TURKEY’S INCOME

from tourism increased by 31,3% with a total revenue of 4.4 Billion Dollars in the first quarter according to previous year while 26,4% increase in incoming tourists totaling 6,1 million. The growth in the sector reflected to tourism companies including Akfen Real Estate Investment Trust (REIT) which holds 21 hotels in its portfolio.

Along with general upturn in tourism, rental income of 15 hotels owned by Akfen REIT has increased by 66% in the first 4 months of 2018 on yearly basis. In comparison with April’s rental incomes of this and previous year, a 90% solid increase is noticed. 4

OCCUPANCY RATES ARE OVER

85% Akfen REIT’s hotels in Turkey reached 68% occupancy rate in the first 4 months of this year while this rate was 59% in the first 4 months previous year. Gaziantep, Ankara, İzmir, Adana, Zeytinburnu and İstanbul Karaköy hotels’ occupancy rates are over 85%.

Akfen REIT General Manager Sertac Karaağaoğlu stated that this increase trend is expected to continue in summer and autumn of 2018 reaching higher occupancy rates at the coast line by the beginning of Ramadan holiday and in middle regions by September.

WILL REFLECT ON ROOM PRICES

Karaağaoğlu pointed out that the increase in occupancy rates since previous year will reflect more on room prices and stated “mass reservations at city hotels are made in TL currency because of domestic business trips thus increase in rate of exchange has negative effects on average room prices.

More stable rate of exchange values that will occur after this period will contribute to the increase of room prices in terms of Euro currency. When this goal is achieved we will be able to increase our income even more than todays accomplished 36% increase in Euro currency. ”