Ihlara Valley has to be one of the best hikes in Cappadocia. It is part of the Green Tour offered by all tourism shops. The Green Tour (cost 120 TL per person) is perhaps the only one that one should pay for as it has quite a few points of attraction, which are far from Goreme and one cannot really do by themselves. The Red Tour is very close to Goreme and one can easily take a scooter or car and cover it themselves. The Blue Tour can also be done by scooter, but isn't really recommended as it isn't all that great.
The Ihlara Valley is quite different from the others in that it is green and there's a stream running throughout. It's also quite an easy one to cover on foot (takes about two hours including a lunch break at Belisrima village). You start off by climbing down a flight of stairs, after which the road is almost level without too many ups and downs. The trees and the stream ensure that the weather is quite cool and you don't see much of the sun. About half-way through the hike, there's a set of huts built by the stream, where one can stop for a cup of tea and some short-eats (the Gozleme there is a must-try!). It's another 25 minute walk from there to Belisrima, where the trek ends. Lunch at Belisrima is ok. If you're part of a group tour (Green Line), your entire group will be seated at a long table and you will be served a 3 course meal.
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