Things got particular hairy earlier this month, with the Lira falling as much as 20% against the US Dollar in a single day as the US increased steel and aluminium tariffs against Turkey in response to the country’s continued detention of U.S. Pastor Andrew Brunson.
But while Turkey’s currency crisis may have left many in the country reeling, the collapse in the Lira presents a golden opportunity for those in the market for a Turkish property.
The Guardian reports that in some cases the sell-off of the Lira in mid-August saw apartments that cost £55,000 a month ago fall below £37,000.
The fall in prices has also been exacerbated by the fact that it follows a property boom which saw house prices in Turkey skyrocket between 2010 and 2017. Average prices rose 150% nationally and were up by a whopping 200% in Istanbul during this period.
Understandably this has prompted property investors to flock to Turkey, with the result that direct flights to Istanbul were fully booked in mid-August as buyers looked to leverage the dive in the Lira into major savings on local real estate.
Cameron Deggin, who runs PropertyTurkey.com sums up the current buying frenzy, suggesting that inquiries on his site have doubled in the past couple of weeks as buyers look to take advantage of the falling Lira.
Deggin adds, ‘It’s a buyer’s market right now, and buyers are rushing in as if properties are going out of fashion… Buyers are clearly looking for opportunities before the drop in lira is compensated – at least partially – by increases in asking prices.’
And there’s no reason that individuals shouldn’t also look to take advantage of the Lira’s woes to score themselves a Turkish property bargain.
Can Emlak Properties, in the resort town of Bodrum, suggested that they were fielding hundreds of calls from Brits in the area as prices for properties with a pool plummeted from £500,000 a year ago to just £350,000, while two-bed apartments could be found for as little as £40,000.
However, you’re advised to act fast if you wish to secure your own Turkish property bargain. Developers of new homes, whose costs are often denominated in US Dollars, have already begun to raise their prices – with increases of as much as 20% in some cases in order to compensate for the weakened Lira.
And if you want to take action now you can make your purchase even more affordable by using a leading currency transfer provider.
With better foreign currency exchange rates than high street banks and none of the additional charges that often come tacked on, Foremost Currency Group can help you save a substantial amount on your currency transfer.
With Foremost Currency Group you can also freeze an exchange rate for up to two years with a forward contract, so even if you aren’t ready to purchase just yet, you can still take advantage of the Lira’s current weakness.
To discuss your currency transfer options, get in contact with Foremost’s dedicated foreign exchange brokers at +44(0)1442 892060 or at email@example.com.