No matter how famous and promising Istanbul is regarding investment, buyers still often consider housing primarily by the sea. Among the coastal regions, the indisputable leadership remains with Muğla and the resorts in this province. However, Çeşme Alaçatı and Didim are at the back of the pack and are future contenders for the favorite.
Content:
Muğla
The climate on the Aegean coast is milder than in Antalya and cities are less populated. Moreover, the seaside settlements here have already lost their summer-only status, turning into year-round destinations. This is especially true for Bodrum where the rapidly growing population exceeded one million people. The infrastructure allows for this and the residential complexes are very comfortable. Land for individual construction is also sold with might and main and you can purchase desirable areas.
Thus, potential investors, not without reason, look closely at Muğla. In Istanbul, they often buy a second house a little later (if they have the financial opportunity). Market experts believe that the volume of construction in Muğla in 2021 will break all records.
Portal Endeksa reports that over the past year, housing prices in Muğla have grown by 52% and rent by 63%. Most often, future clients are interested in Bodrum (details are available below).
The average cost of 1 sq. m of residential real estate for sale in Muğla is now 8791 Turkish Lira (TL) and the average price per housing unit is 1 151 621 TL.
The average rent is 31.25 TL per square meter or 3438 TL - per housing unit per month.
The districts in the province of Muğla, where housing for sale increased in price the most, were Datça, Milas (where the Milas airport is located) and Bodrum.
Data on the 3 leaders:
- Housing prices in Datca have increased by 83.57% over the past year; the average selling price of 1 sq. m is 10 357 TL and the average housing price is 983 841 TL.
- The annual increase in housing prices in Milas was 77.33%, the average selling price per square meter of housing is 6 210 TL, and the average housing price is 695 772 TL.
- In Bodrum, the annual increase in value is 68.06%, the selling price per square meter of housing is 14 092 TL, and the average cost of a housing unit is 1 748 040 TL.
The table below contains exact numbers and indicators of price dynamics for different districts in Muğla
| District | Average price per sq.m. (TL) | Average price per housing unit (TL) | Annual price increase (%) |
|---|---|---|---|
| Datça | 10 357 | 983 841 | 83,57 |
| Milas | 6210 | 695 772 | 77,33 |
| Bodrum | 14 092 | 1 748 040 | 68,06 |
| Dalaman | 4167 | 424 820 | 47,71 |
| Fethiye | 7123 | 887 040 | 45,49 |
| Köyceğiz | 6558 | 832 128 | 41,43 |
| Marmaris | 8053 | 1 049 720 | 37,66 |
| Seydikemer | 4673 | 610 104 | 37,20 |
| Menteşe | 4800 | 597 350 | 30,68 |
| Yatağan | 2770 | 336 875 | 12,51 |
As you can see, Yatağan demonstrated the smallest increase in value – it is a small city in the historical region of Karya, about 26 km north of the provincial capital (Muğla).
Menteşe, Seydikemer and the famous European resort of Marmaris have risen by 30-37%. Perhaps the increase in prices in Marmaris would be higher if new residential complexes appeared for sale. However, the city center has been established as it is for a long time. Nevertheless, Marmaris remains one of the most expensive cities in Muğla and it is prestigious to buy housing here, lagging behind only Bodrum in this regard.
Another well-known resort in the region - Fethiye - is cheaper than Marmaris but rose in price by almost half at more than 45%. The price per square meter according to updated data has already exceeded 7,000 liras (7123 TL) per housing unit at 887 040 TL.
Almost the same average price per square meter, per housing unit, and a similar increase is present in Köyceğiz, a small resort near Marmaris that is not well-known but considered elite by local standards. 1 square meter of housing here will now cost an average of 6558 TL and an “average” apartment is 832 128 TL. Residential real estate in Köyceğiz has risen in value for the year by 41.43%.
Bodrum
Despite the above, Bodrum remains the most popular in Mugla; it was not for nothing that it was nicknamed the “Turkish Riviera”. This year, it experienced an invasion of celebrities who one after another, purchased housing here. Thus, the star of the “Magnificent Century” Ozan Güven moved to Bodrum and the star couple Burak Özçivit and Fahriye Evcen moved from Gümüşlük to Gündoğan.
Even though Bodrum is a relatively expensive destination to invest in housing, investment here does not stop and vice versa. Most of the luxury projects from well-known developers are being built here.
Moreover, thanks to the rapid rise in prices, even in this area where an investment period is profitable over several decades, the period of return on investment is shortening before our eyes.
In Bodrum, a square meter of housing for purchase will now cost 14 000 TL; the average cost of housing ranges from 1.7 to 2 000 000 TL.
However, Bodrum is far from being the same everywhere in terms of buying housing as there are many districts, quarters and villages that have fans for different reasons.
In Bodrum and its surrounding area - which has become the most popular destination for living and working remotely in the most comfortable conditions since the beginning of the pandemic - Geriş, Akyarlar and Küçükbük turned out to be the most expensive areas over the past year. Furthermore, the highest housing prices are demonstrated by the Türkbükü, Kumbahçe and Gölköy districts.
The annual increase in value in Geriş is 96.94%, the selling price per square meter of housing is 18 904 TL, and the average cost of a housing unit is almost 3 000 000 TL (to be precise, 2 834 750 TL).
Akyarlar has risen in price for 12 months by 84.3%; a square meter here will now cost 12 639 TL and the average price per unit of residential real estate is 1 410 370 TL.
In Küçükbük, these figures are 83.98%, TL 18,806 and TL 2,736,000, respectively.
