Hotel investments continued to rise in TL terms, while investment appetite in the Black Sea region slowed...
In terms of accommodation investments, while the number of projects declined in the first 4 months of the year, the total investment amount increased in TL terms. Investments slowed in the Black Sea, the most attractive region of the past two years. In Trabzon, the third city with the most hotel investments last year, no investment incentive applications were made in the first 4 months of this year. Antalya, Istanbul, and Muğla were the top three provinces with the most investment demand.
While the number of projects in accommodation investments declined, the total investment amount increased in TL terms. Investment appetite subsided in Trabzon, one of the fastest-growing provinces of the past two years after Antalya and Istanbul. Investments made in the Black Sea Region in general also slowed. The Turkey Hoteliers Association (TÜROB) examined, on a provincial basis, the data on the "Investment Incentive Certificates" issued by the Ministry of Trade in the first 4 months of this year. Accordingly, in the January-April 2019 period, a total of 41 new hotel projects received incentive certificates across 16 cities nationwide. It was striking that in Trabzon, which had ranked third in the investment incentive ranking after Antalya and Istanbul for the past two years, there were no applications at all in the first 4 months of this year. In the same period last year, applications had been made for 4 hotel projects in Trabzon. While applications were made for 11 projects across the entire Black Sea Region in the same period last year, this year's figure stood at just 5. In the ranking of provinces with the most hotel investments by number of projects, Antalya again took first place with 10 hotels, while Istanbul ranked second with 8 hotels and Muğla third with 6 hotels.