The latest MasterCard Index of Global Destination Cities, which ranks places in terms of international travel and expenditure, has put Istanbul in 12th position.

The credit card firm said the city - which is well-known for its religious and archaeological sites - is expected to perform better than other famous travel destinations such as Amsterdam, Rome and Tokyo.

Those planning a holiday may like to take out an adequate travel insurance policy to help provide peace of mind.

London was ranked first on the list, with $25.60 billion (£15.60) likely to be spent by travellers in the capital this year.

Highlighting the attractions in Istanbul, the Turkish Culture and Tourism Office said travellers - particularly those interested in cultural holidays - should visit the city at least once in their life.

The favourable exchange rate offered is also one of the key factors that attracts many holidaymakers to the Eurasian destination every year.