Published: 9th September 2013
A recent report in the Daily Mail has been outlining the potential benefits of buying a property in Turkey, as factors such as the strength of the Euro, the relatively low cost of living, and superb climate produce a seductive combination for potential investors.
Since the relative strengthening of the Euro in relation to the pound, people looking to buy property overseas have tended to focus on countries outside of the Eurozone, with Egypt and Turkey seeing increased interest in recent months.
Stephen Hughes, Director at Foreign Currency Direct told the Mail that they had seen an increase of 36% in exchanges of Sterling into Turkish Lira. Hughes went on to say “The Turkish Lira has increased by 6.5% against the pound in the past year, which means that those who changed to lira find their money goes much further than before.”
Whilst many investors have been attracted by the opportunities in the major cities such as Istanbul, the majority of the investment from abroad has looked to capitalise on Turkey’s rapidly expanding market for tourism. In particular, resorts such as Bodrum, Fethiye and Altinkum have proven exceptionally popular with both investors and holidaymakers looking for a permanent home in the region.