A Five-Bedroom Estate in Southwest Turkey
$2.6 MILLION (2.25 MILLION EURO)
This five-bedroom property occupies a 1.25-acre plot of land in Yalikavak, a city on the Bodrum Peninsula in southwestern Turkey, about two miles from the Aegean Sea. It is 10 miles northwest of Bodrum, the Turkish port metropolis identified for its seashores, boating and historic ruins.
Completed in 2012, the property features a two-bedroom villa, a three-bedroom guesthouse and a one-bedroom employees home, in addition to a big swimming pool and several other lined terraces with views of the Aegean coast. The homes have been constructed out of steel-reinforced concrete and adorned with native stone, giving them a conventional Turkish Aegean aesthetic. The interiors have wood-framed home windows, rustic stone partitions, oak and tile flooring, and hefty oak ceiling beams.
An extended driveway leads previous the employees quarters to a graveled parking space. The entrance door of the roughly three,230-square-foot important home opens to a eating space adjoining to the kitchen. To the correct is a lounge with built-in oak bookshelves, a hearth and a comfortable seating space dealing with the ocean. The kitchen, to the left of the eating space, has Turkish tile flooring, chestnut cupboards and chestnut-framed French doorways opening to expansive terraces and al fresco eating areas.
Upstairs, the master bedroom has an giant arched window, a spacious toilet and a personal balcony with water views. The second en suite bed room downstairs is often utilized by friends, stated Heike Tanbay, managing director of Engel & Völkers Bodrum, which has the itemizing. The residence’s furnishings and decorations, a mixture of antiques and Turkish textiles, are included in the asking worth (excluding sure collectibles).
The guesthouse is roughly 2,150 sq. ft, with three en suite bedrooms related by an out of doors courtyard, and a portray studio with sweeping water views in the constructing’s tower.
Behind the homes, a stone staircase descends to a 56-foot pool and surrounding stone patio. A walkway results in a rest room, a sitting space and a health room in the backyard stage of the primary home.
The landscaped grounds embody tangerine and jacaranda bushes, and provide a number of lined lounging areas. The one-bedroom employees cottage is roughly 750 sq. ft and is presently shared by two caretakers, a pair whose employment may proceed, Ms. Tanbay stated.
The property is in a sparsely developed residential neighborhood in the coastal resort city of Yalikavak, which has a inhabitants of about 13,000. Yalikavak Bay, 5 minutes away by automobile, has a preferred marina that caters to yachts and affords buying and eating. Bodrum, in the province of Mugla, is a few half-hour drive; the port metropolis, which has a inhabitants of about 40,000, is understood for its seaside resorts and hyperlinks to historical historical past, together with the ruins of the Mausoleum of Mausolus, one of many Seven Wonders of the Ancient World. Milas-Bodrum Airport is about 30 miles northeast, and the Greek island of Kos is a 50-minute ferry trip away.
For many years, the nice and cozy, dry Bodrum Peninsula has been a playground for Turkish aristocrats, worldwide royalty and celebrities. “It is regarded as Turkey’s answer to Saint-Tropez,” stated Tolga Ertukel, founder of Turkey Homes, a London-based real estate agency with offices throughout Turkey.
The peninsula has two focal points, agents said. The city of Bodrum is seen as increasingly desirable by younger Turks, said Cameron Deggin, the managing director of Property Turkey, a real estate agency in Bodrum. Some work remotely or fly to Istanbul, about 400 miles north, a few days a week. Yalikavak, on the peninsula’s western side, lures tourists and buyers with its beaches, resorts, shopping and upscale marina.
Although housing prices across Turkey fell overall in 2018, due in part to the decline of the Turkish lira, Bodrum’s high-end market resisted the trend thanks to sustained international demand, Ms. Tanbay said. Still, the volume of luxury transactions fell slightly, with foreign buyers only partly compensating for the drop in Turkish buyers.
Luxury homes on the peninsula typically start at about 1.5 million euros (or $1.7 million), Ms. Tanbay said, but “if you have access to the sea, then prices literally double.”
Bodrum is also seeing new, more affordable luxury developments, Mr. Ertukel said, with two- and three-bedroom condominiums on the waterfront starting at around 440,000 euros ($500,000).
International buyers have been emboldened by the recent elimination of the value-added tax paid by foreigners on newly built homes, agents said. Another incentive is a change to the country’s citizenship-by-investment program, which loosened the requirements from investing $1 million in real estate to investing $250,000.
“Our inquiries have tripled over the last three months, especially the Istanbul market,” Mr. Ertukel said. Ms. Tanbay, however, said she believes the program’s effect will be limited, particularly in Bodrum.
Mr. Deggin and other agents said Turkey’s increasingly autocratic government does not seem to have been a concern for many foreign buyers. “They are not put off at all,” he said of his clients.
Who Buys in Bodrum
Despite a recent surge in international interest, Bodrum is still known as a weekend or holiday destination for wealthy Turks, and agents said the vast majority of buyers are Turkish — among them, those who currently live in the country, expatriates returning from abroad and couples that include one Turkish citizen.
“The money is Turkish money in Bodrum,” Mr. Deggin said.
Most foreign buyers come from France, Canada, Britain, Germany, Switzerland, Austria, the United States, Norway, Sweden and Denmark. But in the past five years or so, more buyers have been coming from Middle Eastern countries like Qatar, Kuwait, the United Arab Emirates, Saudi Arabia and Lebanon, agents said.
Purchases of real estate by citizens of certain countries, including the United States, are restricted by the Turkish government, said Gönenç Gürkaynak, the founding partner of ELIG Gürkaynak Attorneys-at-Law, in Istanbul. Typically, they cannot buy more than 30 hectares (roughly 75 acres) of land, although there are exemptions, and they cannot buy property in military or strategic zones. Foreigners also cannot buy property in areas where the amount of land already owned by noncitizens exceeds a government-established maximum.
The buyer and seller usually split the title deed fee of 4 percent of the sale price. The buyer also pays a value-added tax of 18 percent of the sale price, although the tax is reduced or eliminated in some situations. The buyer’s other closing costs are negligible, Mr. Gürkaynak said, and normally amount to less than $200.
Mr. Gürkaynak advised buyers to inspect properties in person before closing on them, and to be selective about hiring an agent and a lawyer.
Languages and Currency
Turkish; euro (1 euro = $1.14) and Turkish lira (1 lira = $0.19)
Taxes and Fees
The annual taxes on this property are approximately $400, Ms. Tanbay said. The annual wages for the two caretakers who provide security, gardening, housekeeping, cooking and grocery shopping total around $10,000.
Heike Tanbay, Engel & Völkers Bodrum, 011-90-252-358-7272; engelvoelkers.com
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