Does tourism affect real estate in Turkey?

Turkey is considered one of the most attractive tourist destinations in the world, attracting millions of visitors from all over the world to its unique cities and charming beaches, but is there a tangible impact of tourism on the real estate market in Turkey? Could this tourist attraction lead to changes in real estate prices and real estate investments? Read on for more details

Turkey's revenues from tourism in the current year

Data from the Turkish Statistics Authority showed that Turkey's revenues from the tourism sector in the third quarter of this year amounted to more than 20 billion US dollars and these numbers represent a significant increase of 31.1% compared to the same period last year.

Revenues for the period from July to September this year amounted to 20,225,317,000 US dollars.

It should be noted that tourism sector revenues increased by 53.4% ​​last year compared to the previous year, reaching a record level of $46.28 billion, as a result of the fading effects of the Corona pandemic and the increase in the number of Russian tourists due to the impact of the war in Ukraine.

How does tourism affect real estate in Turkey ?

1. As the number of tourists visiting Turkey increases, the demand for temporary accommodation, such as hotels and furnished apartments, increases and this leads to an increased need for temporarily rented residential real estate units, which enhances investment in real estate.
2. In order to accommodate an increasing number of tourists, large tourism projects are being developed in Turkey, such as resorts and new tourist cities. This leads to increased demand for residential and commercial properties in areas adjacent to tourism projects.
3. Tourism contributes to increasing revenues for local residents and enhances purchasing power and this encourages investment in real estate and increases demand for residential apartments and villas.
4. As a result of increased demand for real estate, prices sometimes rise. This can be beneficial for existing property owners who want to sell.
5. Tourism provides opportunities for investors to buy real estate in Turkey and rent it to visitors and some government programs allow obtaining Turkish citizenship through real estate investment, which makes Turkey an attractive investment destination.

Benefits of owning real estate in Turkey 

1. Turkey is located at the intersection of continents and occupies a strategic position between the Eastern and Western worlds.
2. Turkey has a diverse landscape that includes beaches, mountains, and rivers.
3. Rich history and culture reflected in the cities and historical monuments.
4. Turkey's economy is active and diversified.
5. Real estate laws in Turkey provide protection for investors.
6. Real estate in Turkey comes at low costs compared to some other countries.
7. Properties in Turkey often feature beautiful architectural design.
8. Foreign investors can obtain Turkish citizenship through real estate investment.
9. Real estate in Turkey offers the possibility of good rental returns.
10. Turkish cities offer an active and diverse nightlife.
11. English is a widely spoken language in Turkey.
12. Turkey provides a good education system and globally recognized universities
13. Turkey is an ideal starting point for exploring the world.
14. Infrastructure and sustainable development make Turkey a good place to invest.
15. Turkey enjoys political stability and security.
16. Turkey offers many excellent real estate projects.
17. Turkey provides a good health system.
18. Turkey has charming beaches on the Mediterranean and Aegean Seas.
19. Turkey has an advanced transportation system.
20. Turkey offers various stores and shopping markets.
21. Turkey is characterized by religious diversity and cultural heritage.
22. Real estate is considered a safe and good investment in Turkey.
23. Turkey provides opportunities to practice various sports.
24. Turkey enjoys moderate weather throughout the year.
25. Turkey's major cities offer cultural and entertainment facilities.
26. Turkey organizes many cultural events and festivals.
27. Real estate in Turkey offers the opportunity to be easily rented to achieve investment returns.
28. Turkey is considered a safe and stable destination for living.
29. Turkey provides opportunities for international trade and business.

Types of tourist properties in Turkey

1. Furnished apartments are a popular choice for tourists looking for temporary accommodation and it can be easily rented for short holidays.
2. Residential apartments provide housing units listed on real estate markets and buyers can use it for permanent residence or as an investment to rent it out.
3. Villas are available in various sizes and prices and it can be an ideal choice for buyers looking for privacy and luxury.
4. Turkey is home to many luxury resorts that provide excellent services and entertainment facilities.
5. Investors can search for modern real estate projects that include apartments and villas with modern facilities.
6. Some historical properties are available in cities like Istanbul.
7. Many sea view properties can be found in coastal areas such as the Aegean and the Mediterranean.
8. Some hotels offer the opportunity to buy apartments in the project and benefit from the hotel services.
9. Turkey is witnessing the development of new cities providing residential and commercial real estate.

What factors affect real estate prices in Turkey ?

1. Supply and demand play a major role in determining property prices, in areas where demand outstrips supply, it is possible to see an increase in prices.
2. The location of the property is one of the main factors and properties in major cities such as Istanbul and Ankara are often more expensive than those in rural areas.
3. Properties in areas with developed infrastructure and easy access to services and transportation are often more valuable.
4. The condition and age of the property play a role in determining the price, new and renovated properties are often more expensive.
5. The impact of the economic situation on the real estate market, as good economic periods can be a catalyst for an increase in prices.
6. The impact of laws and legislation on the real estate market. Laws may change over time and affect laws and taxes.
7. International events such as economic or political crises can affect the real estate market.
8. Increased interest from foreigners in purchasing real estate in Turkey affects prices.

In conclusion, it can be said with confidence that tourism greatly affects real estate in Turkey, as Turkey is considered a distinctive tourist destination that combines the beauty of nature and rich culture, making it rich with visitors from all over the world and this increase in demand for real estate enhances the strength of the real estate market and contributes to increasing real estate investments and opportunities and in addition, the opportunities that Turkey offers to foreign investors, such as obtaining Turkish citizenship and a Turkish passport through real estate investment in Turkey, make it an ideal destination for those looking for profitable investments and sustainable residence.