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"Figures released for December by the Turkey Residential Property Price Indices show that Turkey property prices are on the increase with prices up in five major locations. Prices increased in Ankara, Istanbul, Adana, Izmir and Kocaeli. The respected Goldman Sachs economist Jim O'Neill has also predicted that the Turkish economy will grow substantially beyond current predictions.
Tourist numbers to the country also increased by 5% last year in spite of the economic downturn, and revenue from tourism is expected to be $25 billion this year which will be brought in by 31 million visitors. This figure pales into insignificance when compared with projected tourism revenues for 2023 at $50 billion as by that stage Turkey hopes to attract 63 million tourists a year.
This will make Turkey one of the top tourist destinations and many Britons are already choosing to holiday here rather than visit more traditional resorts in France and Spain. Part of the reason for this is the high levels of affordability even when the weakened euro is taken into account. Britons will not be the only ones choosing the holiday here as Turkey has concentrated its efforts on visa free travel with Syria, Jordan, and Lebanon and is now turning its attentions to Greece.
To meet this increased level of demand the infrastructure needs to be enhanced with experts considering Istanbul in particular to be undersupplied with tourism accommodation. Growth is needed in Istanbul to deal with increased demand from golfing and medical tourists in particular. Golf tourism enjoyed a massive growth last year while medical tourism is expected to increase by 16% over the next three years.
