Dec 15 Bodrum Property Report; 1-6: How much is my property worth?

We have already brushed on this in section 4, and in section 6, but let's now try and bring these together to give us a good stab at answering this question.

Part 1: Bodrum area residential property for sale

Part 1, Section 6: How much is my property worth?

First, it's worth mentioning that the aim of this is to get a rough a ball-park figure, comparing a property to the 'average' market advertised selling price. Using the methods and data described here you will get a robust method for comparing property prices between locations, and property sizes.

For the sake of this example we'll be using the "average house", from our data: Yalıkavak has the most properties for sale. The majority of properties are 2 bedroom, and the average property size for a 2 bedroom in Yalıkavak is 89m². Hence we will use a 2 bedroom property in Yalıkavak with a floor area of 89m².

There are 2 easy metrics we can get:

The average price for a property in our location, based on the number of bedrooms.
Again using our example property and Chart 17 below, we can see that 2 bedroom Yalıkavak properties are on the market for around 175,000 TL
The price for a property in our location based on the property size in m².
Again using our example property and Chart 17 below, we can do a quick calculation based on the price/m² value for Yalıkavak (2,428 TL), and the size of our example property (89m²), giving us a figure of 216,068 TL

We now have two different figures - for our example: 175,000 TL, and 216,068 TL. This gives us a good bracket for our ball-park figure. To go a step further, a quick average of these two values gives us 195,534TL - perhaps our best ball-park figure.

Above: Chart 17. Average Bodrum property prices.

Bodrum House prices chart

Important Caveats:

Of course it's not as easy as that!

The most important factor to note is that we're looking here at the advertised selling price - remember that just like houses elsewhere in the world. Turkey is no exception and over-values properties with selling figures often differing up to 15% depending on property.
When using the price per square metre method, it should be noted that some advertisers will include outdoor balcony space, where others will not. Normal practice would be to include indoor space only.

Still to come:

Location - how do Bodrum residential prices compare to other Turkish tourist areas?
Bodrum area residential rentals in detail
Bodrum area land availability in detail
...and much more

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