As for the most expensive locations, these are:
- Türkbükü (21 141 TL per 1 sq. m. and the average housing price is 3 286 032 TL);
- Kumbahçe (20 148 TL per 1 sq. m. and the average price of housing is 2 545 765 TL);
- Gölköy (18 988 TL per 1 sq. m. and the average housing price is 3 288 600 TL).
Exact figures for different quarters of Bodrum and its surrounding area
| Quarter | Average price per sq.m. (TL) | Average price per housing unit (TL) | Annual price increase (%) |
|---|---|---|---|
| Akchaalan | 7638 | 678 900 | 63,62 |
| Akyarlar | 12 639 | 1 410 370 | 84,30 |
| Bahçelievler | 13 303 | 1 533 480 | 72,92 |
| Bitez | 16 608 | 1 925 352 | 63,90 |
| Çarşı | 14 606 | 1 879 350 | 58,76 |
| Cevat Şakir | 9006 | 935 712 | 35,63 |
| Çiftlik | 15 542 | 2 200 000 | 80,18 |
| Chirkān | 11 623 | 1 165 308 | 52,25 |
| Cumhuriyet | 10 753 | 1 396 220 | 47,58 |
| Dereköy | 9427 | 1 194 120 | 29,88 |
| Dirmil | 15 955 | 2 399 200 | 75,70 |
| Eskiçeşme | 14 659 | 1 682 280 | 47,86 |
| Farilya | 14 517 | 2 070 000 | 72,45 |
| Geriş | 18 904 | 2 834 750 | 96,94 |
| Gölbaşı | 5054 | 422 576 | 52,32 |
| Gölköy | 18 988 | 3 288 600 | 52,05 |
| Gümbet | 12 343 | 1 389 360 | 43,07 |
| Gümüşlük | 14 072 | 1 510 860 | 77,34 |
| Gündoğan | 15 227 | 2 451 504 | 52,74 |
| Gureje | 11 970 | 1 635 600 | 56,86 |
| Guvercinlik | 7532 | 1 004 831 | 57,57 |
| İslamhaneleri | 10 762 | 1 145 640 | 64,18 |
| Karabağ | 8933 | 953 400 | 65,98 |
| Karaova | 4819 | 396 198 | 43,17 |
| Kızılağaç | 12 987 | 2 393 700 | 64,16 |
| Konacik | 11 850 | 1 184 810 | 49,92 |
| Koyunbaba | 14 453 | 1 822 425 | 74,79 |
| Küçükbük | 18 806 | 2 736 000 | 83,98 |
| Kumbahçe | 20 148 | 2 545 765 | 79,65 |
| Mumcular | 4822 | 414 092 | 45,59 |
| Müskebi | 14 520 | 1 683 747 | 54,34 |
| Torba | 14 899 | 2 418 768 | 58,05 |
| Turgutreis | 12 238 | 1 328 860 | 69,85 |
| Türkbükü | 21 141 | 3 266 032 | 66,23 |
| Türkuyusu | 12 690 | 1 423 760 | 73,05 |
| Umurca | 12 839 | 1 803 186 | 47,27 |
| Yahşi | 18 799 | 2 663 577 | 43,31 |
| Yalikavak | 18 951 | 3 037 500 | 68,81 |
| Yeniköy | 12 864 | 1 403 000 | 53,25 |
| Yokuşbaşı | 13 752 | 1 800 000 | 70,47 |
As you can see, the undisputed record holder for the growth rate in the cost of housing in Bodrum and its surrounding area is Geriş: the price has almost doubled (96.94%).
Minimum gain for Derekoy: less than 30%.
More than an 80% rise in price: Akyarlar, Çiftlik, Geriş, and Küçükbük.
Within 70-80%: Bahçelievler, Dirmil, Farilya, Gümüşlük, Koyunbaba, Kumbahçe, Türkuyusu, and Yokuşbaşı.
Districts and quarters where the price has increased 50% to 70% are Akchaalan, Bitez, Çarşı, Chirkān, Gölbaşı, Gölköy, Gündoğan, Gureje, Guvercinlik, İslamhaneleri, Karabağ, Karaova, Kızılağaç, Müskebi, Torba, Turgutreis, Türkbükü, Yalikavak, and Yeniköy.
The most expensive areas in terms of the cost of 1 square meter of housing:
- Türkbükü - 21 141 TL;
- Kumbahçe - 20 148 TL;
- Gölköy - 18 988 TL;
- Yalikavak - 18 951 TL;
- Geriş - 18 904 TL;
- Küçükbük - 18 806 TL;
- Yahşi - 18 799 TL.
The minimum average cost per square meter in Bodrum and its surroundings in Karaova (4819 TL per 1 sq. m.), Mumjular (4822 TL) and Gelbashi (5054 TL).
The average price per housing unit is highest in Golkoy (3 289 000 TL), Turkbuku (3 266 000 TL) and Yalikavak (3 037 000 TL).
5 of the cheapest neighbourhoods or districts (average price per housing unit):
- Karaova (396 198 TL;
- Mumcular (414 092 TL);
- Gölbaşı (422 576 TL);
- Akchaalan (678 900 TL);
- Cevat Şakir (935 712 TL).
Apartments in all other locations are more expensive than 1 000 000 Turkish liras.
Let us clarify that the following locations are most popular among investors: Gümüşlük, Bitez, Gündoğan, Türkbükü, Yalikavak, and Turgutreis. Many Turkish celebrities have residences in one or more coastal villages.