The real estate market in Bodrum is having a really intense season in 2022. To a significant extent, it is ramped up by sales to foreign investors who are very interested in Muğla resorts, particularly Bodrum, despite the rapid price surge.
Dağlarca Çağlar, member of the Board at Çağdaş Holding, explained that every fourth real estate transaction in Bodrum facilitated by his company is made with foreigners. The expert specified that many residences are purchased by wealthy Russian tourists that have become far more numerous in Bodrum compared to previous years.
Foreign investors are growing increasingly interested in residential property along all of the Aegean Coast, according to Mr. Çağlar. And even though the cost of construction has now increased by over 100%, which creates certain problems for developers, the growing prices of real estate in Bodrum more than compensate these costs.
“In fact, it shows that the demand and the supply have balanced themselves out. As the demand exists, prices per square meters make up for the higher cost,” he noted.
At the moment, 1 sq m of residential property in Bodrum (Muğla Province) costs over 25,000 Turkish Liras (TL). And this is the average, with some rates even higher. Çağdaş Holding, along with several other developers, offers upscale homes for sale. For instance, it has recently declared the start of sales in Nidapark Gündoğan project in Bodrum.
You might remember that in June 2022, the volume of sales to foreigners almost doubled compared to the same period of 2021.