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Posted On: 01/07/2009
Brits Eyeing Turkey Property Should Act Now Before Lira StrengthensThe British Pound has dropped back slightly against the Turkish lira in the last couple of days, as it looked like a deal with the International Monetary Fund looked imminent.
The Pound has climbed from being worth 2.30 Turkish Lira in April to being worth 2.55 Turkish Lira last week. This exceeded the expectations of currency experts who thought 2.40 would be the ceiling. It has now dropped back to being worth 2.54 Turkish Lira.Talks with the IMF stalled last year, and have been restarted in recent weeks. As the IMF deal looks closer the Lira will continue to strengthen.
At 2.55 Turkish property was almost 11% cheaper to British buyers than it had been in April, and carried 11% instant equity. If British people have been considering buying a property in Turkey, the time to do so is now, according to Frank Crowley, director of overseas property specialists Azure Overseas.
"The Lira is now the one that is on an upward trend against the British Pound. Any Brits who may have been considering a Turkey property purchase should act now, to lock in their purchase at the current price. No one can argue against 10% instant equity," he said.
Frank's closing sentence is especially true when you consider the fact that the long term average Sterling to Turkish Lira ratio is 1.00GBP/2.35TYR is the long-term average.Azure Overseas is currently marketing Turkey property for sale priced from under £20k for an apartment in Altinkum built by a British builder.
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