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Feb 5, 2023

How does tourism in Turkey affect the Turkish real estate sector?

Tourism in Turkey is an important fundamental factor in supporting the Turkish economy and real estate investment, where the greatest dependence falls on it. Turkey’s open doors throughout the year are sufficient to receive internal and external tourists, and each season is characterized by a special feature and elements for tourism, but the most peak, vitality and overcrowding of tourists is the summer season, as it is the season of vacations, family holidays and summer vacations, where people take various tourist trips and tours and visit vital and tourist facilities and many tourist activities to spend enjoyable times.

Every year, between the fifth and ninth month, the tourist resorts prepare to receive the influx of foreign tourists, and prepare to meet all their needs to enjoy their tourist vacation. But when the Corona pandemic swept the world, the tourism sector in Turkey, like any other country, suffered from the effects of the Coronavirus, as preventive measures increased, and many people’s desire to travel decreased for fear of the epidemic, but this situation did not last long, as the last tourist season came in His appointment in Turkey is under the measures of the "Safe Tourism in Turkey" plan.

Among the things that the Corona epidemic imposed on the tourism sector in Turkey:

1- Increasing the procedures and measures necessary for travel and obtaining flight reservations, especially after imposing a PCR examination for Corona and obtaining a negative result for every foreigner wishing to travel to Turkey

2- Imposing days and hours designated for a curfew in Turkey, although tourists are excluded from it, but the restriction of movement and the procedures followed at these times remain annoying for the tourist coming to Turkey to enjoy his tour.

3- The small number of flights at the beginning of the spread of the virus, and the air sector is still somewhat affected by the consequences of this epidemic.

4- The negative impact on hotel reservations, tourist offices, and all economic activities directly related to tourism in Turkey.

5- The social distancing measures also impeded access to the opportunity for group tours .

Tourism plays a fundamental and important role in raising the country's economy, and tourism has been classified as a major source of income for the Turkish budget, and this matter alerted Turkey to the importance of the safety of the tourism sector in this critical period that the whole world is going through.

Turkish statistics have indicated a significant decline in the number of foreign tourists in 2020 to about 16 million foreign tourists, and in return it expected an increase in the number of foreign tourists in 2021 to about 34 million tourists, as foreign tourists make up about 80% of tourism revenues in Turkey, parallel to 20 Only % comes from the spending revenue of domestic tourists.

This explains the urgent need shown by the Turkish economy for the tourism sector to recover and regain its vitality as before, especially since Turkey is the eighth country in the world in terms of attracting foreign tourists, and it represents the most important sector in achieving high and quick returns for the Turkish treasury. Moreover, the tourism sector is linked to and affects many other economic sectors, as most foreign investments are the result of the previous turnout of foreign tourists, as well as related to work, study, trade, real estate ownership, and other sectors.

The close relationship between tourism and real estate investment:

The real estate sector affects tourism in Turkey in several ways, especially in terms of the presence of foreign buyers and investors, closely familiarizing them with the real estate market in Turkey, and getting acquainted with the details of real estate ownership in detail. Therefore, the increase in the number of tourists automatically leads to an increase in the number of real estate sales to foreigners in Turkey, as these two lines are directly proportional to each other. Especially after the facilities provided to foreigners to obtain real estate residence in Turkey or obtain Turkish citizenship by owning real estate worth at least 250 thousand dollars.

Real estate tourism is: the tourist buying real estate for a residential or commercial purpose in a country other than his home country, investing it and benefiting from the monthly and annual returns from it. A tourist can use his home to invest in periods when he is not in Turkey, such as renting it, and when he visits Turkey in the tourist season, he stays at his home to spend his tourist trip.

The relatively low real estate prices compared to European and American real estate and the low costs of tourism in Turkey have helped to promote the idea of ​​real estate tourism widely in recent years. After the facilities provided by the Turkish government to tourists and taking many measures related to Corona, as it continued flights normally, but with some strict measures to maintain safety and public health, real estate tourism in Turkey will continue and will return to its usual vitality and will contribute to supporting the Turkish economy as well.

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