After Turkish forces downed a Russian warplane over the Turkish-Syrian border last November, Moscow banned charter flights to the country and told Russians the risk of terrorism was too high to safely travel there. This was exacerbated by a January suicide bombing that killed 10 tourists in Istanbul. With this violence making headlines, Russian tourism to Turkey has plummeted, and Turkish hoteliers are feeling the effects.
Today, an estimated 1,300 hotels in Turkish beach resorts are now up for sale, according to local newspaper Today's Zaman.
The Mediterranean resort of Antalya has 410 properties for sale, followed by the provinces of Muğla, which has 349. Beyond that, İzmir has 203; Aydın, 162; Balıkesir, 139; Çanakkale, 35 and Denizli, which has 20 in total listed.
The total sale price of the 410 hotels in Antalya alone reaches TL30 billion, while the remaining 908 have sale prices of a total of TL8.8 billion.
According to the Moscow Times, more than 3 million Russian tourists visited Turkey last year, making up 15 percent of the country's total foreign visitors. Turkey's tourism revenues fell 8.3 percent to $31.46 billion in 2015.
Abdurrahman Karamanlioglu, chairman of spa hotel Denizli Colossae Thermal, told Today's Zaman that a number of hotels in resort towns were left on the brink of bankruptcy by the Russian boycott.