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Changes in Turkish Lira Rates compared to the U.S Dollar

Changes in Turkish Lira Rates compared to the U.S Dollar

Over the years, Turkey witnessed many Changes in Turkish Lira Rates compared to the U.S Dollar. Between 2003 and 2010, the Turkish Lira fluctuated slightly up and down but remained stable at 1.50. However,  over the past five years have we seen a consistent increase, although in recent months the increase has been more pronounced as, during the previous months, the US Dollar reached a high of 18.63 against the Turkish Lira. Worth mentioning that the change and difference in the value of the Turkish lira against the US dollar created a significant opportunity for foreign investors to invest their money in Turkey; especially in the field of real estate in Turkey.

The Reasons Behind the Changes in Turkish Lira Rates compared to the U.S Dollar

Many economic researchers have stated that The Turkish Central Bank’s monetary policy, which was based on facilitating monetary policy by reducing interest rates below the inflation rate, is one of the main causes of the Turkish lira’s decline. As a result, it is natural for the lira’s value and purchasing power to fall.

According to the researchers, the Russian “invasion” of Ukraine is also regarded as one of the factors that contribute to the depreciation of the Turkish lira due to the increase in global energy prices, the fact that Turkey imports more than 90% of its energy, and the decline in Turkish exports, the majority of which go to Europe.

The impact of the change in the value of the Turkish Lira on the Real Estate Field in Turkey

Despite the continuous fluctuations in the Turkish economy during the recent period, the Turkish real estate field was able to address these fluctuations and continued to flourish year after year. Since 2008, the Turkish real estate market has performed very well for residential, office, and commercial properties. In fact, over the past years, both rental yields and selling prices for residential and retail properties have increased. Additionally, real estate in Turkey always catches investors’ attention. One of the most important sectors of the Turkish economy over the past years, and it will continue to be so in the future, is the real estate market. Turkish real estate companies set themselves apart by developing new possibilities like joint ventures with foreign partners.

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Turkish Lira and US Dollar