Bodrum is one of the resorts on the Aegean coast in Muğla province, alongside Marmaris, Fethiye, Göcek, Ölüdeniz, and some other tourist spots. However, the peninsula where Bodrum is located is particularly renowned for its comfortable climate, stunning landscapes, and abundance of opportunities for elite recreation — hence its comparison to the French Riviera and its informal nickname, the Turkish Riviera.
Here, you will find numerous luxury hotels and equally stylish residences — apartments and villas available for both rent and purchase. Only in Bodrum you can find a property that is maximally secluded yet quickly accessible to all the amenities of civilization. This is why wealthy buyers, including world-famous celebrities, are eager to purchase real estate in Turkey here.
Muğla, due to its abundance of expensive resorts, is a province where real estate takes the longest to pay off on average in the country, but this is only because the residences here are among the priciest. For example, in Bodrum, the average price per square meter of housing in May 2024 was $2,819, an increase of $600 from May 2022 ($2,205). The peak month for prices was December 2023, at $3,149 per square meter. However, there was a trend towards some stagnation in housing prices in the fall, which echoed in the winter and spring—coinciding with the presidential election period. Therefore, during this time, housing prices slightly declined across the country, including in Bodrum. So now, one can take advantage of the temporary price drop and spend the summer season of 2024 enjoying a vacation in their own residence or earning income from renting it out. And the rental rates here are sky-high!
Content:
Price Dynamics Overall
Housing prices in Bodrum are now even higher than in Europe, and the growth rates far exceed European ones. According to the portal Emlakkulisi, Bodrum, which saw a significant influx of people moving from major cities during the global pandemic—and after the lockdown, affluent immigrants also rushed in—has seen a considerable rise in both real estate prices and construction rates (in 2023, 20% more projects were launched compared to 2022).
As a result, high demand has led to prices in this area reaching levels that exceed those of even European capitals. Sometimes significantly.
Although housing sales in Bodrum in the first quarter of 2024 decreased by 16% compared to the same period last year (and the volume of transactions declined across the country), this part of Muğla was one of the first to "recover." Traditional resort destinations are much more affected by economic trends.
However, overall for the year, the number of real estate transactions in Bodrum — involving housing, land, and commercial premises — increased by 15% compared to 2022. Investors from Europe and the Middle East are particularly interested in local properties.
Regarding the decrease in demand for residential real estate — largely due to the exorbitant mortgage interest rates for residents — the temporary decline is being offset by rentals: summer season rental rates here are skyrocketing and astonishing even seasoned Europeans and Americans, as Turk Estate has already detailed.
Although one of the downsides of high housing costs is the more significant amounts required to pay taxes in Bodrum, there is no shortage of buyers willing to purchase property here. Because if you rent out your apartments to tourists, especially villas (which are in higher demand in Bodrum), there are many potential renters. You can even hold an informal auction, whoever offers the most for your property gets to stay in it for a few weeks or months. Of course, this is provided that it is conveniently located, not too far from the sea, and ideally has good views.
As a result, the rental cost for spacious villas, especially luxury ones, reaches up to TL 25 million ($760,000) for 4 summer months (season). These are the amounts currently being asked for mansions with 5 bedrooms (5+1), which last summer could have been rented for almost four times less — TL 7 million ($213,000). Meanwhile, the average monthly rent for a villa in Marmaris is TL 250,000–300,000 ($7,600–$9,100), and in Antalya, it is TL 150,000–200,000 ($4,560–$6,000).
Real estate consultants working in Bodrum note that they expect an increase in renter activity. As for apartments, current prices start from $10,000–$15,000 (for a 2-bedroom apartment, 2+1, near the sea).
Areas Suitable for Living
Many investors choose Bodrum not only to live here themselves but also to spend most of their free time or even the entire year. Especially when more than one residence is acquired: one for themselves and their family, and the other(s) for rent.
Living comforts in Bodrum — a once fishing village turned purely summer tourist town and starting to transform into a year-round resort 2–3 years ago — are quite good and improving. The infrastructure is being upgraded and new facilities are appearing.
Here are some brief notes on the areas:
- Turgutreis: Combines safety and comfort, one of the largest and central areas of Bodrum. Nearby is Atatürk Forest, in addition to parks and recreational areas. The presence of schools makes it suitable for families with children.
- Yalıkavak: The elite, most stylish area known for its restaurants, nightspots, hotels, and a sophisticated yacht marina. The state hospital of Bodrum and other social facilities are close, making it convenient for year-round living.
- Gümüşlük: A large area with schools, medical facilities, and parks.
- Akyarlar: Densely packed with hotels, beaches, and residential complexes. You can find a good plot with a sea view or apartments for different tastes and budgets.
- Gündoğan: More of a holiday area but with better public transport than in small resort villages. Land, villas, and apartments in various residential complexes are available here.
- Göltürkbükü: An elite resort village for secluded vacations, more suitable for summer stays.
In Numbers: Prices and Features
Basic characteristics (as of late April 2024):
- Average price per square meter in Bodrum and surroundings: $2,819.
- Average property area: 139 sq. m (significantly more than the national average of 100–110 sq. m).
- Average property cost: $391,885, nearly enough for fast-track Turkish citizenship (bypassing 5 years of residence on a residence permit).
- Investment return period: Currently 25 years on average, but much faster if the property is actively rented short-term.
- Minimum/maximum price per square meter: $1,392/$6,109.
- Average time to sell a property: 102 days.
- Number of properties for sale: 7,012.
Data by districts and neighborhoods, with more mentioned in Bodrum statistics than in other provinces (due to many being tiny villages):
| District/Neighborhood | Average Price per sq.m. ($) | Average Property Price ($) | Average Investment Return Period (years) | Price Change Over the Last 12 Months (%) |
|---|---|---|---|---|
| Kumbahce | 3,526 | 490,054 | 27 | -2.4 |
| Umurca | 2,967 | 382,754 | 25 | +12.43 |
| Carsi | 3,930 | 479,498 | 31 | +11.52 |
| Yokusbasi | 2,904 | 455,966 | 24 | -1.11 |
| Turkbuku | 3,651 | 923,712 | 30 | +23.58 |
| Tepedcik | 3,992 | 471,057 | 30 | +4.68 |
| Yenikoy | 3,597 | 535,959 | 30 | +3.3 |
| Eskicesme | 2,842 | 363,730 | 20 | -9.23 |
| Gumbet | 3,158 | 331,580 | 24 | +8.41 |
| Cevat Sakir | 2,195 | 179,999 | 21 | -4.74 |
| Torba | 3,194 | 622,739 | 26 | +10.20 |
| Cumhuriyet | 1,962 | 272,720 | 17 | +24.48 |
| Bitez | 3,226 | 403,212 | 24 | -6.47 |
| Konacik | 2,324 | 237,015 | 19 | -19.57 |
| Mumcular | 1,005 | 88,465 | 17 | -15.67 |
| Turgutreis | 2,741 | 331,613 | 27 | +0.61 |
| Gumusluk | 2,917 | 414,207 | 29 | -8.42 |
| Yalikavak | 3,959 | 700,717 | 32 | +0.88 |
| Gundogan | 3,396 | 597,622 | 32 | -4.53 |
| Guvercinlik | 1,848 | 240,202 | 23 | +32.23 |
| Kumkoy | 3,395 | 512,718 | 35 | -18.14 |
| Akyarlar | 2,570 | 346,964 | 27 | -1.64 |
| Derekoy | 2,979 | 455,762 | - | +6.25 |
| Islamhaneleri | 2,464 | 344,894 | 24 | -2.06 |
| Peksimet | 2,211 | 325,000 | 21 | -11.42 |
| Gurece | 2,246 | 442,441 | 25 | -18.05 |
| Yakakoy | 2,449 | 330,664 | - | -15.29 |
| Cırkan | 2,620 | 243,648 | 24 | +3.07 |
| Karabag | 2,070 | 256,712 | 23 | -1.84 |
| Akcaalan | 1,609 | 151,218 | 19 | -8.08 |
| Bahcelievler | 2,592 | 326,627 | 23 | -10.14 |
| Koyunbaba | 2,684 | 375,826 | 27 | -14.02 |
| Dirmil | 3,389 | 630,272 | 30 | -4.72 |
| Geris | 3,500 | 598,514 | 28 | -3.05 |
| Farilya | 3,030 | 472,611 | 27 | +6.47 |
| Kucukbuk | 3,520 | 619,580 | 32 | +0.97 |
| Golbasi | 1,037 | 85,000 | - | -22.11 |
| Karaova | 985 | 83,706 | 16 | -17.92 |
| Muskebi | 3,000 | 369,052 | 25 | -2.79 |
| Yahsi | 3,784 | 613,007 | 25 | +2.01 |
| Golkoy | 4,537 | 780,370 | 37 | -4.36 |
| Turkbuku | 4,351 | 778,792 | 39 | +8.77 |
| Kizilagac | 4,370 | 751,555 | 53 | -1.32 |
| Ciftlik | 3,047 | 450,915 | - | -4.03 |
Key Takeaways:
- The most budget-friendly properties can be found in Karaova, Golbasi, and Mumcular, within the range of $83,000–$89,000, mainly because they are the farthest from the sea. In all other locations, average prices start at $240,000.
- The most expensive properties are in Golkoy, Turkbuku, Turkkuyusu, Yalikavak, and Kizilagac: $700,000 and above (on average, with some lots being much more expensive). In Turkkuyusu, even the average price is around a million USD.
- The fastest return on investment is in Karaova (16 years); Cumhuriyet, Mumcular (17 years each); Akcaalan (19 years); Eskicesme (20 years). The longest in terms of return on investment: Golkoy (37 years), Turkbuku (39 years), Kizilagac (53 years) due to the high cost of local residences.
- The fastest price growth is currently seen in Cumhuriyet district — almost a quarter in a year (+24% and more) and Guvercinlik (+32%).
- The least sea-oriented areas: Mumcular, Karaova, Yenikoy (the "second" Karaova), and Golbasi (quite far from the coast—note this when choosing local housing). However, the price per square meter is only about $1000 (more or less). If you have a car, this is a unique opportunity to buy a cheap apartment while actually living on the Bodrum peninsula and enjoying all the advantages of this exquisite region.