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Early Birdies Catch the Worms

By: Laura Latham

While most of us head to Turkey’s sandy shores for the sun, good food and the chance to relax by the sea, there are larger numbers of visitors who have nothing but golf on their minds.

Spain and Portugal may be golf hotspots but the Turkish market is aiming to steal their best customers by serving up expansive, well-serviced courses alongside great beaches and smart facilities.

Though golf has been in evidence in Turkey for some time (Istanbul Golf Club is one of the oldest in the world), it’s only been in the last five years that the sport has really taken off. Despite its popularity, Turkey’s tourism industry is still in its infancy when you compare it to more established markets. As a result, golf is also in its early stages, though several glamorous courses have been developed in and around Istanbul, such as Klassis Golf and Country Club and the residential golf community of Kemer Country (at which villa prices have risen into the millions in the ten years since construction), as well as in key coastal locations.

However, in terms of new, celebrity-designed courses of the style seen on the Algarve and Costa del Sol, there’s only one location worth heading for: Belek. A Mediterranean resort town approximately 48 kilometres from Antalya, Belek has been earmarked by the government for tourist expansion. There has been a lot of development along Belek’s fabulous beaches in the past five years and, in addition to many hotels, bars and restaurants, the town currently offers nine quality courses and a variety of property to suit most tastes and budgets.

The weather here may be the same as hot tourist spots in southern Spain and Portugal and the golf may be just as good, but there is one main difference. It is currently almost impossible to find property for sale in Belek that is actually integral to a golf course. Almost without exception, what are marketed as golf villas and apartment complexes will be outside course boundaries.

Usually it will be a matter of a few minutes’ walk or drive but some ‘golf’ property can be up to 20 minutes away. “In Belek courses are scattered around the area,” agrees Clair Walker of Turkish Homes, and properties are dotted in among them. It is different to Spain but Turkey is an emerging market and people understand that and are happy to buy there knowing this.”

Taylan Gundeslioglu of local agency Lets Go To Turkey says the situation is a bit complex. “There are no developments in Belek currently within golf courses because the courses are not owned by companies but by the government and under the registration of the ministry of forestry and agriculture.”

According to Gundeslioglu, all golf courses in Belek are designated green areas and are rented to private companies on leases lasting 49 or 99 years. “You cannot develop property on green areas as these are protected, so the properties are built beside them.”

The other issue is that, unlike other popular golf destinations, the costs of building are not easily offset by the sale of property, because real estate in Turkey is currently so cheap. “It is almost impossible to finance the cost of such a big land plot, plus the construction of a golf course and on-site homes, for the profit margin available,” explains Gundeslioglu.

Another thing worth bearing in mind in Belek is that some of the courses, such as the Gloria are pretty exclusive, only allowing golfers to play who are staying at their on-site hotels. Though there are plenty of courses to choose from it might annoy you if you’re buying in order to have access to all courses in town.

Of the nine courses currently operating, the two headline developments are both 27 holes: one at the Papillon Golf Club, designed by Colin Montgomerie and opened just last autumn, and The Cornelia by Nick Faldo. Both are getting rave reviews from the golfing press and buyers keen to play them are snapping up properties at less than a third of the cost of homes in other golf destinations.

Who can blame them? Prices in Belek start from under £60,000 for something with two bedrooms and a shared pool within easy distance of the main golf courses. Property that is larger, with at least three bedrooms and adjacent to the main courses cost from around £80,000. Turkish Homes, for example, has nice, modern apartments, 100 metres from Montgomerie’s course, costing from £85,000.

In addition, the company is selling a small development of large, three-storey villas featuring three bedrooms and two bathrooms, costing from £113,000 and just 500 metres from Faldo’s new course. Properties further away, though still within a central location that offers good access to all of the surrounding courses and facilities, cost from £56,500. Walker adds that buyers can get between five and 25 per cent discounts on green fees with some developers she is representing.

Similarly, the Augustus Resort, being sold by local specialist Nirvana International, is offering luxury apartments from £59,000 and detached villas from £107,000, all with fantastic on-site facilities. While Aquavista is another UK-based company that has had extensive experience of the Belek market; it’s currently selling apartments in the town from £60,000, with a wide choice of central two- and three-bedroom units available for around £75,000 to £90,000.

There are also several small enclaves of villas available through Aquavista, with three and four bedrooms and private pools, ranging from the very traditional in style to highly contemporary and costing from around £140,000 to £200,000. All have easy access to the nearest golf courses and superb beaches.

“We have some beautiful properties in Belek and the local council has made great strides in recent years to improve the town,” says Aquavista’s Shaun Ashdown. “The standard of the golf courses and club houses are superb – on a par with the best in Spain.”

As a result, prices won’t stay low for long and are already rising at around 25 per cent per year.

Investors hoping to rent should expect to get an average of 20 weeks per year according to Clair Walker. “Apartments should bring in around £250 to £350 per week, with villas renting from £500 up to around £700.”

However, it isn’t just Belek that is branching out into golf; last year the Turkish government gave permission for two new courses to be built in the Aegean resort of Altinkum, which is around 90 minutes from Bodrum. The planning stages are still being gone through but it’s hoped that the first will be completed by 2010.

Due to its distance from the airport at Bodrum, this region isn’t as traditionally well served with tourists as others, though it’s popular with Turks. It is, therefore, hoped that the golf, coupled with a new marina, will encourage investment and increase visitor numbers.

Improvements to the harbour are also expected to allow ferries to run from popular Greek destinations such as Kos and Samos.

It’s anticipated that Altinkum’s profile will, in time, compete with Bodrum or Belek; if that is the case, it’s also possible that anyone buying now will get a bargain because property is currently so cheap. “Prices in Altinkum, can still be as low as £35,000,” says Clair Walker, who also sells in this area. “That will buy a two-bedroom apartment with access to a communal pool and within walking distance of the beach.”

According to Shaun Ashdown, such improvements have been promised for years and may still “take five years plus” to come to fruition, therefore buyers will need to think long-term with regard to possible future returns. In the meantime, though, you will at least be able to enjoy a little seaside holiday home that doesn’t cost the earth.

Such issues are also reputedly dogging the proposed development of the Vita Park Golf Resort by Tuzla Lake near the popular and swanky resort of Bodrum. Two world-class golf courses, a residential development, hotel and recreational facilities are planned here but the site – a sensitive nature reserve with the only visiting flock of flamingos in Europe – is controversial.

In addition, Vita Park will be members only and current proposed fees are €15,000 (£11,300) to join and €1,500 (£1,130) per annum, which several agents doubt will appeal to many investors who can play courses elsewhere for less. Should this not deter you, there are some attractive, stylish new developments going up along the coast nearby.

One of these is Regnum Homes’ Bargylia resort, which offers chic, contemporary apartments and villas built onto a hillside, with wonderful sea views. The complex also offers a private bay, small beach and fantastic pool and spa facilities.

Prices start from £59,000 for a two-bedroom apartment and the development is 25 minutes from Bodrum, with the proposed golf course site almost on the doorstep.

These properties are selling well and will make great, well-designed second homes. And should Vita Park Golf Resort get the final go ahead they may well, like other golfing property in Turkey, become even more sought after.

Article Source: http://www.articlemarketing.org

Laura Latham for Homes Overseas - Property for sale in Turkey information about buying property in Turkey, property investment advice and international property news.
International property experts since 1965.

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