Turkey's lira has lost 45% of its value since the start of the year. However, it looks like there's a light at the end of the tunnel as relations between the US and Turkey normalise. This has prompted the lira to rally against the dollar. Investor confidence is climbing, and inflation is set to decline.
Turkish property & economy news
With just 600 Bosphorus mansions in existence, its little wonder they rarely come on the market. But now, with the low lira pushing foreign interest in Turkish real estate to a peak, owners of these iconic buildings are selling up. However, few are ever listed online, and if you're on the lookout for a Bosphorus yali, you have to be in the know, explains Cameron Deggin.
Tensions between the US and Turkey have helped to contribute to Turkey's current low-lira situation, and Turkey is currently listed as an advisory level 3 warning by the US State Department. But despite this, there's been a significant rise in the number of Americans visiting Turkey, taking advantage of the low lira to have affordable luxury holidays.
The government has slashed the amount of required real estate spend for citizenship in Turkey, allowing more people than ever to consider getting Turkish citizenship. Property Turkey director Cameron Deggin said the move would precipitate a surge of interest in Turkey and buying Turkish property.
The Turkish government is working hard to boost the lira, with interest rate hikes and encouraging Turks to sell their dollars. Now, Erdogan has announced that all property transactions must be completed in the Turkish currency. Property Turkey director Cameron Deggin explains why this presents a window of opportunity for buyers.
Erdogan has always opposed interest rate hikes, saying they raise inflation. However, in a show of independence, the Central Bank has done just that, in a move to bolster the ailing lira. The move is expected to raise investor confidence. Erdogan continues to oppose the move, but it's thought he might have been pressured to bow to investors.
Antalya's beaches and city streets thronged with visitors this summer. For locals, it was a welcome change after two fallow years where tourist numbers dwindled. The southern region has long been popular with Russian and German visitors, who make up a large share of the 14 million expected visitors arriving in the city this year.
Jim Rogers has always had vision. The investor, businessman and author has had a long money-making career and is well qualified to comment on the economic factors shaping the future of the globe. Now, he's saying the US should drop its sanctions against Turkey - and invest in the country instead.
Tourists are back. Thronging in the streets, lounging on beaches, lining up at city malls, visitor numbers to Turkey are at peak levels. Helped along by the low, low lira, which makes goods and services cheaper than ever, and a rebound after a couple of bad years, 2018 looks to be a stellar year for Turkish tourism.
Enquiries are flooding in from people all over the world looking to take advantage of the lira, which has reached a record low, and buy investment properties in Turkey. Property Turkey director Cameron Deggin says he made five online sales yesterday, an unprecedented number, and an indication that the sweet spot to invest is now.
Tourism's back on the map in Turkey, helped along by a low lira, which means a low-cost holiday for Brits looking for ways to spend a failing pound. Numbers of domestic tourists are also on the rise, with more Turks than ever before holidaying in their own country.
Sports tourism is booming in Turkey, especially in the Mediterranean city of Antalya, a popular spot for sports teams and events. Investment in infrastructure and facilities means Turkey's share of the $200bn global sports tourism share will rise to $1bn this year, and as for the future: it's nothing but net for Turkey.