Why Your Turkish Holiday Still Costs a Fortune Despite a Weaker Lira

If you’ve been eyeing a trip to Turkey hoping the sliding lira would make things cheaper, think again. Travel agent Ayşenur Öztekin, based in Ankara, says the country’s tourism sector is grappling with rising costs that the current foreign exchange rate simply can’t offset. The dollar is flirting with record highs near 47 lira, but that hasn’t translated into bargains for visitors.

The reason? Sky-high inflation—around 32% year-on-year in June—combined with soaring expenses for hotels, restaurants, and other tourism players has effectively neutralized any benefit from the currency’s devaluation. “Our costs are no longer covered by the exchange rate,” Öztekin explains. “Even as revenues go up, our expenses climb just as fast. The industry is hoping the government extends its support measures.”

Ongoing regional conflicts, including the war in Ukraine and tensions in the Middle East, are also casting a shadow over tourism. Add to that rising operational costs—labor, utilities, food—and you get a perfect storm keeping prices high. Turkey, once a budget-friendly getaway, has become noticeably pricier for foreigners in recent years, and there’s no quick fix in sight.