Hotels in Turkey rise in price, as well as housing
According to official statistics, hotels in Turkey are showing excellent results, and it is safe to say that the sector has managed to overcome the crisis. Demand for rooms continues to grow, and prices for stays have increased by 33%.
On average, a day in a hotel in the country costs 104 euros, but such a high price does not affect the demand. Hotel occupancy reached more than 71%, last year this figure was 66%. For comparison, in 2019 Turkish hotels were 75.6% filled.
During the current months the tourist flow to the country amounted to more than 23 million tourists, this figure is 128% higher than during the same period last year. Only in July Turkey was visited by 6.7 million foreign travelers, which is 53% more than in July 2021.
It should be noted that there is a growing demand not only for hotel rooms in the country but also for accommodation in general. Such trends are affecting prices in the real estate market, which are skyrocketing. For the year the cost has increased by 195%, now a square meter here costs $595. On average, for housing in Turkey, you need to pay 78,520 dollars, this amount will pay for itself within 18 years.
The highest real estate prices in the country are observed in Antalya, Mersin, and Istanbul. For example, the cost of housing in Mersin increased by 249%, a square meter here costs $550. The price of an apartment or house in the province is $81,800 on average.
During 12 months, the cost of housing in Istanbul rose by 244%, a square meter will cost $1,040, and the purchase of an apartment or house will cost $124,640.
In Antalya, there is a cost increase of 240%, a square meter has reached an average of $880. Buying a home is about $109,290.
Demand for real estate in Turkey is growing, but the construction of new properties is progressing very slowly. During the first half of the year, the country issued only 262 thousand permits for the erection of housing, while about 800 new facilities are needed to meet the needs of the market. Worsening the situation and the long construction cycle – in Turkey it takes on average about 2 years. For the decision of a situation, the government has entered the program on maintenance of the population with the real estate. Within the framework of it, each Turkish province will build up to 10 thousand units of social housing. Besides, the large-scale project on the redevelopment of office premises into apartments has already started. Thus, the housing stock in the country will grow by 500 thousand units.