Tourism sector’s 1.5 billion boost set to lift property mark
One hundred and thirty investment projects received 1.55 billion liras worth of investment, according to the Mediterranean Touristic Hotels and Investors Association.
Out of the 130 projects, 105 are new, creating employment opportunities for more than 6000 people. New hotels will provide much needed accommodation for rising numbers of visitors, with 12,600 rooms and 25,300 beds.
Tourism superstar Antalya has been the top recipient of investment monies, receiving 36 percent of the share. Istanbul received 11 percent and Mugla, Mersin and Hatay received 5 percent.
In 2011 Antalya was the world’s fourth most visited destination by number of international arrivals, with 10.5 million visitors. The region has grown exponentially in the last two decades, and the tourism industry is booming.
Antalya’s economy has also been bolstered by new industries which have grown as offshoots of traditional tourism. The city’s excellent medical facilities have turned the region into a centre for medical tourism, with patients travelling from all over Europe and the Middle East for reasonably priced medical and cosmetic procedures. Sports teams from around Europe are using Antalya as a winter base, while Belek’s world-class golf courses are attracting golfers from all over the world. Antalya is no longer just a summer destination, but a year round centre for tourism and commerce.
Antalya’s increased visitor numbers and international profile are pushing property values up. Property in Antalya is accruing in value by 10% annually, and demand is outstripping supply. Thanks to Antalya’s geography, building space is finite, which means prices will continue to rise steadily.
Rental accommodation in Antalya is also in high demand as the city’s population continues to grow. Most of the new residents are young professionals seeking work in the city. Their rental income is proving lucrative for investors snapping up property along Konyaalti Beach.
It’s boom time for Antalya City - and the latest investment in tourism is an extremely positive sign that the good times will continue in this southern Mediterranean region.