Strong Sterling Against Lira Increases Popularity Of Turkish Property
News Posted On: 24 July 2009
The Turkish Lira is once again losing ground against British Sterling. British people considering buying a property in Turkey may just get a second chance to benefit from the instant equity that a strong Sterling can provide.
At the beginning of April Sterling fell to a low of 1.00GBP/2.30TYR, but it bounced back. At that time analysts predicted that it may go as high as 2.40 before stabilising. But it overshot this, having reached 1.00GBP/2.55TYR in mid June, before starting to fall once again. It fell to 2.41 and is now beginning to climb again.
When Sterling hit the heights of being worth 2.55 Turkish Lira, Turkish property was almost 11% cheaper to British buyers than it was in April, and carried almost 10% instant equity given that the long-term average exchange rate is 1.00GBP/2.35TYR.
Turkey property is becoming an increasingly popular choice amongst British buyers, predominantly lifestyle buyers, but investors have also been giving it a closer look in the last couple of years.
Last month saw Turkey climb from 6th position to 5th in the monthly top 10 most popular destinations with the buyers of property on the Property Abroad.com portal in June. This was put down to the weak Lira, and if Sterling continues to strengthen again, it is likely the popularity of Turkey property will continue to grow.
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