Posted on 16 July 2009
Turkey was the fifth most popular country with those searching to buy overseas property on the Property Abroad.com portal in June. This was a 1 place improvement on May.
This is undoubtedly because of the weak Lira during June, when 1 Pound Sterling would buy you 2.55 Turkish Lira, making property almost 11% cheaper to British buyers than in April when you could only get 2.30 Lira for your Pound.
During June we were advising our clientele that it was time to take the plunge and lock in their price, because the Lira could only go down from such a high. We were correct, but there is still time…
The Lira is currently worth about 40 British Pence, meaning you get 2.51 Lira for your Pound. This means that property in Turkey is currently just over 8% cheaper to British buyers than it was in April and has about 6% instant equity, because the long-term average exchange rate is about 1.00GBP/2.35TRY.
On top of that Turkey property prices are due to show some increase for 2009, and return to above average growth from 2010 according to Spot Blue director Julian Walker.
“Demand has remained firm from British buyers this year, and has been boosted in recent months by the weak Lira. We are advising people to buy now and add the 8% instant equity to the profits made when prices are shown to have risen this year, and continue rising at pace over the next 5 years,” he said.
Buy property in Turkey with Spot Blue today.