Increase in Luxury Sales in 2015
There is not one single design, style or size that embodies a luxury property. It could be a sprawling hillside manor set on a large private plot or it could be a signature contemporary home on the shore. Although it is difficult to quantify exactly what luxury means, buyers absolutely know it when they see it.
In Bodrum, the hotspot of Turkey, sales of luxury homes have been hitting records. The number of homes selling for €1 million PLUS have increased massively during 2015 as interest from around the globe increases, especially in the premium residential areas such as Yalikavak (home to the upmarket Palmarina) which hosts brands such as Cipriani, Nobo, Vesarce, Beymen, Armani etc plus the luxury hotels such as Mandarin Oriental the newly open JW Marriot and Jumeirah. It goes without saying that these brands carry out extensive location research.
The number of Internationally renowned architects now developing prime residences in the area is also grabbing the headlines, last year we completed the sale of the very first Richard Meier villa in Turkey, overlooking Yalikavak’s stunning coastline, the second villa is now available and nearing completion.
Here are my top three tips:
1. Turkey is no different – limited inventory drives up prices.
It may seem incongruous that luxury markets are heating up, the real estate market operates under the law of supply and demand. And by nature, there are a limited number of luxury homes for sale at any given time and that limited inventory alone can help drive up prices. Coupled with the increasing spotlight on this fashionable area favoured by the elite and wealthy Turks who refer to it as the ‘furthest suburb of Istanbul’.
2. Bodrum Is establishing Itself as a credible luxury location for International Buyers.
International buyers have started to represent a growing percentage of the Luxury real estate market and we mean International! The area is not dominated by one nationality, we see high end buyers from the Gulf, Europe, Scandinavia, Azerbaijan, Kazakhstan, Russia and the Ukraine! Basically Bodrum’s peninsula has established itself as a credible option for any Luxury home buyer!
3. Your best chance to find a Luxury Property in Bodrum and Istanbul is to work with a qualified Real Estate Agent.
If you are in the market for a luxury home find an experienced real estate consultant who knows the luxury market! This could be your best chance for finding properties that are for sale but that are not necessarily easy to find because of privacy concerns. An agent familiar with the luxury market will have inside information about listings before they hit the open market. And, an experienced agent will be able to help you determine the market value of a luxury property. Most residential real estate is valued using comparables – similar properties in the area that have recently sold. Valuing luxury properties can be a challenge since often there are no similar properties in the area.
By Darren Edwards