Istanbul is the Fastest Growing Tourist Destination in the World

14 July 2011

Visitor numbers to the city have increased by an incredible 30.1%, and according to figures from MasterCard Worldwide this will generate trade worth an estimated $10.2 billion in 2011 with visitor numbers expected to reach 9.4 million this year. Istanbul now has higher visitor numbers than New York and Amsterdam, and is proving more popular than traditional city break destinations such as Rome and Milan.

 

The city isn't just popular with tourists but is fast becoming known as a business hub, and there are many new residential developments springing up, especially in the city centre and on the European side of the city. Istanbul is already popular with foreign investors, but is receiving a huge surge of interest due to strong growth figures in the economy and the potential for rental income in an already extremely healthy market.

 

The Turkish economy grew by 11% during the first quarter of this year according to figures from Turkstat, and the income per capita here has nearly doubled since 2002. A report from PricewaterhouseCoopers found that Istanbul is considered one of the top cities for property investment alongside Munich.

 

The popular UK website The Move Channel found that one in five searches was for Istanbul, with the majority for property costing less than £100,000. Istanbul is also ranked just 70th in a list of the world's most expensive cities according to New York City based Mercer’s “2011 Cost of Living Survey.” Just last year it was 44th on the list, and this high affordability makes the city even more attractive.

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