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Altinkum Property Boom - It's Time to Start Living the Life

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"It's Time To Start Living The Life You've Imagined"

This quotation, attributed to the American author, Henry James, captures perfectly the mood among property buyers in Altinkum, Turkey. James would have been intrigued by the excitement rushing through this Aegean resort - an excitement that started in 2002 with the change in laws allowing foreign nationals to own property in Turkey in their own names, and now fuelled by intense interest from the British media and the experiences of early investors.

Until a few years ago, Altinkum was purely a holiday town. An arc of golden sand running gently down into a turquoise sea, so perfectly clear that in the shallows, the fish skimming around a bather's feet appear to be swimming in glass. A beachfront lined with small bars selling typical Turkish food and international favourites, a small central square with stalls of trinkets for souvenir hunters, and one nightclub summed up the total of Altinkum's tourist facilities.

Now property is the main industry of Altinkum, and the once minor resort in Turkey has become an investor's dream. Specialist magazines like A Place In The Sun and Homes Overseas have featured articles on the Altinkum gold rush, and the property boom has even caught the attention of the national press and television stations with news stories and TV programmes hailing Turkey as the next Spain and Altinkum as the new Marbella.

The Altinkum locals have responded in kind, ploughing billions of lira into regenerating the area. The main highway into the resort is now a tree-lined boulevard, with flower beds lining the pavements. Along the main beach runs a paved promenade studded with palm trees, and a marina and golf course will complete the transition from dusty town to cosmopolitan resort.

The local investment is seeing a major return. Apartments and villas are realising a year-on-year increase of as much as 30 percent, and two bedroom apartments which were available in 2000 for '6,000 are now asking upwards of '25,000. The area has seen its first sale of a single property over '200,000, and while this is still remarkably cheap to European eyes, it marks a major achievement for Altinkum, posting its entrance into the same league as Bodrum and Fethiye, which have been established property hotspots for many years.

Altinkum's future is assured. The once-seasonal holiday town, deserted in winter by all but a few, now has a wealth of full-time expat residents. The more confident restaurateurs are staying too, providing excellent food and a place to meet throughout the winter. The biggest hotel in Altinkum held its first New Year's Eve party this year, and next year promises a yet larger crowd to please as more and more buyers take the plunge and choose Turkey for Christmas.
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