As Turkey's tourism grows, so does its property market - Emerging Real Estate

As Turkey's tourism grows, so does its property market

19/10/2011

 As Turkey’s tourism grows, so does its property market

Turkey is continuing to enjoy exceptional growth in its Tourism industry but how does this fuel a real estate boom? More and more foreigners are flocking to invest in the country’s property and experts believe this can be directly linked to the Tourism industry.

Unlike other countries which have seen their tourism industries hit hard by the financial crisis that has enveloped Europe and beyond, Turkey’s tourism industry is still growing. The facts speak for themselves – data from the Turkish Ministry of Culture and Tourism shows that tourism grew by an average of 2 million visitors per year from 2006 – 2010. In 2010 alone there were 1.5 million more visitors than in 2009, proving the global downturn is having little effect. Latest figures show that visitor numbers were up by almost 12% in the first six months of this year compared to the same period last year.

The UN World Tourism Organisation confirms this picture, reporting a 10.5% increase in visitors. Global airport data, published by anna.aero, shows that traffic through Turkey’s airports is growing rapidly, by 15.9% year on year in the first six months of this year.

This outstanding growth in Tourism is increasing the appeal of buying Turkish holiday homes which is in turn increasing the sale of residential property as owners can rent out their properties when not in use. It is not just coastal areas that are feeling the surge, but Istanbul as well due to its cultural pull for tourists.

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