Turkey's tourism crisis: 704 hotels up for sale
2 minutes read
There is a tense situation in the Turkish resorts prior to the high season of 2022. As evidenced by the 704 certified hotels now on sale, there is no demand for tourist real estate. Hotel business, as well as the entire tourism industry of Turkey, today is experiencing a real crisis.
According to local media reports, 50% of the total supply of real estate market for tourism consisted of the hotels rated by stars. The other half of the market includes 428 boutique hotels, 194 aparthotels, 92 hostels, 25 campsites, 19 roadside hotels and 16 units of countryside properties with leisure facilities. In total, there are 1,478 offers on the Turkish tourist apartment market with prices ranging between 7,000 USD and 349,091,040 USD.
There are 217 out of 704 certified hotels that are about to change owners. Along with them, 28 hotels with one star, 28 - with two stars, 169 - with three stars, 164 - with four stars and 99 - with five stars are for sale. In the province of Mugla, where the world-famous resorts of Marmaris, Fethiye and Bodrum are located, 228 hotel sale ads were recorded. As for the popular summer resort of Antalya, there were 211 such cases, 164 in Izmir, 135 in Istanbul, 89 in Balikesir, 79 in Nevşehir and 28 in Ankara.
The Turkish press finds the reasons for the mass sale of hotels in the serious crisis that has engulfed the entire tourism industry. Growing inflation, a reduction in the number of foreign guests due to the war between the Russian Federation and Ukraine, debts since the pandemic from hotel owners to banks and cancellation of booked rooms are the main factors that have had a detrimental effect on the 2022 tourist season.
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