Rapid rise in Turkey's tourism industry set to continue - Emerging Real Estate

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 Rapid rise in Turkey’s tourism industry set to continue

Over the last few months, here at Emerging Real Estate we have seen a lot of interest in the properties which we are offering in Turkey. This trend has continued throughout the property investment world with many leading companies listing Istanbul as the best place to consider investment at this time.

Perhaps as an indirect result of this interest, we have also seen a massive increase in the number of tourists visiting Turkey over the last 12 months. Recent data released also suggests that this surge of interest in visiting the country and in particular Istanbul is set to continue.

MasterCard Worldwide have developed their city index to reflect tourist revenue and Istanbul has seen a 30.1% increase in this stream, meanwhile generating an estimated $10.2 billion in 2011 alone. Further estimates predict that the city will receive approximately 9.4 million visitors this year which would overtake the numbers for Rome, Milan and New York.

Certainly one of the oldest cities in the world, but now often referred to as one of the hippest cities, Istanbul’s growth both culturally and financially is helping to push the Turkish economy forward – an economy that has already risen by 11% in the first quarter of 2011. Indeed, since 2002 Turkey’s income per capita has almost doubled, which in turn has generated a huge surge in consumer spending. Along with shopping malls, bars and restaurants to enjoy, the new middle class has also started to travel more supported partly by fantastic growth from the country’s national flag carrier, Turkish Airlines.

An expanding middle class will also demand more property and Turkey’s construction sector experienced an incredible 17.1% growth in 2010 from the year before. It’s rare to have so many different aspects of the national economy working so successfully together and in sync but the construction and tourism industries are really helping to push the Turkish economy forward and are perhaps a significant reason as to why PWC backed investment in Turkey earlier this year.

We are currently still offering fashionable apartments in Istanbul to invest in. If you would like more information then please do not hesitate to contact us.