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Is now the right time to move to Turkey?

26th October 2015

Many expats have made Turkey their new home, but when is the best time to make the move? There's no easy answer to this because there are a lot of points you need to consider.

Let's take a look at these points in detail now.


Currency

Of course currency is one of the main points you'll need to look at, and 2015 has been an interesting year for the Turkish lira. The lira has been weak against other currencies for most of the year and fell to record lows during the aftermath of the general election.

At the time of writing (26/10/15) one British pound is worth 4.45 lira, while one US dollar is worth 2.88 lira. Looking over the course of the year we can see that the Lira was at 3.63 GBP/ 2.33 USD in January and is at 4.45 GBP/ 2.88 USD today. The lira even reached an all time low of 4.8 GBP during the 2015 summer season.

Currency isn't the only point you should look at but the state of the currency or economic climate is connected heavily to some of the other points.


Property

Property is clearly very important especially for people who are planning to move to Turkey to enjoy their retirement. While the Turkish lira has been weak this year, property is continuing to be bought by foreigners and on average there has been a 19.5% increase in property sales by foreigners.

In August 2015 alone 2044 properties where sold to foreigners, an increase of 15.2% when compared to August 2014. While it's debatable whether buying property now is desirable due to the current political climate it so far doesn't seem to have deterred foreigners.


Political Climate

Turkey's political climate is uncertain to say the least. The general election held in June of this year ended with no party having an overall majority and further talks between parties broke down meaning there was no coalition formed either. Another general election is due to be held on November 1st in the hopes that one party may win enough to form a majority government.


Crime Rates

Crime rates like the other points we have looked at so far are also fluid, however there's also usually a pattern to them. Some cities will have a higher crime rate than other cities, but let's take a look at Turkey as a whole.

In general Turkey's crime rate is considered quite low overall (according to data compiled by numbeo.com) and the crime rate has fallen consistently for the past three years.


Cost of Living

Considering Turkey’s popularity it won't surprise you to learn that the cost of living is quite low when compared to other countries. Let’s compare the cost of living in London to the cost of living in Istanbul.

http://www.yellali.com/assets/images/cost.of.living.turkey.png


As the above table shows the cost of living in Istanbul is currently much cheaper than in London (data compiled by numbeo.com), so you can see that the cost of living in Turkey will generally be lower compared to the UK, and even Europe and the USA.


So is now the right time to make the move to Turkey? Well that's for you to decide, but we hope that the good exchange rate, cheap cost of living and low crime rates will be enough to convince you that now could be the right time to make the move.


Do you need assistance with a Turkish Residence permit? Advice on Moving to Turkey or even Purchasing a property - YellAli is here to help you. Contact us today on info@yellali.com





 


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