March 2010

Bodrum: Cultural Heart of Eastern Europe

Turkey, a country rich with exquisite cultural heritage, houses one of the seven wonders of the ancient world, the magnificent Mausoleum of Mausolus. The monument, situated in the stunning coastal city of Bodrum in southwest Turkey was impressively constructed to house the tomb of Mausolus, ancient ruler of Caria.

The name “Mausoleum”, describing the monument enclosing a burial chamber, actually originated from the original edifice in Bodrum. Its majestic, temple-like structure, decorated with reliefs and statuary on a massive base, stood resiliently for 1700 years until it was eventually devastated by earthquakes. Today, you can still visit the foundations and several pieces of sculpture that remain from the immense memorial.

Crusaders, arriving in Bodrum in the 15^th Century, transformed the remains of the Mausoleum into the remarkable Bodrum Castle. Still standing today, the stunning castle overlooks the harbour and the International Marina and visitors flock to the Museum of Underwater Archaeology that is accommodated in its grounds. As one of the finest examples of Crusader architecture in Eastern Europe, the stunning fortress hosts many cultural festivals throughout the year.

The Bodrum peninsula features a notably prevalent artistic and intellectual recent history, providing secondary residence to many artists, poets and singers. A variety of European expats have been attracted to the area due to its ideal climate, luxurious yet relaxed lifestyle and extremely high investment potential. As well as foreign investment, Turkish nationals are also eager to acquire holiday villas in the region and take part in the ever-popular leisure activities that Bodrum’s supreme location offers, including yachting, water sports and golf. The immense and heavenly coastline, with miles of beaches, bays and coves to discover, make every voyage peaceful and enjoyable.

Accessing the area is progressively easier since Bodrum boasts both an international and a domestic airport that receive daily flights from across Europe.

Turkish Government And Local Municipalities Limit Density Of Construction

Turkey is learning from the mistakes of Spain by guaranteeing that its immaculate coastline remains unspoilt.

This is undeniably a crucial step on the way to Turkey becoming a principal destination for overseas buyers.

The Turkish Government has certainly decided that the Spanish construction approach is not their chosen method of development.

The measures that they have taken in restricting and regulating coastal construction will give Turkey a head start in the global market for property investors and holiday-home buyers.

Unlike Spain’s Costa del Sol, obstructed by towering architecture, the Bodrum Peninsula in Southwest Turkey is a protected area; buildings can only be two storeys high and must be whitewashed, giving the region an authentic and picturesque identity.  Furthermore, only 20% of the land in Bodrum can be built on, thus ensuring that its exquisite range of wildlife and natural beauty will be protected for generations to come.

Other advantages of the area include the availability of affordable property, advances in tourism, a low cost of living and quality healthcare.

However, what really sets Turkey apart is the security of investment. The Spanish Government permitted the construction of resorts too close to the beach or on land that had not been acquired by the seller. The corruption involved provoked international outrage as people had entrusted their lifetime savings, only to find that some developments had been illegitimately constructed and were under serious threat.

Turkey is often compared to Spain more than 20 years ago; the coastline is intact and the beaches uncontaminated. Tourism is increasing yet building is restricted enough to enable the growth of coastal resorts without damaging the country’s natural beauty.

A White Paper has been issued by the Turkish Ministry of Forestry and Agriculture that sets out guidelines that intend to limit the density of construction and retain the authenticity of major tourist areas covering the Aegean and Mediterranean coastlines.

Cumberland Properties has been nationally recognised as a green company that operates in the Bodrum area. They own three developments on the Bodrum Peninsula, all of which are excellently located and proud to maintain the area’s nature and wildlife. The unique Woodland Regency development is set in the heart of a tranquil pine forest and the development was constructed around the trees; not a single one was damaged in the process. The exceptionally built villas and apartments are in extremely high demand. The development boasts two large, communal swimming pools, a golf putting area and outdoor playground, an exclusive spa and fitness area and 24 hour security.

Merrill Lynch Say Turkey May Be Next Brazil

The Turkish economy will probably grow 4.5 percent in 2010 according to research by Bank of America-Merrill Lynch.

 “If the real interest rates continue to be around 4 to 5 percent then Turkey has a huge growth potential and it can be the next Brazil,” said Türker Hamzaoğlu, a Merrill Lynch economist for emerging economies in Eastern Europe the Middle East and Africa, or EEMEA region, in a press conference in Istanbul on Thursday.

“Brazil saw huge growth after the 2001 crisis. Maybe Turkey does not have valuable underground resources, but instead of this, it has low real interest rates,” Hamzaoğlu said.

 

Another advantage Turkey has is its strong banking system and a large upside potential on mortgages, according to Hamzaoğlu. In the long run, South Africa, Saudi Arabia and Turkey are “likely to be success stories,” Hamzaoğlu said.

 

“When we compare these to European countries demographically we see that competitiveness is robust in EEMEA countries. The young and unsaturated population in developing countries has potential. Turkey should make use of this.”

 Hamzaoğlu also said the budget deficit situation is improving in Turkey. The gap that stood at 6.5 percent of the gross domestic product this year is expected to decrease to 5.6 percent of the GDP in 2010, he said. “The recovery will be seen more effectively in Turkey, as the indebtedness rates of households are lower compared to other EEMEA countries,” Hamzaoğlu added. Household debt in Turkey is 13 percent of GDP, according to the report.

 

From now on Turkey does not need to sign a standby deal with the International Monetary Fund, Hamzaoğlu said. “Emerging economies are recovering. There is no need for a standby.”

 

Inflation in EEMEA economies will stand at current rates or even decrease, according to the Merrill Lynch report.

 

The U.S. finance giant predicts the global economy to grow by 4.3 percent in 2010, with consumer spending and borrowing expected to rise as the threat of unemployment wanes and household incomes recover. “The surprise of the year may be a rally in the U.S. dollar,” said Bill O’Neill, a portfolio strategist at Merrill Lynch Wealth Management for Europe, Middle East and Africa.

 

“Brazil, Russia, India and China (or BRIC) currencies have the upside versus the euro.” The U.S. dollar has lost 4.8 percent against the euro this year.

 

For more information visit: www.turkeydailynews.com