How Currency Fluctuations Impact British Property Owners Selling in Turkey
If you are a British property owner looking to sell your property in Turkey, the past month has demonstrated how exchange rate fluctuations can significantly impact your chances of selling successfully. Many sellers continue to think in GBP, but the reality is that property values in Turkey are fundamentally based on the Turkish Lira. Understanding this can help you price your property effectively and avoid potential financial pitfalls.
A Month of Change: GBP to TRY
Over the past month, the exchange rate for £1 has increased from 45.8808 TRY on February 20, 2025, to 49.2855 TRY on March 20, 2025. This steady appreciation of the Pound means that properties priced in GBP have become more expensive for Turkish buyers when converted to Lira.
How This Affects Your Property Sale
Imagine a Turkish buyer who had a budget of 9,200,000 TRY in February 2025. At that time, they could have purchased a property priced at £200,000, as the conversion rate meant:
February 20, 2025: 9,200,000 TRY ÷ 45.8808 = £200,600 (affordable)
However, just a month later, due to the shift in exchange rates, that same property—still priced at £200,000—would now cost significantly more in Lira:
March 20, 2025: £200,000 × 49.2855 = 9,857,100 TRY
Now, the same buyer’s 9,200,000 TRY budget would only be worth around £186,680, meaning they can no longer afford the property they were interested in just a month ago.
Why You Need to Consider Currency Fluctuations as a british property owners in Turkey.
Many British property owners believe that the price quoted in GBP is fixed because they originally purchased the property in GBP. However, when developers and Turkish sellers first quoted these prices, they did so by converting the Turkish Lira value into GBP at the exchange rate at that time. The reality is that the base currency of your property remains Turkish Lira, just as UK properties are always priced in GBP.
As the Turkish Lira weakens against GBP, your property becomes increasingly unaffordable for local buyers, making it harder to sell. If you insist on keeping your price fixed in GBP while the Lira depreciates, you may find that your property sits on the market for months or even years. Eventually, you may be forced into a quick sale at a significantly lower price than you originally hoped for.
The Solution: Adjust Your Pricing Strategy
To improve your chances of selling, consider adjusting your asking price in GBP based on currency fluctuations. By keeping your property competitively priced in Turkish Lira terms, you can attract more buyers and avoid the risk of having to sell at a steep discount later on.
Unfortunately, we see this very issue as the main reason why British and European-owned properties remain on the market for a long time. At Oceanwide Properties, we are extremely active and proactive in marketing your property. We not only use our own extensive marketing channels, but we also collaborate with local and global agents to maximize exposure. The marketing itself is not the issue—pricing in line with currency fluctuations is.
Final Thoughts
Exchange rate movements play a crucial role in the Turkish real estate market. If you are a British property owner selling in Turkey, it is essential to be flexible with your pricing and consider the impact of currency fluctuations. Keeping your property priced in line with market conditions will help you sell faster and avoid financial losses. Staying informed about currency trends will ultimately lead to better decision-making and a smoother sale process.
By the time this article goes out the rate will have changed again, the market is ever changing, and not for the feint hearted, when it comes to successfully selling your property you need to be flexible and knowledgable regarding the ever changing Turkish market.
British property owners now selling in Turkey.
