Turkish Lira is becoming stronger against dollar and it can be more powerful than before according to the economists. Let's check the story behind from the beginning:
Turkey requested Fetullah Gulen from the USA who is the main responsible of coup attempt held on 2016. President Erdogan highlighted again and again that Fetullah Gulen should be given to Turkey to be judged in Turkey as the key person of coup attempt. But, the USA ignored to give him Turkey because of insufficient evidences.
Until that time, dollar increased step by step against Turkish Lira. But, when Pastor Andrew Brunson arrested in Turkey as a reason of being a part of coup attempt held on 2016 by acting active role on Fetullah Gulen's side, so actually against Turkey. President Trump declared that Pastor Andrew Brunson should be free, but President Erdogan regretted to set him free.
So, President Trump has sent a tweet on Twitter and expressed: Doubling of Tariffs on Steel and Aluminium with respect to Turkey as Turkey's currency, the Turkish Lira, slided rapidly downward against Dollar. In same tweet, he also mentioned that the relations between the USA and Turkey were not good at that time. In one week time from 7th of August to 14th of August, the Dollar splashed from 5.18 to 7.11 against Turkish Lira even 100 days action plan was announced by Berat Albayrak, Minister of Treasury and Finance of Turkey.
Actually, there was no reason of Turkish Lira's loose its value about economy. Since, Turkish economy grew 7.4 percent in first quarter of 2018. President Erdogan gave a speech about Turkish products and its importance to be used Turkish products against dollar. At the same time, Erdogan mentioned that, there a should be an another solution than using Dollar in trade with another countries. After these speeches and endorsements of all supporters around the world, Turkish Lira is now becoming stronger again against dollar.
Turkish real estate market generally based on Turkish Lira even there are some construction companies fixes the prices in US Dollar. By increasing Dollar currency against Turkish Lira, smart investors are starting to thinking about investing in Turkey more seriously. Since the figures are obvious and there were no reason about Turkish Lira's loosing strengthen against Dollar, so it is obvious that the situation is related with politics and there is a chance for Turkish Lira to be more stronger against dollar.
The investors are comparing Turkish Lira based real estate prices with Dollar. Because of the Dollar rate is high nowadays, the prices become less automatically based on Dollar currency. So, making the investments with high currency is another word to say of having a property with less prices than before comparing with Dollar's currency rate against Turkish lira at the past. On the other hand, construction companies are also planning to increase the apartment prices, since construction raw material prices are also based on Dollar. So, construction developers are also starting to increase the apartment prices because of high currency rate.
As mentioned above, now Turkish Lira is going up again. The apartment prices have not 100% effected related to construction materials. So, the best time to invest in Turkey is now. You can easily find cheap apartments for sale in Istanbul and all in Turkey at the moment. When the construction materials effected from Dollar rate, the apartment prices will high. When the Turkish Lira become more stronger, the power of buying of Dollar also decreases and the apartment prices will be high for the investors, again.
As a result of that, it is the exact to buy an apartment in Turkey. Don't miss the opportunity to invest in Turkey. It's now investor's turn. It is obvious that: "Don't wait to buy real estate, buy real estate and wait" motto come to exist in Turkey, now.
- Abdullatif Koc, Sales Manager at PropertyTR