Bodrum Peninsula has an attractive residential market especially for holiday homes / secondary homes. While Bodrum was a small holiday town until 1970s, it has become a favourite place to settle for both, Turkish citizens from big metropolitan cities and foreign visitors over the years.
In 1980s, Turkish citizens who came from big cities to Bodrum for holiday purposes have started to construct secondary houses. One of the major examples is Aktur, which is located in Bitez. Following Aktur, summerhouse construction has started to increase in close bays of Bodrum Peninsula. In 1990, higher income level people have started to frequent not only in the summer season but also on weekends, after the opening of Milas – Bodrum Airport.
After new regulations for real estate acquisition for foreigners in 2003, demand for holiday home by foreigners has increased considerably. Therefore, Bodrum has become one of the major attractive holiday home markets for both domestic and foreign investors in Turkey.
After the economical crisis in 2009 the market lost value and buyers had a stronger bargain position. Since 2010 the market started to pick up much faster than expected and with prices which are still lower than European resorts, such as Spain, France and Italy. Since 2012 strong investor groups have acquired prime location land and have built or are planning to construct prime residential projects, often in combination with a worldwide renowned brand as a mixed residential and hotel project. Property prices have increased and passed the prices prior to before crises of 2008 and 2009.
The Bodrum Peninsula has developed fast and with aim to attract high net worth individuals during the last 6 years: The Milas – Bodrum airport has build a new International Terminal which opened in 2012. A large private hospital of national branding has opened in 2013 (Acibadem Bodrum); 2 further shopping malls have opened since 2013 (Midtown and Avenue Bodrum); The Yalikavak Palmarina has expanded to host Mega Yachts above 80 meters and has added a shopping mall featuring high-end brands such as Roberto Cavalli, Armani in the clothing section and Nobu, Cipriani and Billionars Club in the food and entertainment section.
Aman Resort has opened in 2011, Mandarin Oriental Residences entered the market in 2012 and the Mandarin Oriental Hotel had its first season in 2014. Swiss Hotel Cağdas Turgutreis Residences and Hotel opened in 2015 and Swiss Hotel Cağdas Bodrum Residences and Hotel will open in 2016.
Carresse, “a luxury brand” Residences and Hotel opened in summer 2015