While Turkey hasn’t always been the first choice for aspiring expats from the UK, recent evidence suggests that this trend has become to reverse in recent times.
More specifically, a recent poll has found that Turkey is now widely considered to be the seventh-best place in the world for expatriates to live and work (from a pool of more than 150 countries).
According to the survey, 62% of expats in Turkey say that the quality of life in Turkey is far higher than in their home countries, while a further 69% said that they feel safe in the country.
Not only this, but purchasing property in Turkey can also serve as a viable investment option in the current climate.We’ll explore this below, while asking whether you should look to make your move sooner rather than later?
The Turkish Lira and Exchange Rates – What You Need to Know
The socio and macroeconomic climate in Turkey has remained volatile for years now, with this trend having been exacerbated by the recent coronavirus pandemic.
This has triggered significant inflation and sent the value of the Turkish Lira plummeting, with this asset continuing to perform poorly against major currencies such as the USD, the GBP and the JPY.
In fact, the lira plumbed brand new lows at the beginning of the week, touching just 7.6 against the greenback alone.
As a result of this, investors from nations such as the US and the UK may have a limited window of opportunity in which to invest in discounted Turkish property, enabling them to benefit from both superior value and the growing demand for real estate within the country.
Action may be required sooner rather than later, however, with the region’s central bank likely to keep the nation’s base interest rate steady while exploring other (and less typical) credit tightening measures.
So, the value of the lira is unlikely to fall much further if the current base rate is sustained (it has already shelved 22% of its value since the beginning of 2020), while it could actually begin to increase incrementally on the back of sustained stimulus measures.
Of course, you can continually review and monitor the real-time lira exchange rates online, while using a forex demo account may also offer an insight into the factors that trigger price fluctuations.
This will help you to strike at the optimal time, as you look to achieve the best possible value and real estate prices.
Why Else Should You Invest in turkey?
Out of all foreign investments and purchases in Turkey, the region of Alanya accounts for around 30%. This is largely because of its idyllic location, which offers stunning views of the coast and creates the type of exotic and lavish experience that most expats crave.
Turkey is also steeped in culture, from its raft of galleries to its iconic national museum, while the cuisine is also varied, delicious and distinguished by both Mediterranean and African influence.
These benefits have become apparent as the demand for property in Turkey has surged, amongst both investors and aspiring expats who want to build a new life outside of their country of origin.
In terms of property types, it’s thought that villas offer the best value to overseas investors. Not only is there an abundance of such homes (which drives down prices in terms of the balance between supply and demand), but they also tend to be located in authentic towns and villages that offer a true cultural experience.
Such properties are also easy to rent out to holiday makers at certain times of the year, which is ideal if you intend to spend some time out of the country and want to create an additional income stream.