If you are looking for the best destinations to invest in real estate in 2024, you should consider the cities that attract the most tourists. Tourism is a key driver of economic growth, cultural diversity and social development. It also creates ahigh demand for residential and commercial properties, especially in the hospitality sector.
According to the latest report by the World Tourism Organization (WTO), the most visited cities in 2024 will be Istanbul, Antalya and Dubai. These three cities have shown remarkable resilience and innovation in the face of the pandemic and other challenges, and have managed to attract millions of visitors every year.
In this article, we will explore the reasons why these cities are so popular among tourists, and how you can benefit from investing in their real estate markets.
Istanbul: The City of Culture and History
Istanbul is the largest and most populous city in Turkey, and one of the oldest and most historic cities in the world. It is located on both sides of the Bosphorus Strait, which connects Europe and Asia, making it a unique cultural and geographical bridge.
Istanbul is famous for its rich heritage, stunning architecture, diverse cuisine, vibrant nightlife and friendly people. It offers something for everyone, from ancient monuments and museums to modern shopping malls and entertainment venues. Some of the most iconic attractions include the Hagia Sophia, the Blue Mosque, the Topkapı Palace, the Grand Bazaar and the Spice Market.
According to the WTO, Istanbul received 15.5 million international tourists in 2023, making it the sixth most visited city in the world. It is expected to climb to the fourth place in 2024, with 18 million visitors. This is mainly due to the successful vaccination campaign, the easing of travel restrictions, the improvement of infrastructure and services, and the promotion of new tourism products and experiences.
The tourism boom has also boosted the real estate market in Istanbul, especially in the central districts such as Beyoglu, Fatih, Sisli and Besiktas. These areas offer a wide range of properties for sale or rent, from luxury apartments and villas to boutique hotels and offices. The average price per square meter in these districts is around $2,000 USD, which is still affordable compared to other global cities.
Investing in Istanbul real estate can provide you with high returns on investment (ROI), as well as capital appreciation and rental income. You can expect an annual ROI of 8% to 12% from residential properties, and up to 15% from commercial properties. You can also benefit from the citizenship by investment program, which grants you Turkish citizenship if you invest at least $250,000 USD in real estate.
Antalya: The Pearl of the Mediterranean
Antalya is a coastal city in southern Turkey, and the capital of Antalya Province. It is situated on the Mediterranean Sea, surrounded by mountains and forests. It has a mild climate all year round, with hot summers and warm winters.
Antalya is known for its natural beauty, historical sites, cultural events and recreational activities. It has many sandy beaches, turquoise waters, waterfalls, caves and national parks. It also has many ancient ruins, such as Aspendos, Perge, Termessos and Phaselis. It hosts several festivals and exhibitions throughout the year, such as the Antalya Film Festival, the Antalya Jazz Festival and the Antalya Flower Festival.
Tourists can enjoy a variety of activities in Antalya, such as swimming, sunbathing, diving, sailing, hiking, mountain biking, golfing and exploring historical sites. With its diverse offerings, Antalya is a popular destination for families, couples, and solo travelers alike.
According to the WTO, Antalya received16.5 million international tourists in 2023, making it the fifth most visited city in the world. This number is expected to reach 17 million in 2024, solidifying its position as a global tourism hub.
The thriving tourism industry has significantly impacted Antalya's real estate market, particularly in the coastal areas like Lara, Kemer, Belek and Konyaalti. These districts offer a variety of properties, including holiday homes, apartments, hotels, and resorts. The average price per square meter in these areas is around $1,500USD, making it a more affordable option compared to Istanbul.
Investing in Antalya real estate can yield attractive returns, especially in the holiday rental market. According to Knight Frank, a global real estate consultancy, Antalya's holiday rental market has seen significant growth in recent years, with an average rental yield of 6%to 8%. Additionally, the government's infrastructure development projects and focus on sustainable tourism are expected to further boost the city's attractiveness and property values.
Dubai: The City of Innovation and Luxury
Dubai has transformed itself into a global hub for business, finance, and tourism. It boasts some of the tallest buildings in the world, including the Burj Khalifa, the Dubai Mall, and the Palm Jumeirah. It also offers a variety of attractions, such as theme parks, water parks, museums, and cultural events.
According to the WTO, Dubai received18 million international tourists in 2023, making it the fourth most visited city in the world. This number is expected to reach 20 million in 2024, driven by the upcoming Expo 2025 Dubai, a six-month-long event showcasing innovation and technology from around the world.
The booming tourism sector has fueled the growth of Dubai's real estate market, particularly in areas like Downtown Dubai, Dubai Marina, and Palm Jumeirah. These districts offer luxurious apartments, villas, and penthouses, catering to high-net-worth individuals and investors. The average price per square meter in these areas is around $3,500USD, reflecting the city's premium status.
Investing in Dubai real estate can be a lucrative option, offering capital appreciation and rental income. According to CBRE, a global real estate investment firm, Dubai's prime residential property market is expected to see rental price growth of 3% to 5% in 2024.Additionally, the government offers various incentives for property investors, such as tax exemptions and residency visas.
Conclusion
Istanbul, Antalya, and Dubai are three of the most visited cities in the world, each offering unique experiences and attractions for tourists. These cities also boast thriving real estate markets, presenting potential investment opportunities for those seeking high return sand capital appreciation. As the global tourism industry continues to recover, these cities are well-positioned to maintain their popularity and attract even more visitors in the years to come.
Contact Revolte Consulting now and let us be your guide for your next investment.
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