Turkey's Tourism Fuelled Property Market Set to Grow

Today the Turkish Culture and Tourism Ministry revealed how it plans to have Turkey's annual visitor numbers hitting the 40 million mark by 2013. The plans include a new airport, 9 marinas and 10 tourism cities all to be completed by 2013 as the first leg of the strategy and followed by the creation of several tourism development corridors and nine cultural tourism zones in 2023.

The plans also include a complete review of coastlines and will be implemented in coordination with the Ministry of Energy and Natural Resources, the Ministry of Public Works and Settlement, the State Planning Organisation (DPT) and the Transportation Ministry.

This jump to 40 million tourists will mean $50 billion in revenues for the emerging economy. But Turkey's aims don't stop there; it also plans to make the biggest revenue jump in Europe by generating $1000 in revenues from every tourist.

Now people would tend to take these kinds of targets with a pinch of salt coming from any other country, but so far Turkey has achieved every other tourism target it has set for itself, the latest when it received over 20 million visitors in 2008.

Property prices in Turkey have been slightly dented and as such more and more people are considering a holiday home or investment property in the country. News like this makes holiday home investments a no-brainer. With all those people visiting Turkey, who obviously love to holiday there, can buy a holiday home and be almost certain to make at least a 6% rental yield from the property if it is well marketed.