Posted on 12 May 2009
The popularity of Turkey property has grown massively since last year, and continues to grow strongly, according to major UK portal Property Abroad.com. Last week the portal revealed that Turkey property has been 4th most popular with the thousands of primarily British property searchers received by the portal.
I called Property Abroad to find out if this has been changing much lately. Their emerging markets’ analyst Julie Liddle told me that it had gone from being 8th most popular in the first quarter of 2008, to being 5th most popular in Q1 2009 before jumping to 4th most popular in April.
Turkey property is set to become even more popular with British buyers, as Moneycorp’s prophecy for Sterling to strengthen against the Turkish Lira, revealed on this blog last month continues to come true.In a post made last week we told how 1 Pound Sterling had risen from being worth 2.30 Lira to 2.35, where Moneycorp said it may peak or stretch to 2.40.
A couple of days ago, Write About Property commented on how the UK government’s decision to expand quantitative easing earlier than previously expected, had affected Sterling’s strength; it fell back to 2.34 against the Lira. But in just 2 days it has bounced back with a vengeance and at this minute 1 Pound Sterling will buy you 2.38 Turkish Lira.
A Turkish property is now 8% cheaper to British buyers than it was in April; a Turkish property bought by a British buyer now has 8% instant equity. This will cause a further increase in the popularity of Turkish property with British buyers, who will no doubt continue to favour the UK’s leading Turkish property agent, Spot Blue.