Article by: Mike Dunkerley mike.dunkerley@thegpg.com Published: 07/09/2008

News and information about how Altinkum in Turkey is developing and property prices

In the uncertain property world that 2008 is turning out to be Altinkum offers one of the few bright spots.

Located on Turkey’s Aegean coast just north of Bodrum and south of Kusadasi Altinkum has grown from a very small fishing village into a resort of nearly 30,000 people over the last 20 years. Most of this growth has taken place in the last 5 years. The town now receives national funding for the development of its infrastructure and each year considerable improvement is evident. More of the streets are tarmaced. The general appearance is smarter. There is an optimism that the town is ‘trading up’.

The most evident example of the improvement is the new marina which will open in December 2008. There are 600 berths and dry standing for 400 boats. In the complex is a new luxury hotel and a new shopping centre. There is also a customs post because the marina will be a ferry port for travel to the nearby Greek Isles thus boosting the tourist trade. Just outside the complex 2 new golf courses are scheduled.

Altinkum has 3 beaches. Main Beach or 1st Beach is a long curve of sand with a well developed sea front of cafes, shops and night clubs. Just round the small headland, a few hundred metres to the south is 2nd Beach. This too is curve of sand with a well developed sea front of cafes, hotels, etc. These beaches are ideal for families. A five minute walk to the north of 1st Beach (and past the 5 star hotels) is the confusingly named 3rd Beach. This is quieter with only one café on the beach. All the beaches offer safe bathing in warm clear blue water. In the next bay the new marina is located.

A major new road is being built to service the marina and is appropriately called ‘Marina Road’! It is along this road that most of the house building is now taking place, shifting the centre of gravity of the resort. Sensing the opportunity, local builders have put up many speculative developments. These are generally of high quality. However, the number of properties being built has had the fortunate consequence of acting as a temporary brake on the price rises that the marina should facilitate. When the surplus is cleared I would anticipate good capital gains. If you consider that prices in Altinkum are approximately half those of the more established resorts of Bodrum to the south and Kusadasi to the north then a healthy rise is a good prospect.

At present it is possible to find 1 bed apartments from £25,000, 2 bed apartments from £35,000 and 4 bed semi detached villas with pool from £65,000. Not bad when compared with the UK!

Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=154

Please contact the author at mike.dunkerley@thegpg.com for more information.