Turkey’s Fethiye Property a Potential Luxury Goldmine
16 June 2011
Right now, Turkey offers some of the lowest property prices in the world. According to a recent report by the Global Property Guide, Istanbul property was selling a few months ago at little under 2.5k EUR per square meter, well below its close rivals in Prague at 4,015 EUR, Warsaw at 3,546 EUR and 2,807 in Kiev, Ukraine.
Likewise Turkish living costs are low. This is what Turkey is known for, budget holidays, cheap properties and this is doing it absolutely no harm whatsoever. That said: obviously the all-inclusive market does not generate as much revenue as luxury tourism and the government has been intent on making Turkey more attractive to a higher breed of tourists. The succession of marina investments -- including the massive Didim Marina in 2009 -- is just one arm of that strategy.
While the reasons are in doubt, Turkey is slowly but surely beginning to make a name for itself as a luxury destination. Last year we learned that Marriot was building one of its famous luxury hotels in Ankara, which is set to open this year. More recently we have learned of a new Raffles hotel to be opened in Istanbul. On top of that the international press has been running more and more stories on Turkey's top luxury resorts.
Fethiye has massive potential to become a luxury tourism destination, due to its fantastic beaches, amenities, and proximity to Dalaman International Airport, and Olu Deniz. Fethiye property is currently undervalued, with prices being lower than in places like Bodrum and Marmaris, and this gives it great potential for rental yields and capital appreciation.