GREEN PARK at Bodrum
Turkey in Numbers
Points of Interest
Regnum Golf Club
Project Summary With the Turkish Lira having halved in value over the past 12 months, Benoit Properties are delighted to present our newest residential investment opportunity – Green Park, Bodrum. According to oﬃcial data, Turkey’s tourism revenue rose to $26.3 billion in 2017 with a nearly 19 percent year-on-year increase, driven by a signiﬁcant rebound in the number of foreign arrivals. Available at signiﬁcantly discounted prices, our Green
Park Bodrum project oﬀers brand new two bedroom apartments priced at only €54,900 close to the beach, shopping, golf and more. Being delivered by a reputable local development team, Islagrup, the community is under construction and being completed by end of Q1 2020. With such incredible currency advantages, we expect strong growth running alongside high rental yield over the mid to long term.
• New build 2 bed apartments • Huge currency advantages • High spec with communal pool • Under construction • €1000 to reserve • From only €54,900
Turkey’s economy is extremely resilient and has been growing year on year following the slump (in the 3rd quarter of) 2016 – a trend we very much expect to continue, especially with households spending on everything from food to healthcare to appliances. The labour market has also improved and the country is very much buoyed by foreign investment and exports. Just a few days ago, we saw more foreign investment in our banking sector with the sale of Denizbank in Turkey to the UAE’s Emirates NBD for $3.2 billion – a Dubai-based bank’s largest overseas acquisition. The unemployment rate is also down – from 12.6 percent in February 2017 to 10.6 percent in February 2018 – with youth unemployment falling too. We recently saw a rise in minimum wage, so salaries have picked up, with low income households particularly reaping the beneﬁts. Exports to key economies, such as Germany, Britain and the US, are also rising. Our tourism industry has also been boosted. Following a one-oﬀ decline in 2016, total tourism income strongly recovered in 2017. And more importantly, this recovery trend is carrying on with an increased pace in 2018. Overall, there is much to be encouraged by and we look forward to seeing more economic growth and strengthened, reinvigorated trade relationships in the months and years to come.
Interview with Turkey’s Minister of Economy,
Nihat Zeybekci Jun 15, 2018
Turkey in Numbers
79.8m Population (2018)
Most Popular Tourist Destination (2018)
+7.2% +19% Annual Change in GDP
Year on year
-16% +1.5% Unemployment Decrease
Annual Change in
year on year
Population Growth Rate (2018)
Today, the Bodrum Peninsula attracts a global mix of interests and buyers. With a diverse combination of clients. There are Scandinavians and Kuwaitis, Americans and British. Younger families interested in full-time residential homes in the central areas close to all amenities, high-end investors and second or thirdhome buyers of unique taste. International architects such as Sweden’s Thomas Sandler and New York’s Richard Meier are leaving their mark on what is rapidly becoming one of Turkey most popular destinations. Our new project is ideally located close to the airport and the gateway of Bodrum’s glittering peninsula, with the new Regnum Golf Club and a nearby marina sure to drive prices up further, there is real internal migration from Istanbul’s elite seeking more space, familiar private hospitals, brands and schools found in Istanbul. Bodrum is now coined ‘the furthest suburb of Istanbul’ with eight year round direct ﬂights per day and being reached within one hour. 37°10'11.0"N 27°36'02.5"E
Points of Interest
Karia Port Shopping & Dining (500 meters)
Bodrum Airport (10km)
Vita Park Golf Resort (Opposite)
Guvercinlik - Bars & Restaurants (2km)
GĂźllĂźk Town - Bars & Restaurants (5km)
Egesu Marina (5km)
Regnum Golf Club
Turkey is without doubt the cheapest place to buy a property and to play a round of PGA standard golf across the Mediterranean. Our Green Park project is just along from the Regnum Golf Courses oﬀering 18 holes for between 35eur per round. Not only that but our prices for new build comparable 2 bed apartments comes in signiﬁcantly lower than anywhere else in similar proximity to the Mediterranean Sea.
Hole to Hole
Chipping & Putting Green
Green Fees (per round)
Lowest price 2 bed apartment
€55 - €78
€47 - €71
€57 - 83
Floor Plan ENTRANCE TERRACE
KITCHEN LIVING AREA
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2+1 (85sqm – net) living room with built in kitchen, master bed with ensuite,guest room with bathroom and a large terrace.
