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Kaş, an idyllic seaside town in the Mediterranean region of Turkey, has topped the Turkey real estate market in the recent past. With its breathtaking sights, clear blue waters, and serene environment, Kaş is a perfect combination of nature and Mediterranean culture. Despite this, the demand has been quite high lately and the prices of houses in Kaş have risen tremendously making it one of the most expensive places to buy a house in Turkey. So, what extremes do houses in Kaş reach? Let us delve into the reasons.
1. Land Availability is Limited
One of the major factors fuelling the property values in Kaş is the high demand and low supply of land. As the town lies in a coast-hugging narrow strip of land, there is a mountain and a sea, there is little possibility of increasing the area for any other developments. In contrast to other big cities which they can build outward, Kaş has no other new sites for construction due to land constraints.
Furthermore, much of the outskirts and areas within Kaş are also very much preserved owing to their ecological value. This means regions that are found in and around national parks, historic heritage sites, or any buffer zone. Hence, the situation becomes worse with land scarcity as the prices of the properties shoot up since more people want the properties than they are available.
2. The Increasing Number of Foreign Investors
In recent years, Kaş has emerged as one of the favorite places for foreign buyers, especially Europeans. This relaxed ‘island-like’ lifestyle, for its pleasant weather and picturesque ambiance, attracts many international investors to Kaş. This is because the town is less developed and filled with large crowds compared to other coastal resort towns, making it suitable for people who wish to have peace away from their busy lives or want a vacation home.
Foreign Investors mostly pay more than a Local buyer can pay, especially when dealing with currencies like the Euro, Dollar. Such foreign investment causes property inflation making it hard for the local buyers to remain in the market.
3. Beautiful Place and Its Position
Talking about location, Kaş is rich. The position of the town is such that it is bordered by the Mediterranean Sea on one side and the Taurus Mountains on the other making it one of the most beautiful places in Turkey. The warm, clear waters where admiring the rich green hills and the dramatic scale of the mountains and the rigid cliffs make us understand why people search for coastal properties in Kaş.
4. Tourism and Rental Potential
Kaş is an area that has a growing tourism industry, an industry that has also contributed to the overall increase in property values. The town has visitors all year round but more so in summer. Most real estate owners improve the houses in Kaş not only for themselves but as a business investment.
There is an ever-rising holiday rental market in Kaş, and people visiting the place do not mind spending more on oceanfront rentals that are exclusive and lavish. This helps many homeowners make extra income as they rent their houses to people on holiday. The prospects of income return on investment have also increased the number of investors in the real estate market in Kaş, thus increasing property prices more.
5. Low-Density Construction Regulations
The local authorities in Kaş and its vicinity have also put in place measures to control developments, particularly zoning laws and building regulations. Such regulations suppress the vertical growth of buildings and the horizontal extent of development so that any incoming development does not spoil the picturesque appeal of the town.
6. Rise in the Use of Luxury Travel among Famous Personalities and Rich People
The quiet and luxurious retreat is what every celebrity, artist, and rich person looking for has made Kaş one of the locations. Because of the lack of access and the privacy that Kaş offers, many high-net-worth individuals have made it their holiday destination, consequently increasing the demand for luxury properties.
With more and more rich buyers coming to the market, the prices for luxury sea-view villas keep rising. This trend has had a domino effect, increasing the general property prices in Kaş and thereby making it one of the most expensive real estate markets within the region.
Conclusion:
Kaş has a unique natural beauty and an idyllic lifestyle that many would die for. All these are contributing factors that have seen property prices surge. This has made Kas properties expensive as compared to other regions of the country. Besides, the lack of land for construction and the high intake of foreign buyers, and the rising status of the town as a luxury zone; it is quite understandable why Kaş has been classified under high-end real estate.
For the investors considering other locations, the town is a beautiful place that can also be rented out, and thus cannot be regarded as overly expensive even though the real estate prices are high for a reason.
