Turkey is currently experiencing after the outbreak of Coronavirus and airports shut down. Before the crisis, the tourism sector in Turkey was among the most grown markets in Europe for many years in a row.
Turkish Tourism is one of the 7th largest in the world, with more than 42 million tourists visited the country in 2019. Which has made the works related to this sector to show significant growth and creating excellent investment opportunities.
There are still a lot of untapped capabilities in Turkey’s tourism sector in the coming years. Current events may disrupt the tourism sector worldwide, but according to many economic institutions in the world, the tourism-related businesses in Turkey will witness a growth of about 16% with the opening of airports.
According to the Turkish government’s economic plan for 2023, the growth of Turkey’s tourism sector is expected to outpace the capacity of hotels and facilities, as the number of country visitors increases.
There is still room for new projects, especially in the eastern and southeastern Anatolia. Regions that have started to appear in the last five years as new and profitable investments in such as investment in modern cafes and boutique hotels.
Boutique hotels are small hotels, can consist of one room or more. These hotels have emerged as a profitable investment in recent years. Anyone who wants to start a small business in Turkey can buy or rent a plot of land or property close to a tourist area, and use it for this purpose and rent it. This investment gave many a high return.
Here are some figures about the tourism sector in Turkey:
- In 2019, Turkey became the 7th largest tourist destination in the world.
- The number of foreign visitors coming to Turkey in 2019 reached 42 million
- The total revenue for the tourism field in the same year was 36 billion USD.
- The growth rate of the tourism sector in Turkey is higher than the global average in recent years.
- The direct contribution to the economy was 36%.
- Turkish hotels have a capacity of only about 20 million visitors per year and the annual visitors are 42 million.
- Antalya and Istanbul are among the best cities for tourism-related businesses.
- These two cities contribute by 73% of visitors in 2019.
The Turkish government encourages investment in tourism in Turkey with all possible reforms. These reforms include low-interest rates and imposing low tax-rates and, removing any barriers that may hinder growth.