2019 was another record year, as Turkey welcomed over 43 million tourists from around the world, a 14.3% increase on the previous year. Only six countries – France, Spain, the US, China, and Italy – now receive more international tourists than Turkey and according to the Turkish Directorate of Strategy and Budget, this sector has the potential to reach an astounding 75 million visitors by 2023.
The average spending per tourist during this period was US$623, which has also increased significantly year on year. The impressive figures, coupled with the tourism sector’s accounting for around 10% of both global GDP and employment, are yet another indicator that Turkey is a nation on the rise.
In line with the country’s stature as one of the world’s tourism powerhouses, the Turkish government recently unveiled the awe-inspiring new Istanbul Airport, situated on the European side of Istanbul which, once all phases have been completed will have the capacity to handle an astonishing 200 million passengers a year, more than any other airport. As a further testament to the country’s leadership in global aviation, the new airport will serve as the base of Turkish Airlines, the world’s largest carrier as measured by the number of destinations, 294 of them to be precise.
The growing appeal of Turkey is also reflected in its citizenship program; 6,325 investors purchased 433 parcels of land and 10,354 properties in 2019, enabling them to meet their qualification requirements.
As the above data bears out, a considerable portion of CIP investors have opted to purchase multiple properties to reach the minimum investment of $250,000; which leads us to the point of highlighting the buying preferences of many of our clients. If it is purely for investment purposes, many of our clients opt to buy a branded residence in Istanbul, with an attractive rental yield and a clear exit strategy.
However, we have more lifestyle-oriented clients, who plan on spending a considerable amount of time in Turkey. These clients are opting to purchase multiple properties, in popular Turkish resort towns like Bodrum or Antalya. These investors are typically buying between two and four properties, combining to meet the minimum investment requirement of $250,000.
The strategy adopted by these clients is to live in one of the properties while renting out the others, generating sufficient income to service their living expenses.
If you would like to learn more about the Turkish program, or how you might collaborate with us, then please visit cipturkey.net
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Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 14 years in the United States, China, and Spain.