Istanbul is a front runner in the fastest growing tourism markets according to a report by STR Global.
With more than 5,000 rooms currently in the development pipeline, Istanbul is one of the fastest growing tourism markets according to a report by STR Global.
“If we look at the number of pipeline rooms as a percentage of existing inventory, we can see that at 15% Istanbul looks to be the front-runner, with London coming in a close second with 14%," said Elizabeth Randall Winkle, managing director of STR Global.
Istanbul attracted over nine million of the 25 million tourists who visited Turkey in 2012, a 16% increase over the last year, making it the fifth top destination, according to the study. The report also revealed that demand for hotel rooms rose by 8.9%, while supply only increased by 4.6% in 2012.
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The increased inflow of tourists and the overwhelming demand for hotels has fuelled the call for more investment in infrastructure such as roads, rails and accommodation options.
Furthermore, a third airport planned for the city is expected to further increase investment and the number of visitors and simultaneously.
The city will be the subject of several discussions at the Turkey & Neighbours Hotel Investment Conference (CATHIC), to be held May 29-30.
Panelists will discuss, among other issues, room supply and performance and whether current momentum is sustainable and returns are sufficient to support new supply.
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