Arabian Gulf can drive property aspirations in Bodrum, Turkey

Known as the St Tropez of the Aegean, Bodrum is hoping a new law allowing Arabian Gulf investors to buy property in Turkey for the first time will catapult the area to the top of the jet set's luxury resort destination list.

The peninsula on Turkey's west coast has attracted well-heeled tourists from time immemorial with Antony and Cleopatra in ancient times and with modern stars including Michael Douglas and Catherine Zeta-Jones, and Cristiano Ronaldo.

But with the Turkish government last year lifting reciprocity rules and effectively allowing a swath of property investment from Gulf countries and other regions, property developers are pulling out all the stops to attract the world's most prosperous buyers.

One of the most ambitious new schemes in the region is The Residences at Mandarin Oriental, a scheme of 98 villas and 116 flats as well as a 102-room Mandarin Oriental hotel on the Bodrum peninsula, on Turkey's south-west Aegean coast being developed by the local developer Asta Holding and Hong Kong-based Mandarin Oriental Hotel Group.

Located in the upmarket resort area of Golturkbuku, asking prices for the villas range from €3 million (Dh14.1m) to €6m and for the apartments start at about €1.2m.

AstasHolding says the group has earmarked about 15 per cent of the scheme to be sold to Gulf buyers - equating to some 25 properties.

Already the joint venture says it has sold 15 of these to buyers from Abu Dhabi, Kuwait, Saudi Arabia and Qatar - a couple of whom have bought two properties each for staff accommodation.

Services including in-residence catering by private chef, a helipad, access to all hotel amenities including restaurants and spa, pick-up and delivery services for dry cleaning and tailoring and flower arrangements by the hotel florist.

"This is a very luxurious location. Sheiks can come and stay here and maintain anonymity. They can take their super yachts here," said Vedat Asç¿, the chairman of Astas, at a press launch in Dubai last month.

"In the last five years international people have been coming to Bodrum and exploring it and we expect to see many more, especially from Gulf countries."