Tourism Explodes, Making it a Great Time to Invest in Turkey

By Justin Mays:

In January 2022, the number of foreign tourist arrivals in Turkey more than doubled compared to the same month in 2021. The numbers reached almost 1.3 million, a 151% increase from 2021, according to the Ministry of Culture and Tourism. Tourism makes up about 13% of Turkey's overall economy and the country was the sixth-most popular tourist destination in 2019 (World Trade Organization).

This winter Istanbul was the primary point of entry for foreigners, but expectations for a record-breaking summer season shifted our focus to the Mediterranean resort cities of Antalya and Fethiye and the Aegean coast. Consequently, Turkish Airlines is planning on expanding its routes from 38 international destinations to airports in the Aegean and Mediterranean regions. These direct flights will bypass Istanbul and arrive in the following cities: Antalya, Dalaman, Bodrum-Milas, and Izmir.

AnadoluJet, Turkish Airlines’ budget company will fly from 39 foreign cities next summer season and focus on the German, British and Lebanese markets. Before the coronavirus pandemic, 2019 tourism brought $34bn into Turkey. According to Culture and Tourism, Minister Mehmet Nuri Ersoy:

“Last year, the number of foreign tourists increased by 88 percent from 2020 to more than 30 million people, while tourism revenues leaped 103 percent to stand at $24.5 billion…Early reservations increased compared with last year. All those indicate our target of generating $35 billion in revenues is well within reach''.

Investing in Turkish real estate is advantageous for many reasons including high liquidity. With extraordinary numbers of international tourists planning their visits to Turkey, the need for vacation properties will only increase.

Villas and apartments located in popular areas will be in high demand for short-term and seasonal leases and are appealing for resale. This stable growing rental market in Turkey will ensure a good return on investment for new buyers. This coupled with a favorable exchange rate makes now the time to invest in Turkish real estate.