President Recep Tayyip Erdogan’s policies have resulted in persistently high inflation, which is destroying the Turkish tourism sector as both international tourists and locals choose to travel to Greece instead of Turkey in order to save money on vacations.
Fortune stated on Monday that “infuriated residents have gone to social media to reveal their bills, like the equivalent of $640 for five people’s worth of food and beverages in Bodrum and $30 for five scoops of ice cream in Cesme.”
According to grumpy Turks, the service at hotels and restaurants is getting worse, even though the costs are going through the roof. Some said Turkish companies were raising their prices further by taking advantage of the country’s infamously high inflation rate.
Greece’s enticing islands provide better services and cheaper costs, which infuriated Turkish visitors. In March, Turkey and Greece created a fast-track visa scheme as a result of Turkey’s diplomatic attempts to patch things up. With a simple temporary visa application process, Turkish nationals may now easily visit the stunning and reasonably priced Aegean islands.
Officials from Turkey and Greece were aware that the visa scheme would boost Greek tourism, but they were surprised by how much, given the sharp increase in Turkish inflation. Travel agencies in Turkey told Fortune that the number of travelers visiting Greece had almost doubled in the last 12 months. The Aegean is starting to resemble a cruise ship parking lot, and Greece is considering applying a little brake.
People are stunned that interest rates are at 50% and inflation is above 70%. A disgruntled Turkish restaurant owner told Fortune, “We’re all going poorer.”
The issue got worse when “the Turkish government made efforts to restrict foreign money,” according to Kivanc Meric, chair of the Izmir Regional Representative Board of the Association of Turkish Travel Agencies (TURSAB), who spoke with Euronews Travel on Monday.
The inflationary environment has led to an overvaluation of the Turkish lira. As a result, our residents may travel overseas to save money on the home market. Hotels here are still quite expensive,” Meric said.
He said, “I have to admit that there is also a significant issue with Turkey’s international visitor numbers.” Due to its lower cost of living, Turkey has lost its status as a leader in service and hotel quality in Europe, particularly in the Mediterranean basin.”
On Tuesday, Turkey’s Daily Sabah replied with optimism, stating that the first quarter of 2024 saw a more than twofold increase in visitor expenditure in Turkey.
The article stated, “Despite exorbitant expenses and persistently high inflation, which stands at just over 70% at the moment and is predicted to decline further in the coming months following the much-needed disinflation that began in June,”
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