Apartments in Bodrum with residence permit
Apartments in Bodrum for investment, permanent residence and seasonal holidays remain one of the most attractive properties on the Turkish property market. The resort town on the Aegean coast attracts tourists with such cultural attractions as St Peter's Castle and the Amphitheatre of Halicarnassus. In addition, numerous activities such as windsurfing and kitesurfing, excursions, jeep safaris, restaurants, bars and nightclubs are available.
Most of the apartments and flats in Bodrum are for sale with finishes, furniture and appliances. Secondary objects are on average 10–20% cheaper than primary ones. New complexes have developed infrastructure with swimming pools, gyms, saunas, playgrounds, barbecue areas and other amenities. Flats for sale in Bodrum within walking distance of beaches, shops and restaurants are in the highest demand.
The most popular locations to consider apartments for sale in Bodrum include:
- Yalikavak. The resort area is one of the most beautiful places on the Aegean coast. You can reach the beach in 5–10 minutes on foot.
- Konadzhik. The cluster has no direct access to the sea, but it attracts expats due to its numerous shops and hypermarkets. Its elevated location provides spectacular views from local apartments.
- Bitez. A secluded area is popular with expat families and holidaymakers. It is famous for its beaches, picturesque promenades and proximity to the centre.
- Gümüşlük. A small cluster in the countryside offers a quiet and peaceful holiday atmosphere. It is aimed at locals, but also attracts foreign buyers with its more affordable prices.
- Bagla. The area a short drive from the city centre is popular with tourists due to its landscaped beaches.
Residence permit in Turkey by buying an apartment in Bodrum
A foreigner can apply for a residence permit in Turkey by property purchase if certain conditions are met. What you need to know about the immigration programme of the Republic:
- to participate in the programme, the purchase of one or more objects of any type is acceptable;
- the cost of apartments in Bodrum, which are purchased for registration of the ikamet, must be at least $200,000;
- application processing time may vary between 1–3 months;
- the validity of a residence card is 2 years;
- the residence card can be extended an unlimited number of times as long as the purchased property is owned by the foreigner;
- the investor's spouse and close relatives may also apply for residence status;
- after residing in the Republic for 5 years, a resident may apply for citizenship.
Turkey citizenship by investment can be obtained immediately, without first obtaining a residence permit. To do this, a foreigner must purchase a property worth at least $400,000.
Investment apartment in Bodrum
Property in the elite resort town is in demand among Europeans and wealthy Turkish families wishing to spend holidays on the picturesque Aegean coast. Many investors decide to buy an apartment in Bodrum, Turkey, in order to receive a high and stable rental income and after 3–5 years to earn extra money on resale.
Rental demand for local accommodation increases during the summer months. However, owners can count on income throughout the year thanks to expats. The average profitability of property in the city is 5% per annum. In summer, apartments offering easy access to the beach can yield 8–10%.
Apartment prices in Bodrum are steadily increasing. Investors interested in maximising capital growth purchase residences in under-construction complexes. As a rule, the cost of such properties in Turkey increases by 30% upon completion of the project.
FAQ
Turkish law is quite loyal to foreign property buyers, so almost any foreigner can conclude a sale and purchase of flats in Bodrum. The ban applies only to Syrians, Armenians, Cypriots, Cubans, the Taiwanese, North Koreans and Eritreans.
The following restrictions must also be considered:
- foreigners cannot own land plots exceeding 30 ha;
- foreigners cannot own real estate near military infrastructure;
- Russians cannot own properties on the Black Sea coast.