The positive outlook for Turkey’s tourism industry in 2015 is great news for property investors, says Roxanne James for Propertyshowtrooms.com.
With the Turkish government showing a commitment to increasing visitor numbers, from around 37million now to 60million by 2023, the already healthy hotel sector of Turkey’s real estate market is set to expand greatly. Among the most notable new hotels to open is the 320-room Hilton Istanbul Kozyatagi, on the Asian side of Istanbul.
Turkey is currently the sixth most popular tourist destination in the world, with the sector contributing €26bn to the nation’s GDP, and the government’s 2023 visitor target is set to grow that contribution to around €70bn.
The expanding tourism industry is set to increase demand for rental properties close to commercial districts. With new freedoms to purchase outside resort areas, property can look to benefit from units in other areas, for example in Istanbul’s up-and-coming suburbs.
Turkey’s biggest tourist markets are Germany, UK and Russia with a growing number of visitors from the US.