Multi-currency trading conditions in Turkey continue to make the country more attractive to foreign property-buyers than Eurozone destinations, following renewed uncertainty in the Eurozone.
Article written by The Overseas Guides Company
A rising economic power, Turkey embraces a culture where trading in different currencies is the norm, while its own currency, the Turkish lira, remains a stable emerging-market currency used for everyday transactions. In Turkey, it’s quite typical to see property advertised and sold in euros, Sterling, Turkish lira and, if you’re in Istanbul, dollars.
“More and more, Turkey is becoming an international marketplace attracting investors and buyers from around the world,” said Julian Walker of Turkish property specialist Spot Blue. “The fact that a buyer and vendor can more easily agree a deal in one currency that suits them, is helping this trend.”
“A common scenario in Turkey is a British person converting Sterling into euros to buy a Turkish property, because the vendor wants euros and Sterling happens to be strong,” adds Julian Walker. “Then, once resident in Turkey the new owner will convert a large amount of their Sterling into Turkish lira and deposit it in a local bank to benefit from the high interest rates paid on lira savings – which helps them meet their day-to-day living costs, which are in lira. In short, in Turkey it’s easier to be savvy with your money, and not be tied to one currency and exposed to one exchange rate.”
For details of more property for sale in Turkey, visit the Turkey listings on Rightmove Overseas. One way to save money when buying or living in Turkey is to use a currency specialist when transferring your pounds into lira, euros or dollars. For more information on this, contact Smart Currency Exchange or visit the Currency Zone.
To understand the full step-by-step process to buying a property in Turkey, collect The Overseas Guides Company’s ‘Turkey Property Buying Guide’
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc