On the face of it this is good news for tourists and residents who change Pounds to Lira, but what about those things that are priced in Pounds in
We have been following the depreciation of the Turkish Lira (YTL) against the Pound for the past few weeks. On the face of it this is good news for tourists and residents who change Pounds to Lira, but what about those things that are priced in Pounds in
The first thing that comes to mind is property. Many estate agents price in Pounds because potential British buyers are happier dealing in their own currency. It also protects buyer against exchange rate fluctuations and puts the risk and cost of these back onto the seller. But the recent currency fluctuations have been significant at around 25%. A £100,000 property would have brought in 230,000 YTL last month, but this month the seller would be laughing all the way to the bank with 290,000 YTL in their pocket – a further 60,000 YTL!
The local market is also a place where the traders will price in Pounds rather than Lira. The same applieshere albeit on a smaller scale. Something that sold 3 months ago for £10 would have brought the trader around 23 YTL but now it will bring in around 29 Lira – a further 6 YTL.
We doubt that prices will reduce naturally but with this knowledge maybe you can negotiate a discount. Even on £10 getting up to 25% off would at least buy a beer or even two. But on £100,000 up to 25% off is serious cash!
So, keep up to date with the daily exchange rate changes – it could save you some serious money.