HomeAway announced Thursday that it made a $2 million minority investment in Turkey’s largest vacation rental website, Flat4Day, also known as Hemenkiralik.

Listing nearly 30,000 vacation rentals in Turkey and other destinations in Southern Europe, Flat4Day was founded in 2012 by CEO Remi Onur, Managing Partner Rina Onur, CMO Mehmet Ulku and CTO Alper Kaya.

“The number of travelers visiting Turkey is growing twice as fast as hotel capacity in the country, and this investment will help us close the gap between supply and demand,” Rina Onur said.

“About 60 percent of secondary homes in Turkey are vacant for 10 months of the year. In Turkey and the Middle East together, there are an estimated half a million-plus professionally managed vacation rentals, and we’re eager to add that inventory to our site.”

According to trends cited by Euromonitor International, the Middle East is expected to have roughly 81 million outbound travelers by 2030, and United Arab Emirates is forecasted to see its hospitality market reach $7.5 billion by 2016.

Many Middle Eastern travelers, however, tend to spend on domestic traveling, and outbound trips are typically taken by larger groups spending an extended period of time on vacation. The No. 1 reason for travel throughout the United Arab Emirates and Saudi Arabia is visiting family.

HomeAway already lists the majority of Flat4Day’s properties on its site through an already existing partnership. The site offers listings in multiple languages, including Turkish, Arabic, English, German and Russian.

Email Kimberly Manning.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Las Vegas is back and there are only a few presale tickets left! Register today before they're gone.REGISTER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription