Pound Strengthens Again – Brits Buy Turkey Property Now for 11% Discount

Posted on 19 June 2009

The British Pound is now worth 2.55 Turkish Lira, having climbed from being worth 2.30 Lira at the beginning of April, meaning Turkey property is now 10.8% less expensive to British buyers than it was in April, and has 10.8% in instant equity.

Like we said in a post last week, at such a great height — far more than analysts had forecast — the Pound is becoming increasingly vulnerable to fall against the Lira, especially if for instance Turkey can secure a deal with the International Monetary Fund, or on news like the ONS revealed today of British employment plummeting.

While those buying Turkey property now can do so knowing that the Lira will strengthen against the Pound in the near future, anyone who doesn’t buy now will be kicking themselves.

In the current climate though, for many people the 10.8% instant equity will simply be seen as a security blanket when they buy Turkey property; British people buying property in Turkey now can do so knowing that even if it falls in value by 10% they are still safe. Anyone who knows anything about overseas property knows a 10% fall in Turkish property’s value is a crazy forecast.

From now forward, analysts believe the high end Turkey properties that Brits tend to buy will hold firm on its value, before starting to see some real measurable growth again next year. Analysts including Liam Bailey, well known overseas property expert and director of Write About Property, who said:

“The Turkish tourism season is well under way, and ABTA (Association of British Travel Agents) is forecasting 25% growth in British visitor numbers this year. There has also been a notable upturn in Brits buying property in Turkey in the last few years.

“Add to that the fact that across Europe there are reports of the pent-up demand for overseas property starting to be released and we can safely forecast high end Turkey property values holding firm, and maybe even growing a bit this year, before growth returning to normal next year.”

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