Soaring hotel prices in Türkiye
Hotel prices in Türkiye have increased by over 100 percent compared to last year. Today, a seven-night all-inclusive stay for a family of four can exceed 100,000 lira. When transportation and shopping are added to this cost, the total expense becomes significantly high.
Seven nights for 1 million lira
According to a report by Kaan Zenginli from Türkiye Gazetesi, the high prices in popular destinations like Antalya, Muğla-Bodrum, and İzmir are noteworthy. While an average family's week-long vacation surpasses 100,000 lira, the cost for a seven-night stay at some ultra-luxurious hotels can reach up to 1 million lira.
Dubai and Paris are cheaper
When compared to Dubai and Paris, the difference in costs is substantial. For example, a seven-night bed and breakfast stay at the 7-star Burj Al Arab hotel in Dubai costs 290,000 lira, while the same duration at the Disneyland Hotel in Paris costs 335,000 lira. In contrast, some hotels in Bodrum charge 902,000 lira for similar accommodations.
Prices Doubled since 2021
Even foreign tourists are complaining about the high hotel prices. Tourists finding Türkiye expensive are redirecting their travel plans to other countries.
While hotel owners argue that the prices are reasonable, travel agencies have a different perspective: “Since 2021, prices have increased exponentially. The demographic composition in places like Antalya and Bodrum used to be 15 percent local and 85 percent foreign tourists. However, now we are losing foreign tourists as well. Despite a strong start, the tourism season could end poorly due to exorbitant prices. Just as we lost foreign real estate buyers, we are now losing tourists.”
"Those who leave may not return"
Industry experts warn, "Millions rely on this sector for their livelihood. Tourists are deterred by these prices. The government intervenes in many sectors; it should address the opportunism in tourism as well. Previously, hotels catered to all segments, but now it's either very cheap or very expensive, with the mid-range options disappearing. Hoteliers believe they can continue raising prices as long as demand persists, but this won't be sustainable by the end of 2024. If tourism suffers a crisis, hundreds of related sectors will be affected.”
Shift to Egypt and Greece
Foreign tourists avoiding Türkiye are increasingly choosing Greece, Egypt, and Dubai, diverting billions of dollars to these destinations. The perception of "Türkiye being expensive" is frequently discussed in foreign media. Currently, the cost of a one-week vacation in Türkiye could cover a fifteen-day vacation in Egypt or Greece.
Decline in shopping tourists
There has also been a decline in tourists who come to shop while on vacation. This trend is reflected in the Interbank Card Center (BKM) data. According to BKM, in the first two months of this year, the share of foreign card spending fell by 40 percent, dropping below 4 percent. In the first quarter of this year, total spending by local and foreign cards amounted to 2.649 trillion lira, with 83 billion lira, or 3.1 percent, being spent by foreigners. In the same period in 2022, this share was 6 percent.
