, 2007. In the last 3 years, 10 people have died there & 38 have been injured in traffic accidents.

“The construction of the new project prepared by the municipality will start tomorrow,” Bodrum Mayor told reporters at the municipal building.

“The project includes two underground tunnels for cars travelling to Torba, Gündoğan, Yalıkavak & Göltürkbükü. The project was already approved by local state authorities,” he said.

The goal is to create a project that will prevent traffic accidents involving both tourists & locals. “The project will be finished at the end of May,” he said. “I believe the reconstruction will put an end to traffic accidents at the junction.”

For more information visit: http://www.hurriyetdailynews.com

Things That Go Bump In The Night

A 200-year-old building that was under protection due to its historic value & located in Bodrum Gümüşlük district was knocked down in the night, authorities said.

Three people, a bulldozer operator & his two assistants, were taken into custody by gendarmerie forces for being involved in the incident.

The 90-square-meter house, which belongs to a Turkish tourism investor, was located in a 600-square-meter garden.

Neighbours called the gendarmerie hot line because the house was on the preservation list of the Cultural & Natural Heritage Conservation Board.

Gendarmerie officials learned at the scene that bulldozer operator Cengiz Kalman, who knocked down the building, did not have any authorization or license for the operation. “Two people came to me & asked me to knock down the house as they would start new construction,” Kalman said in his testimony. “They would pay us in the morning. We did not know who owned the house.” Kalman & his two assistants were later released by the court pending trial.

Ergun Berksoy, the owner of the house, had no information regarding the demolition & will press charges against the perpetrators, said Murat Duru, the head of a hotel owned by Berksoy. “Berksoy spends most of the year in the United States,” said Duru. “He was shocked to learn that the house had been knocked down. We have no idea who did it & why.”

Gümüşlük Mayor Mehmet Tire said it was not a municipal operation. “We did not order such a demolition, & even if we had done it, we would have done it during the daytime. I also wonder why they did this,” he said.

Source: http://www.hurriyetdailynews.com

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