The prices for summer houses in Bodrum, Fethiye, Marmaris and Gokova has decreased by up to 35% compared to last year. Many industry professionals see this as an excellent opportunity to buy properties. Nevzat Tilkici, the president of the Realtors Association in Fethiye has said “The demand from Europeans has decreased over the past year due to the mortgage crisis and this affected the prices in Turkey. Mistakes made by some developers and some realtors has resulted in potential buyers to turn their heads to Cyprus and Greece.”  With the rapid decrease in demand from foreigners, the number of property exchanges in these regions has come to a halt.

Tilkici believes that investors getting in the market with these prices have a higher chance of return on their investments than any other tool. The market is expected to recover after the global slow-down finishes and property investments in these regions are likely to return more than any other region.

According to Tilkici, there was substantial demand from foreigners until 2005 and 2006. A summer house in Turkbuku that currently sells for 100,000 euros used to find buyers for 135,000 euros 2 years ago. Land prices also depreciated by 20% over the same period.

There is currently a supply of 6,000 houses in Fethiye. While the number of houses sold to foreigners in Fethiye in 2006 was around 1,500 units, the same number decreased to around 500 units in 2007. The prices have now fallen to a point where there is no room for profit to the developer. Fluctuations like this are likely to happen every 3 years although the market in general is on the rise in the long term. This is an ideal time for investors to acquire properties in the south of Turkey.

Kemal Isik from the Realtors Association in Marmaris also said that according to their observations, there is currently an oversupply of 700 units in Marmaris that are already developed but the developers could not secure buyers. The prices in Marmaris also declined substantially. A summer house in Marmaris that used to sell for 170,000 – 180,000 YTL has decreased to around 110,000 – 120,000 YTL.

Summer house Prices in Bodrum (The first amount is the lowest for a 100 sqm unit and the second is for the highest for 100sqm)


Merkez        140 - 200 bin Euro
Türkbükü     100 - 150 bin Euro
Yalıkavak     120 - 170 bin Euro
Fündoğan     75 - 100 bin Euro
Gümüşlük     60 - 90 bin Euro
Turgutreis     60 - 90 bin Euro