Rebound in tourism activity boosts investments

Investments in the tourism sector have gathered momentum after the industry saw a strong rebound in activity, according to a report by the Hotel Association of Türkiye (TÜROB)

In the first six months of 2022, applications filed for incentives worth a total of 7.55 billion Turkish Liras, up 640 percent from a year ago, for 75 projects with 14,400 beds capacity.

Those investments are expected to create 4,400 new jobs.

"This is a welcome development. However, most preferred locations for planned new investments are major tourist destinations, such as Antalya and Istanbul. For tourism to become sustainable, investments should spread to all provinces," commented Müberra Eresin, chair of TÜROB.

Additional incentives should be offered for investments in Anatolian provinces, she added.

Funds and local investors are well aware of the huge potential in the sector, according to Mehmet İşler from the Aegean Touristic Enterprises and Accommodations Union (ETİK).

İşler agreed that tourism should become a year-long business with health tourism in winter months.

If tourism activities diversity, Türkiye may attract as many as 100 million visitors by 2030, he said.

Reservations are strong, the industry is recovering from the effects of the COVID-19 pandemic, stated Hediye Güral Gül from the Turkish Tourism Investors' Association (TTYD) chair Oya Narin has said.

Demand from Europe for Türkiye holidays is particularly strong, added Narin, who is also board chair of NG Hotels.

Like Eresin, Narin said that tourism investments must increase not only in Istanbul and Antalya but in other parts of the country.

According to the TÜROB report on investment incentives in the tourism sector, in the first half of 2022,...