Residential Real Estate Market Insights for Muğla Bodrum: July 2024
Muğla Bodrum, a sought-after location on Turkey's southwestern coast, has been experiencing significant shifts in its residential property market. Driven by a mix of economic factors and local developments, property prices have seen remarkable changes over recent years. This article offers a detailed overview of the residential real estate market in Muğla Bodrum, covering price trends, neighborhood statistics, and key insights for potential buyers and investors.
Residential Price Index for Muğla Bodrum (Jan 2018 - Jul 2024)
From January 2018 to July 2024, the residential price index in Muğla Bodrum has surged, reflecting both the area's growing popularity and broader economic trends. Key statistics include:
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Period: Jan 2018 - Jul 2024
- Change (%): 121.68%
- Total Change ($): 171.42%
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Last Year:
- Change (%): 11.17%
- Total Change ($): 16.1%
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Last 2 Years:
- Change (%): 31.22%
- Total Change ($): 42.85%
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Next Year (Estimated):
- Change (%): 24.03%
- Total Change ($): 29.24%
Exchange Rates Impact (Jan 2018 - Jul 2024)
The fluctuating exchange rates have played a significant role in shaping the real estate market in Muğla Bodrum, particularly for international buyers:
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EUR/USD:
- Change (%): -5.97%
- Last Year (%): -0.55%
- Last 2 Years (%): 6.59%
- Today: 1.09
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EUR/TRY:
- Change (%): 480.82%
- Last Year (%): 23.55%
- Last 2 Years (%): 98.96%
- Today: 36.51
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USD/TRY:
- Change (%): 517.7%
- Last Year (%): 24.23%
- Last 2 Years (%): 86.66%
- Today: 33.44
Muğla Bodrum Residential Averages (July 2024)
As of July 2024, the residential property market in Muğla Bodrum is characterized by the following averages:
- Average Unit Price: $2,955 per m²
- Average Gross Area: 136 m²
- Average Property Price: $401,935
- Amortization Period: 23 years
- Yield: 4.28%
- Range for Unit Price: $1,432 - $6,275 per m²
- Average Building Age: 8 years
- Average Marketing Duration: 93 days
- Stock Count: 7,366 units
- Stock Ratio: 5%
- Stock Change: 4%
Neighborhood Price Insights
Top Neighborhoods by Price Increase (July 2024)
The neighborhoods in Muğla Bodrum with the highest price increases over the past year are:
- Mazıköy: +22.19%
- Kumköy: +13.27%
- Yakaköy: +6.74%
- Türkkuyusu: +50.22%
- Umurca: +29.46%
Neighborhoods with Decreasing Prices (July 2024)
Some neighborhoods have seen a decline in residential prices:
- Turgutreis: -10.78%
- Karaova: -3.16%
- Gümüşlük: +2.63% (minimal increase)
- Akyarlar: +11.2% (minimal increase)
- Gölköy: +7.22% (minimal increase)
Amortization Insights by Neighborhood
Shortest Amortization Periods
The neighborhoods with the shortest amortization periods in July 2024 include:
- Kumköy
- Yeniköy (Karaova)
- Dereköy
- Yakaköy
- Gölbaşı
Longest Amortization Periods
Conversely, the neighborhoods with the longest amortization periods are:
- Kızılağaç
- Gölköy
- Türkbükü
- Mazıköy
- Dirmil
Muğla Bodrum Residential Market Breakdown
The distribution of residential stock and average unit prices is detailed as follows:
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0-4 Years:
- Area (m²): 150 m²
- Unit Price Range ($/m²): $1,188 - $7,158
- Average Unit Price ($/m²): $3,579
- Average Price ($): $536,846
- Amortization (Years): 31 years
- Marketing Duration (Days): 96 days
- Stock (Units): 5,230 units
- Stock Distribution: 40%
-
11-15 Years:
- Area (m²): 130 m²
- Unit Price Range ($/m²): $1,578 - $5,359
- Average Unit Price ($/m²): $2,743
- Average Price ($): $356,574
- Amortization (Years): 20 years
- Marketing Duration (Days): 91 days
- Stock (Units): 2,624 units
- Stock Distribution: 20%
-
16+ Years:
- Area (m²): 135 m²
- Unit Price Range ($/m²): $1,571 - $4,995
- Average Unit Price ($/m²): $2,716
- Average Price ($): $366,685
- Amortization (Years): 19 years
- Marketing Duration (Days): 91 days
- Stock (Units): 2,523 units
- Stock Distribution: 20%
-
5-10 Years:
- Area (m²): 140 m²
- Unit Price Range ($/m²): $1,533 - $6,135
- Average Unit Price ($/m²): $2,985
- Average Price ($): $417,858
- Amortization (Years): 22 years
- Marketing Duration (Days): 93 days
- Stock (Units): 2,546 units
- Stock Distribution: 20%
Conclusion
Muğla Bodrum remains a dynamic and evolving real estate market, with notable price increases in several neighborhoods, although some areas have experienced slight decreases. For investors and potential homeowners, understanding the specific trends and metrics in this market is crucial for making informed decisions.
With comprehensive data covering exchange rates, amortization periods, and neighborhood-specific insights, Muğla Bodrum offers both opportunities and challenges for real estate investments. Whether you're looking for a quick return or long-term growth, this market demands careful consideration of all available information.