- The Guardian: Property buyers dive in as Turkey’s lira plunges
Property investors have been flocking to Turkey this week in a bid to grab houses and apartments that have in some cases dropped from £55,000 a month ago to below £37,000 now.
The highly-publicised collapse in the Turkish lira may have been a disaster for the country – and any British expat who bought there in the last two years – but it has been described as a bonanza for those holding US dollars, pounds or euros.
In August 2017, a pound bought 4.5 lira, before it started a steady decline over the year, slumping to 6.3 lira by mid-June. But at the height of the currency’s troubles last week, it was trading at just under 9 lira to the pound, meaning property had effectively almost halved in price in hard currency terms compared with a year ago.