Posted on 14 February 2011
Sterling Jumps Massively Against Turkish Lira – British Buyers Expected to Pounce on Turkish Property
On the Spot Blue blog last month we revealed a Moneycorp prediction that the British pound would strengthen against the Turkish Lira from its then, 2.30 to 2.35 or possibly even as high as 2.40, that is £1 being worth 2.40 Turkish Lira. Then, 1 month and 2 days later, on the 12th of this month we revealed, again on the Spot Blue blog how this had come true; the British pound was then worth 2.35 Turkish Lira.
In the last 16 days the Pound has blown the lid off all expectations; right now one British Pound will buy you 2.50 Turkish Lira (rounded up).
That means that you get 19 Turkish Kurus more for every British Pound. For property buyers, this translates to Turkish property being 19% cheaper today that it was April 10th to British buyers.
This growth has far exceeded the predictions of Moneycorp, who forecast that the British Pound would grow to be worth 2.40 Turkish Lira in the space of several months.
Many British people who may have been watching the foreign exchange rates will no doubt be locking in their prices now, because though Sterling may still strengthen further, at that rate it could also begin to fall back.
Source – Spot Blue