Status: 17.09.2023, 09:21 a.m.
By: Anne Hund
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Turkey is a popular holiday destination because of its beautiful beaches to extend the summer a bit. But in some places, hotel prices have risen noticeably.
The high inflation in Turkey – the consequences are also reportedly being felt in the tourism industry. Year-on-year, consumer prices rose by 58.9 percent in August, according to the German Press Agency (dpa) by the statistics office in Ankara at the beginning of the week (September 4). A key reason for the high inflation is the weak national currency, the lira, which makes imports into Turkey more expensive.
High inflation in Turkey continues to rise
Despite recent significant interest rate hikes by the Turkish central bank, the exchange rate is close to historic lows, according to dpa. Experts therefore explain the currency weakness with uncertainty about future monetary policy. President Recep Tayyip Erdogan is therefore considered an opponent of high interest rates, which, according to experts, are necessary to strengthen the lira and curb inflation.
Turkey is popular as a holiday destination because of its beautiful beaches – you can swim in the sea as early as March. (Symbolic image) © marina13/Panthermedia/Imago
Price development for holidays in Turkey
Turkey is considered a comparatively inexpensive travel destination, which inspires many travelers thanks to its beautiful beaches. In June, holidaymakers cavorted in the hotels there and the lira, which was cheap at the time, sometimes caused bargain prices. According to an evaluation by the Federal Statistical Office, prices for accommodation and restaurants in Turkey had already fallen significantly in March 2023, the travel reporter had described in a report on June 21. In view of the now massive inflation, does the development now threaten to tip over in some regions because many hotels and restaurants are raising prices as a result of the economic development in the country?
Analysis: Daily prices for hotel rooms in Antalya have risen on average
An analysis shows in which direction it can go in popular destinations. As a result, hotel prices in Antalya have risen noticeably on average compared to 2022. As Handelsblatt.com reported (as of August 31), citing the data service provider STR Global, the daily price of hotel rooms in Antalya increased "by 37.4 percent to an average of 110 euros" compared to the previous year. In the economic metropolis of Istanbul, you pay "even 138 euros," according to the Handelsblatt report. The European average is "about 140 euros" only slightly higher.
So if you are planning a beach holiday by the sea, you should continue to compare the price-performance ratio depending on the region.
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Turkish lira in decline – what does this mean for holidaymakers?
High inflation has continued to accelerate in Turkey, and the Turkish national currency is plummeting. "For holidaymakers from the euro area, this actually means an opportunity to save money," says a report by Reisereporter.de (as of 29 August) with a view to a holiday in Turkey – but this "usually does not apply to the tourist strongholds", as prices there have risen sharply. "Even with package holidays, the savings potential is usually lower, as travel providers sometimes set the prices long in advance," reports the travel reporter.