With its expansive, scenic coastlines, abundance of
historical sights, and excellent cuisine, Turkey has been a consistently
popular destination for international investment in its waterfront homes.
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Besides its beaches, the country attracts foreign buyers
with its affordability, high quality of life, and diversity of real estate
options, said Michael Valdes, chief growth officer and president of the real
estate firm eXp Realty, which does not have a presence in Turkey.
Until recently, much of the investment and attention have
focused on the city of Bodrum and towns on the surrounding peninsula in the
southwestern part of the country, which, he said, were “the top spots in Turkey
to buy a waterfront property by far.”
Where are they buying now?
But while Bodrum’s robust real estate market has not waned,
buyers were increasingly seeking homes in lesser-known waterfront locales in
Turkey and in surrounding areas, international real estate experts said.
Kusadasi, Kalkan, and Northern Cyprus, in particular, are emerging as popular
destinations.
“The interest in owning a waterfront property anywhere in
the country has jumped since the pandemic, and these spots offer a lifestyle
that’s similar to Bodrum,” said Julian Walker, a director at London-based firm
Spot Blue International Property and a specialist in Turkey. “They’re even more
of a value, however, as they’re still up-and-coming.”
Walker said his company has seen sales grow between 20% and
25% each year over the past three years, driven in part by home sales in the
three areas.
Even the 7.8-magnitude earthquake that struck Turkey and
Syria in February has not slowed sales, he said. The earthquake’s epicenter was
near Gaziantep, in southern Turkey close to the northern border with Syria,
several hundred miles east of the country’s popular beaches.
And with the reelection last month of President Recep Tayyip
Erdogan, the country is likely to remain on a consistent course, a positive
signal for foreign investors.
“The Turkish people are very resilient and they will rebuild
better and stronger, and I am confident that the new inventory which will come
to market will appeal to a wider audience of buyers,” said Valdes, referring to
inventory in the waterfront areas.
Here is a look at the budding real estate markets.
Kusadasi
In western Turkey along the Aegean coast, Kusadasi has been
a cruise ship destination for decades. Stopping at this resort town allows
guests to visit nearby sites, including the ancient Greek ruins of Ephesus and
the House of the Virgin Mary, a Catholic shrine.
But Kusadasi also offers a flourishing real estate market,
according to Gokhan Duyar, owner of Property Kusadasi, a real estate company
based in the town. The housing stock includes apartments and villas in the town
center as well as villas along the water in surrounding areas, he said.
Property prices typically start around $135,000. For about
$300,000, though, a buyer could expect a three-bedroom apartment with a sea
view in an upscale building with amenities such as a swimming pool, a manager
to look after the property, a gym and a parking spot, Duyar said. For closer to
$1 million, buyers can expect a spacious villa on the sea with a swimming pool,
tennis court and gardens.
Prices rose rapidly for homes in Kusadasi, but they are
stabilizing, Duyar said. “We saw a flood of people rush into Turkey during the
pandemic,” he said.
International buyers are drawn to Kusadasi’s mild
temperatures, he said, which allow them to swim in the ocean for around eight
months of the year.
Fugen Firik, a broker and owner of Firik’s Real Estate in
Kusadasi, said that in addition to the weather, the picturesque beaches were
another attraction. “The most well-known is Long Beach, which stretches for
more than 11 miles,” she said.
As for dining, Firik said Kusadasi featured a wide array of
restaurants including Irish pubs, Belgian waffle houses, and Chinese and
Italian spots. Many restaurants also feature specialties from the Aegean Sea,
such as dorado, squid and octopus.
“We have a large expat contingent living here, and the
diversity of restaurants and nightlife speak to this community,” Firik said.
Kalkan
On Turkey’s southern coast, where the Mediterranean Sea
meets the Aegean, the seaside resort town of Kalkan is positioned like an amphitheater,
said Walker of Spot Blue International Property. “The harbor and main town are
the bottom, while most of the homes are constructed on the slopes,” he said.
The housing stock in the area, like in Turkey’s other
waterfront areas, is a mix of apartments, town houses and villas. What
distinguishes Kalkan, however, is that almost all of the properties offer sea
views because of their position on the hills, Walker said.
Home prices start at around $175,000 for a modest
one-bedroom apartment with ocean panoramas in an older building with amenities
such as a gym and swimming pool. For around $400,000, a buyer could expect a
three-bedroom property with sea vistas and a pool.
But those seeking a typical beach destination should be
aware that Kalkan isn’t it. “There aren’t really sandy beaches here. Expect
more rocky outcrops as you find in Italy’s Amalfi Coast,” Walker said. Patara
Beach, located about 20 minutes by car from town, however, offers a more
classic beach experience.
The town of Kalkan is most lively during high season, from
April to October; otherwise, it tends to be quieter, compared with Kusadasi and
Northern Cyprus.
Northern Cyprus
Located south of Turkey’s Mediterranean coast is the Turkish
Republic of Northern Cyprus, a self-declared state recognized only by Turkey.
Situated on the northeast part of Cyprus (which the rest of the international
community considers it a part of), it is a mainstay vacation destination for
Europeans despite its complicated history.
They visit for the scenic, long stretches of beach; the
charming and historic northern Cypriot areas such as Kyrenia, Iskele, and
Famagusta; and the inexpensive hotels. Lately, the waterfront homes have become
an additional draw, Walker said. “As tourism has increased, so has the interest
in buying a vacation property here,” he said.
Northern Cyprus’ real estate includes apartments in low- and
high-rise buildings and town houses in the villages. Luxury villas are also an
option and are positioned directly on or near the water along the coast.
Prices for properties, according to Walker, begin at around
$85,000 for studios with sea views in upscale buildings that offer amenities
such as swimming pools, gyms, Turkish baths and tennis and basketball courts.
“The amenities that you get for even an affordable unit are somewhat over the
top,” he said.
On the upper end, property prices can reach over $1 million,
which could afford a buyer a modern five-bedroom beachfront villa with a large
infinity swimming pool, spacious garden and luxury finishes.
From a lifestyle perspective, Northern Cyprus offers several
benefits, including a mild climate that allows owners to enjoy their properties
year-round. Also, meals are inexpensive, Walker said.
“You can get a spread of 30 mezes, grilled meats, a just-caught
sea bass, alcohol and desserts for less than $25 a person, and the quality is
incredible,” he said.
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