Currency Risk and Timing Your Turkish Property Purchase

For foreign buyers paying in hard currency (USD, EUR, GBP), the Turkish lira's depreciation over the past decade has created extraordinary purchasing power — but also meaningful currency risk post-purchase.

The Opportunity

Between 2018 and 2024, the lira lost over 80% of its value against the dollar. A property that cost $200,000 in 2018 would cost roughly $150,000 in lira-equivalent terms today, even if its lira price doubled. For dollar-earners, Turkish real estate has become dramatically more affordable.

The Risk

If you take out a lira mortgage while earning in lira, a lira depreciation against the dollar works against you if you ever want to repatriate sale proceeds. If you earn in lira, rising lira prices are the relevant metric — not dollar-denominated comparisons.

Practical Currency Strategy

Use a currency broker (Wise, OFX, or a specialist FX desk) rather than your bank for large transfers — you can save 1–3% on the exchange rate. Consider forward contracts to lock in a rate if you are purchasing over the next 1–3 months.