Posted on 27 May 2010
I just read an excellent article highlighting Turkey’s growing popularity as a luxury tourism destination over the last 2 years.
In the article Classic Collection tells how it smashed its sales target (168%) for Turkey in the first year, having only added Turkey to its destinations last year.
The article mentioned the following resorts as offering the ultimate in Turkish luxury tourism:
- Four Seasons Sultanahmet and Bosphorous
- Ciragan Palace Kempinski
- Kempinski Hotel Barbaros Bay near Bodrum
- Villa Mavi Koy is a star of Exclusive Escapes’ programme
- Mardan Palace in Antalya
- Dionysos Estate, a boutique hotel that’s the ultimate “away-from-it-all” retreat overlooking a quiet bay on the Lycian Coast.
- The Bay Beach Club in Fethiye
- Gloria Golf Resort in Belek
This is great news for the Turkish property market. Turkey’s massive tourism industry has generated massive sales of property to foreign buyers, both lifestyle buyers who have fallen in love with the country while on holiday, and investors who plan to capitalise on holiday rentals to make strong yields – and of course holiday home investors who plan to get the best of both worlds.
However, a large part of Turkey’s popularity with foreign buyers has always been the low price of property, largely because of the domination of low-budget travel within the tourism industry. Now that is starting to erode then Turkish property prices could start to see some real strong growth in the coming years – great news for investors and a fire under anyone who hasn’t bought yet.
Of course higher income tourism will also be beneficial to the property market, in the respect that anything that breeds economic growth breeds property price growth. It will certainly breed economic growth by increasing revenue per tourist. This could also generate more jobs in the tourism and hospitality industry, which is also good news.