The Turkish lira exchange rate is falling, presenting plenty of opportunities for foreign buyers.
Turkey’s making headlines as the lira exchange rate drops to the lowest rate this year against both the pound and the dollar, after a fall of over 34% across the past year. However, there’s also good news for the country. According to the Turkish Statistical Institute, house sales increased by 22.4% between June 2017 and June 2018. And, while a weak lira isn’t great for Turks importing from abroad, it does mean lower costs for international property owners.
What’s happening with Turkish lira?
Over in the US, the Trump administration is ramping up its response to disputes with the Turkish government. A diplomatic rift over the detainment of an American pastor is also on-going. This uncertainty has caused the lira to enter a downward spiral. In total, it’s lost over 34% against the pound sterling in the last twelve months.
What does this mean for property buyers?
As we mentioned above, Turkey’s property market is still booming. Over 10,000 more houses were sold in June than May, and this trend doesn’t seem to be slowing down any time soon. Although driven by easier access to mortgages and lower interest rates for domestic buyers, there is also a significant number of international property buyers in Turkey. Around 3% of buyers in June were foreign citizens – an increase of 7% on the previous month. More significantly, British buyers increased by a massive 27% since last year.
So what savings does the lira exchange rate offer?
However, that’s not the whole story. After purchase, you’ll be dealing lira – and that’s where the exchange rate will be so advantageous for you. Your utilities will invariably be in Turkish lira. Monthly utilities (electricity, gas, water, rubbish collection) for example, cost on average 310 lira.
Over just the last month, the cost of this would have dropped from around £50 to £40 pounds. That’s the same as the average monthly electricity cost alone in the UK.
Maintenance will be even cheaper; a plumber working on a job of ‘average difficulty’ costs around 60 lira – currently £8. This means that, for property buyers abroad, there’s a huge financial incentive to look toward Turkey.
Now’s the time to buy
For international buyers in Turkey, the historic low of the lira is too good an opportunity to pass up. It’s no wonder that the number of British buyers has jumped so massively since last year. Finances are a big decider for many people moving abroad and now really is the time to buy. Otherwise, you could miss out on the savings offered by the falling exchange rate.
Contact the Turkish Home Office team today for further details, prices and availability and our friendly advisors will answer all of the questions you may have and provide you with full assistance throughout the Turkey real estate buying process and beyond and all you need to know about properties for sale in Didim.
Contact us on 0161 408 4880 or e-mail us firstname.lastname@example.org
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