TURKEY EXPECTING TOURISM INCOME TO RISE TO $25 BILLION
Turkey’s tourism income is expected to rise to $25 billion in 2012 compared to $23 billion last year after tourist arrivals in the country are at a healthy 31 million, according to Bloomberg.
Turkey’s Tourism Minister Ertugrul Gunay announced the positive news resulting in attracting the attention of many international investors. The news comes after an increasing interest in Turkish real estate among buyers from the Middle East including the UAE and Saudi Arabia.
Under current laws it is not possible for investors in the Middle East to buy a property in Turkey, but this is due to change when new rules are approved by Turkey’s parliament.
The Turkish government is very close to changing the current legislation that will allow certain foreign investors to purchase property in Turkey. This has previously been forbidden and industry experts have stated the new rules will spark a high demand from foreign investors.
Turkey’s industry group Association of Real Estate Investment Companies has estimated that the legal change will increase foreign investment in Turkish property to an average of $5 billion a year.
Tourism in the country is expected to rise despite the eurozone crisis and with foreign investment across all sectors hitting $15.9 billion last year, 2012 is expected to see Turkey’s investment figure rise even further.
Engin Cubukcu, senior manager at PricewaterhouseCoopers, commented: “The Turkish market is ideal for foreign investors on a macroeconomic level, with gross domestic product growth, increasing young and growing population, which should create healthy demand.”
Source: Bloomberg, The Wall Street Journal.