NEW CABLE CAR SET TO BOOST DEMAND FOR PROPERTY IN FETHIYE
Everyone had hoped 2020 would be a terrific year for tourism and property in Fethiye, but sadly the coronavirus pandemic threw a curveball.
Now, as Turkey starts to gradually reintroduce “normal life” and tourism is once again on the horizon, here’s a look at the impact the pandemic has had on the property market in Turkey, and a glance towards the future and what we can expect for property in Fethiye in the coming months.
Foreigners are still buying and reserving property in Turkey.
In March 2020, as the world closed its doors, over 100 million Turkish Lira’s worth of foreign property was sold online according to Faruk Akbal, Chairman of the Real Estate International Promotion Association (GIGDER). This is just one indication that Turkish property is still very much in demand and that the foreign property market adapted quickly during the pandemic.
Facetime, Zoom, WhatsApp and video viewings allowed agents to keep clients interest, and companies started upping their marketing strategies and introducing new technology. Although sales to foreigners understandably decreased during these challenging times, demand and interest for property in Turkey remained strong. Internet hits rose as those at home had the time to browse listings, and there were increased domestic sales enquiries as city dwellers looked towards the coast as a possible safe-haven.
New Skywalk cable car project set to boost tourism and property sales in Fethiye
Fethiye has, for many years, been a popular destination for tourists, foreign lifestyle seekers and property investors. Home to many of Turkey’s well-loved resorts, it boasts a wealth of affordable villas and apartments ideal for retirees, holiday home seekers, ex-pats and buy-to-let investors.
Ovacik and Hisaronu, the closest residential areas to the famous beach and lagoon of Ölüdeniz, has attracted tourists since the early nineties. The last twenty years have seen a boom in property development and the areas pretty pine-clad hillsides are now awash with fancy apartments, white-washed villas and newly developed homes.
The much talked about Babadağ Cable Car “Skywalk” project is expected to boost tourist numbers significantly in 2021. The project, having now reached the initial test stage, has cost over $30 million and is expected to attract over 1 million passengers to the area. Due to open to the public this November, Skywalk will carry visitors from its base at the vantage point overlooking Ölüdeniz, to the summit of Babadağ, one of the most popular paragliding take-off points in the world.
Recent years have already seen many improvements to the mountain. What used to be little more than a dirt track requiring a 4×4 safari up the mountainside, became a modern road reducing the driving time up the mountain considerably. The paragliding take-off points were paved, better safety measures put in place, and an impressive restaurant and viewing centre built.
The Skywalk project will include ski lifts as well as cable car lines. According to skywalkfethiye.com, the main cabins will rise from the base to the summit, and the ski-lifts run between the 1700-1800m and 1800-1900m take-off points at the top. Passengers will enjoy fabulous views over Ölüdeniz bay and the Med on the way up and be able to spend time at the top enjoying the restaurant, cafes and other planned leisure facilities. Alternatively, they will be able to book tandem paragliding jumps down and land in style on the famed Ölüdeniz beachfront.
What the Babadağ cable car will mean to investors and those with a property in Fethiye.
Demand for rental properties in Ovacik and Hisaronu should increase.
It is thought that the new cable car project will boost rental and property demand significantly in 2021. With more tourists expected to come to the region, demand for accommodation will undoubtedly increase. Those with a buy-to-let property, or that rent their holiday homes in Hisaronu and Ovacik, can hopefully expect far more enquiries and bookings. If you have a holiday home in Fethiye and would like to earn additional rental income, contact Angel Rentals.
Now is the time to buy a property in Fethiye before the prices creep up.
For those that already own a property in Fethiye, especially in Ovacik or Hisaronu, the Skywalk project is excellent news. As the demand for accommodation increases, property prices should follow meaning your home may be worth more this time next year.
If you are thinking of purchasing a property, the cable car nearing completion is a nudge to start looking at listings now to take advantage of current deals before the prices rise. Take a look at the Angel Homes website and contact us for more information, to book an inspection trip later this summer, or to arrange a virtual tour.