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Turkey Hotel Market will be US$ 11.6 Billion by 2026 | Renub Research

 According to the latest report by Renub Research, titled "Turkey Hotel Market & Volume, Budget & Star Rated Hotel ( 1st, 2nd, 3rd, 4th, 5th) Star, City, Province, Chain Hotel (International, Domestic), Company (Hilton, Marriott, Radisson, Accor) & Forecast," Turkey has become a hotspot for tourist looking for leisure activities. Turkey is a combination of natural beauty, along with historical and cultural sites. Turkey has been ranked as the 6th most visited country in the year 2019. A city like Istanbul, which is the cultural and historical capital of Turkey, attracts a huge number of tourists along with Antalya. The number of tourists in Turkey has grown significantly in recent years for other cities in Turkey like Mugla, Izmir, Aydin, Ankara, Mersin, Busra, Afyonkarahisar, and Balikesir. This growth is also propelling Turkey Hotel Market due to the availability of a high number of hotels at affordable prices. According to Renub Research analysis, Turkey Hotel Market is forecasted to be US$ 11.6 Billion by the end of the year 2026.

The initiative of the Turkey government to boost tourism through various programs such as the Health Transformation Program started in the year 2003 are boosting Turkey healthcare sector, which results in higher hotel occupancy. Ministry of Tourism has also launched new regulations and strategies to increase revenue from tourism by increasing the number of visitors. Foreign visitors in Turkey have grown significantly from countries like Russia, the United Kingdom, Germany, Iran, and Bulgaria.

Impact of COVID-19 on Turkey Hotel Market

COVID-19 pandemic has disturbed most of the hospitality industries in the world. Out of these Hotel and Tourism industry are on the verge of breakdown in the year 2020. The hotel market in Turkey has seen a sharp decline in the year 2020, but we expect from the year 2021 the market will grow as domestic and foreign tourists will again start coming to hotels as they do in past years.

Foreign visitors have risen dramatically in the last few years in Turkey. Countries like Germany, Bulgaria, United Kingdom, Iran, and Russia are the country from where many tourists arrive in Turkey. Star rated hotel has the most significant market share in Turkey due to numbers of the facility given by star-rated hotels.

Antalya is one of the most preferred cities in Turkey and has 4-star and 5-star hotels in its center and surrounding towns such as Kemer, Belek, and Ka. Star rated hotel occupancy is increasing year on year. Turkey's lucrative tourism industry souring and its top destination for Halal Tourism tend to drive Turkey hotel market in the future.

About Company:    

Renub Research is a Market Research and Consulting Company. We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises of major players in Life Sciences, Information Technology, Telecom, Financial Services (Banking, Insurance), Energy, Retail, Manufacturing, Automotive, and Social sector. Our clients rely on our market analysis and data to make informed knowledgeable decisions. We are regarded as one of the best providers of knowledge. Our pertinent analysis helps consultants, bankers and executives to make informed and correct decisions.


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