Istanbul fast becoming Europe’s most popular city
The 10.4 million expected visitors will propel Istanbul into sixth place in a worldwide list of global hotspots, according to a MasterCard report.
The increase represents a rise of 5.5 per cent from the previous year. Officials are pleased with the boost, describing it as a “boon for tourism and the real estate industry”.
Currently, Bangkok, London, Paris, Singapore and New York are the five cities ahead of Istanbul. Europe wide, London, Paris, Istanbul and Barcelona are the top cities for visitors. However, if Istanbul’s visitor numbers continue to grow as they are and Paris’s numbers continue to drop, visitors to the Turkish city are set to overtake the French capital by 2016.
Istanbul’s top feeder cities are all European: London comes out on top, followed by Paris, Amsterdam, Frankfurt and Munich. London visitors are expected to reach around 460,000 this year, bringing a whopping $394 million in revenue to the city.
Turkey property consultant Cameron says the increase in visitor numbers heralds an “exciting time” for real estate in Istanbul. “The interest in Istanbul property shows absolutely no sign of slowing,” Cameron says. “The investment flowing into the city from all over the globe is turning Istanbul into a superpower. We’re seeing multi-million dollar projects springing up in some of the city’s most prestigious areas - with most units sold before the foundations are laid. The demand is far outstripping the supply as far as Istanbul property goes, which is great for investors.”