The latest Turkish Land Registry Office data shows Britons now account for an incredible 29% of foreigners purchasing property in the country, with the Germans accounting for 23% and Greeks accounting for 9% of international buyers. According to experts most of these buyers will use their own national currency in which to invest in property, and apparently this isn't always the wisest choice.
Certain areas of the country attract certain groups of buyers, as property around Alanya and Antalya is a popular with Northern Europeans, and as such is often priced in euros, while other areas which tend to be dominated by the British such as Altinkum are often priced in sterling.
This is down to agents pricing property in a currency which is more likely to hold its value on the global stage rather than local currency. From the overseas buyer’s point of view, it is easier to purchase property priced in their local currency rather than having to worry about converting it into Turkish lira, but this may not be the best way forward.
Overseas buyers can often just as easily make an offer in Turkish lira, and may discover that using a currency exchange specialist could ultimately cost them less than paying in their own local currency.
Currency exchanges often have extremely competitive rates for people transferring large amounts of currency, beating the banks by a considerable margin, so while it's possible to bargain down the price of property it is worth bearing in mind that you may also be able to negotiate paying in a more favourable currency.
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