Running Costs: Maintenance fee: 200 TL per month (circa €28)
Construction: Completion Date: Q1 2020
Brick build with A/C included
15% on a short term rental basis
€6000 Closing Costs:
Payment Plan: 2% of property price €1000 to reserve, 50% less reservation on exchange, 50% on completion
Sinop Law Oﬃce http://www.sinoplaw.com/
Freehold Address: Community: Gated with pool and security
Meselik Mahallesi Mugla Bodrum yolu caddesi no:93 – Bodrum / Muğla
What are the closing costs when buying in Turkey? You would pay lawyer fee of €850 + 3% stamp duty.
Turkey FAQ Can I buy from overseas? Yes you can buy freehold by appointing a power of attorney. The buyer will need to send the lawyer a Power Of Attorney to transfer the deed, obtain a tax number and open a Euro and Turkish Lira bank account which we oversee as part of our service oﬀering. Will I need to pay tax on my rental income? Turkey will tax income from real estate including income (proﬁt) if you rent out your investment. This ranges from 15-30% depending on your criteria. We can recommend an accountant to ensure this is streamlined cost eﬀectively based on your circumstances. Residency Buyers and their families can apply for residency working with Sinop Law Oﬃce should they invest above €250,000. What is my legal ownership status? 100% freehold ownership Annual Property Tax The authorities have a unique way of calculating property tax based on the land size, cost and neighbourhood although your lawyer will be able to conﬁrm your approximate annual exposure based on the deed itself. As an example on a €500,000 property, taxes are around €450. Capital Gains Tax This is in line with income tax although it is important to know that if you hold the property for ﬁve years or more any proﬁt on the purchase price is exempt from any tax.
Benoit Properties collaborate with a licensed Bodrum property management company, specializing in short and seasonal term condominiums. There is a proven model that weekly serviced rentals over the peak season of April until the end of October provide the best yields compared with year round rentals, this not only produces real and satisfactory yields but also leaves the investor with the chance to enjoy his/her own property, Bodrum has direct ﬂights during the summer from most European cities, Beirut is just a 1 hour 10 minuet direct ﬂight away, Kuwait and Saudi also operate ﬂights direct in to Bodrum, our partner demonstrated to us a property shortfall during peak season. Luxury Property Turkey oﬀer a complete range of rental solutions for you and your clients. Assuming a total of 16 weeks rental 4 weeks peak rate x €475 = €1,900 4 weeks low rate x €399 = €1,596 and 8 weeks standard rate x €475 = €3,800 which combined produces a gross annual income of €7,296 less 15% management fees leaves a NET annual income of €6,201 producing a 13% yield. *Buyers need to buy a furniture package which is circa €6000. **Figures above are projections only. Buyers should conduct their own research ahead of reservation.
Established in 2005, Benoit Properties International are the trusted source and number one choice for property acquisition across a range of global markets. As sales and marketing partner at Green Park, Benoit bring together over 25 years of combined experience delivering exceptional customer service alongside accurate and up-to-date market knowledge. Luxury Property Turkey is an award winning Real Estate Agency who specialise in oﬀering luxury properties for rental across the best locations in Turkey. With ﬂuent English speaking staﬀ, Luxury Property Turkey are on hand to oﬀer rental management assistance for investors buying at Green Park Bodrum. Founded in 2004 by Murat Poyraz, Real Estate Broker, Contractor and Developer, Isla Grup İnşaat is a Bodrum Turkish based Company oﬀering design, construction, and development services. The company’s directors have been assembled from some of the best real estate and construction industry talent out there, and between them they have many decades of experience. As a ﬁrm of specialist commercial law solicitors based in Bodrum, Turkey, have worked on European and international legal issues since 2000. Due to our consistent specialisation in international points of law, we guarantee the optimum environment and conditions for eﬀective and successful resolution of international legal cases.
UK OďŹƒce T: +44 (0)161 250 5300 F: +44 (0)161 250 5301 E:email@example.com Benoit Properties International Ltd 211 Jactin House 24 Hood Street Manchester M46WX www.benoitproperties.com