Multi-currency trading conditions in Turkey continue to make the country more attractive to foreign property-buyers than eurozone destinations, according to a UK based Turkey property specialist.
This follows renewed uncertainty in Europe's single currency bloc. A rising economic power, Turkey embraces a culture where trading in different currencies is the norm, while its own currency, the Turkish lira, remains a stable emerging-market currency used for everyday transactions.
“And again, British buyers are getting niggling concerns about owning an immovable asset valued in euros. Meanwhile, British vendors desperate to get the most from any proceeds they repatriate back to the UK from a eurozone country are seeing their assets devalue as the euro depreciates and buyers run scared.”
In Turkey, it's quite typical to see property advertised and sold in euros, sterling, Turkish lira and, if you're in Istanbul, US dollars.
A common scenario in Turkey is a British person converting sterling into euros to buy a Turkish property, because the vendor wants euros and sterling happens to be strong,” adds Julian Walker.
“Then, once resident in Turkey the new owner will convert a large amount of their sterling into Turkish lira and deposit it in a local bank to benefit from the high interest rates paid on lira savings – which helps them meet their day-to-day living costs, which are in lira. In short, in Turkey it's easier to be savvy with your money, and not be tied to one currency and exposed to one exchange rate.”
Come and see Julian at A Place in the Sun Live at Olympia (12-14th April: two tickets for £15) or read more news on Turkey, Turkish property and the economy in Turkey, see Julian's blog, http://www.spotblue.com/blog/
To see what you can buy in Turkey for £50k, £100k, £200k and more, don't miss the feature in the new Spring edition of A Place in the Sun magazine, out now.