Sale of Turkish villa, which currency?
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On Sunday, 16th August 2015 following question to our expert...
I am due to fly to Turkey in September 2015 to sell my villa. I am not sure whether to accept the sale in UK pounds or Turkish Lira? Any advice would be helpful.
On Monday, 17th August 2015 ...
Thanks for getting in touch.
In answer to your question, the Turkish Lira has experienced heavy selling pressure during recent months as it acts as a proxy currency for the less tradable Syrian Dinar, Iraqi Dinar and Egyptian Pound. The troubles in these neighbouring nations are unlikely to fade away any time soon, unfortunately, so from that perspective it would be wise to get your TRY changed into GBP sooner rather than later, especially with a US Federal Reserve interest rate increase expected later in the year.
However, the important thing when exchanging a currency is the distance off the market which you are getting at the time of exchange. If you are letting the vendor’s representatives carry out the exchange, do be careful that they are not giving you a poor rate of exchange. A UK-based specialist exchange and transfer service would be your best bet for getting the best rate at any given time.
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