Be of Good Cheer; Be Careful; Crisis/Opportunity

With the long holiday season upon us some foreign residents have left Bodrum to celebrate elsewhere but quite a few decided to stay due to their financial resources being reduced by the global financial crisis. Cheer up! There are many places on the peninsula to celebrate and some are even FREE! One example is Özmasa Restaurant in Yalikavak inviting residents to a free barbeque party on 20 December. The free offerings include pork sausages, meatballs, chicken wings, pork spare ribs and buffet salads! Only drinks are extra! The mayors of some peninsula municipalities are also expected to host cocktail parties for their residents, the traditional one being the Boxing Day (26Dec.) affair sponsored by the mayor of Bodrum. Before that, on 21 December, there will be a Carol Sing starting at 18:00hrs in the Gümbet Municipal Cafeteria on the shore. As is years past, donations for the benefit of the Muğla Orphanage will be gratefully accepted during the caroling. Sharing with the less fortunate has been the mark of this community, let’s keep it going.


Cheer up, you’re not alone! It may not come as a surprise to many but it is not only foreigners who have suffered at the hands of unscrupulous real estate shysters. The latest local case is of 98 villas known as Aktur Sarnıç Evleri (plus a 60 bed pension) that had been sold to members of crème de la crème of Turkish society. The properties were repossessed after a default on a debt by the builder/contractor who had sold them on the basis of an “anlaşma” (an “agreement”, without deeds to the properties being given to the buyers). These villas have now been bought by a bank which is expected to offer to sell them back to the original duped buyers. The moral of the story: BE CAREFUL in any property dealings!

The slump in the real estate market is hurting builders, contractors, architects and all suppliers to the building and furnishing trades, not to mention the workers who have been coming to the area mainly from the south-eastern provinces. There is much weeping and gnashing of teeth, as well as serious price reductions, presenting two opportunities. One is to prospective buyers who get almost unbelievable bargains. There is another opportunity for the local authorities and population to put a stop to an uncontrolled building spree that has been blighting the peninsula with cancer-like growths of “little white boxes”. Will we have the courage? By the way, our readers will have noticed that we have moved away from weekly updates – the crisis is responsible for a general slow-down so we’ll be making postings monthly. Thank you for your understanding and support.