Turkey's Recent Currency Crisis Means Bargain Property Prices for Brits
The Turkish Currency took a nosedive this summer and plummented to record lows as the country wobbled over souring relations with the US. This saw holidaymakers receiving up to nine Turkish Lira to the Pound compared to 4.5 summer 2017, prompting something of a gold rush as investors flocked to popular resorts to snap up bargains.
Altinkum Beach, Didim
Property prices in Turkey have always given excellent value for money but given the current exchange rate they are offering even better value.
After 2 bad years for tourism (2016, 2017) visitor number for 2018 have reached new record levels. Tour companies and airlines are increasing capacity and routes to Turkey for 2019. There has never been a better time to invest in property in Turkey.
Prices of property in Turkey vary from area to area and part of the West Aegean region covering Altinkum, Didim and Akbuk offer some of the best value for money. This area is served by the major airports of Izmir and Bodrum offering flights from all parts of the UK with even some direct flights all year round with Pegasus into Izmir.
The Didim region (including Altinkum and Akbuk) is on Western Turkey’s Aegean coast with long, warm summers and short, mild winters and some of the most beautiful landscapes in Turkey. Whether you like popular holiday resorts, secluded beaches, idyllic fishing harbours or the remains of ancient civilizations, it offers something for everyone.
The two mains town in the area have a very different feel to them and help the area offer something for everyone.
Altinkum is the large, busier resort and life centres on its promenade, with its myriad of shops, pavement cafes, restaurants and bars. There are 3 golden sandy beaches all offering the stunning rich blue hues of the Aegean Sea. There is also a marina and yacht club.
Akbuk is a self- contained relaxed and tranquil resort just 20 minutes from the popular resort of Altinkum. Set on a large bay with stunning blue and calm waters and backed by mountains. It is the perfect location for a relaxed holiday.
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4 bed detached villa on a small complex with a communal pool £85K
2 bed apartment on a complex with a communal pool £35K
2 bed apartment 2 minutes to the promenade on a small complex with a pool £38K
Whether you are looking for a property just to use yourselves or to give a rental income the area has something to suit everyone. There is a growing market for holiday rentals and this will give a good return on your investment.
Caution should of course still be taken. We asked foreign exchange experts and Alliance partners, Clear Currency, their view and Peter O’Flanagan, Head of Trading had this to say;
“There has been no better time to purchase property in Turkey. The recent weakness of TRY (the code for Turkish Lira) means it is now 65% cheaper to purchase a house in Turkey (with GBP) than it was at the beginning of this year alone. While this is certainly exceptional value there are other things to take into account, especially for property owners/buyers. If you are buying a property at these levels but budgeting to make mortgage payments over the next number of years, you need to take into account the possibility of exchange rates dropping back, the last thing you want is to have to pay 65% more for a property should rates revert to the norm! If you are relying on TRY income from a holiday property the TRY may continue to diminish in GBP terms should the currency continue to have troubles. It’s always best to talk to experts when making these decisions who can guide you through the various pitfalls”.
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