Lowered Lira Makes Turkish Property Prime Pickings for UK and Euro Nationals
(PRWEB UK) 30 January 2014 -- The fact that the Turkish currency has fallen with respect to sterling, the Euro and the dollar in recent weeks makes buying a Turkey property even more attractive to foreign buyers and this has been backed up with the increased number of enquiries taken by Oceanwide Properties staff – more than double their usual rate.
The Turkish government itself has been actively encouraging non-Turkish residents to invest in property for some time by making it easier and quicker to navigate the TAPA process (where non-Turkish residents must check their potential property purchase is not located in a military zone). The government has also changed the residency permit laws where foreign property owners now have an automatic year’s residency permit in Turkey (rather than just three months, as was the case until recently).
Director of Oceanwide Properties Suleyman Akbay said: “The exchange rate is incredibly favourable to British and other European buyers in Turkey at the moment. I would suggest that those who have been thinking for some time now about investing in a property in Turkey should seriously consider making headway with their plans, certainly within the next few weeks and months. The lira isn’t going to remain this low forever. It’s a case of having confidence and striking while the iron is hot.”
The drop in the value of the Turkish lira is due to the country’s political instability at the moment where, following a top level corruption probe, three top ministers have lost their positions in the cabinet. Prior to this Turkey had been viewed as an impressive emerging nation which had managed to avoid the worst of the European and American recession and was in fact set to become an EU member itself. Its export figure for 2013 was four per cent for instance, compared to an average global growth of 3.2 per cent.
Despite the falling lira and political scandal economists still rate Turkey as one of the world’s top emerging nations. The World Bank, for instance, predicts that by 2050 Turkey will be the world’s 14th biggest economy (back in 2012 it was regarded as the 17th largest).
In the meantime Turkey’s central bank has held an extraordinary monetary policy meeting where it was thought to be considering increasing interest rates for the country.
Oceanwide Properties have been dealing with the sale and purchase of apartments and villas in Turkey for the past eight years and to date have sold properties totaling in excess of £20 million.
The company, with a multi-lingual staff, is based in the south of the country in Fethiye but also has an office in growing Istanbul and in London. It is an accredited member of both the National Association of Estate Agents (NAEA) and the Turkish Federation of Real Estate Associations (TEMFED).
For more information see http://www.oceanwideproperties.co.uk.
Jill Stevenson, Oceanwide Properties, http://oceanwideproperties.co.uk, +33 491540415, [email protected]
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