Property buyers flex their dollars as sterling approaches pre-Brexit levels

Property buyers flex their dollars as sterling approaches pre-Brexit levels

by Maria Tilev Turkey United Kingdom United States World
  • Pound passed $1.40 mark in February for first time since Brexit referendum (xe.com)
  • Turkish property buyers benefitting from the pound’s rise against the dollar (Spot Blue)
  • US & Caribbean properties proving particularly hot right now (InternationalPropertyForSale.com)

Over the past month, the pound’s value against the dollar has edged significantly closer to pre-Brexit levels.

February saw a high of $1.42, while at the time of writing the pound’s value stands at $1.37 (xe.com). While it may not have returned to the heady $1.49 that it was on the day of the Brexit referendum, the pound’s steady climb is excellent news for anyone with an eye on an overseas property.

A British buyer with £100,000 to spend will today have a budget of $137,000. This time last year, they would have had just $122,000. A buyer whose £1 million a year ago would have given them $1,220,000 will now have $1,370,000 to play with. Naturally, buyers of US and Caribbean dollar properties are delighted, but it’s also great news for those buying closer to home.

“Buyers purchasing homes in Turkey aren’t limited to conducting their transactions in lira or euros – they can also pay in dollars. Given the pound’s steady climb against the dollar, and its recent passing of the $1.40 mark for the first time since the Brexit referendum, this has opened up the Turkish market to British and international buyers looking to get maximum value from their overseas property purchase. In short, it’s a great time to buy.” 

Julian Walker, MD, Spot Blue International Property

Award-winning Turkey property specialists Spot Blue are seeing sterling’s rise positively impact buyers of Turkish property in dollars at both ends of the price spectrum.

Turkish properties offer exceptional value at present; $151,206 is sufficient for a three-bedroom villa with communal pool just 7km from the coast. Meanwhile those with more to spend can enjoy serious luxury, with this six-bedroom, five-bathroom ultra-contemporary eco villa with private pool, priced at just $2,214,927.

The Turkish property market certainly seems to be benefitting. According to the Turkish Statistical Institute, sales there increased by 1.7% in January 2018 when compared to January 2017.

The more traditional dollar-purchase locations of the US and the Caribbean also now offer British buyers more for their money. A spacious three-bedroom apartment in Orlando, with huge communal pool and landscaped gardens can be snapped up for just $134,900 through InternationalPropertyForSale.com. Over in Barbados, a lavish three-bedroom villa with sun terrace, private pool and garden costs just $850,000.

“It’s a fantastic time for those interested in US property to see how far their pounds will stretch at the moment. The ups and downs of the Brexit process are far from over, but we’ve seen a steady increase in the pound’s value against the dollar over the past year, which has put British buyers in a much stronger position and made US and Caribbean properties far more appealing in terms of their price tags.” 

Julian Walker, MD, Spot Blue International Property 

For further information about buying or selling property in Turkey, the US and the Caribbean please contact: 

Spot Blue International Property

Tel: +44 (0)20 8339 6036    

Email: info@spotblue.com 

Website: www.spotblue.com and InternationalPropertyForSale.com

 

Notes to Editors:

Spot Blue International Property is one of the UK’s leading Turkish property agencies, with hundreds of properties regularly listed and updated on its website, www.spotblue.com. As well as helping developers promote their projects to the UK and other foreign markets, www.spotblue.com features properties for sale by private individuals. Spot Blue only promotes property of developers that pass its due diligence assessment. It also specialises in matching buyers with suitable properties and operates in all major resorts in Turkey. The company’s high profile in the UK means it is regularly quoted in the national press and invited to appear on panels at leading seminars and exhibitions.

InternationalPropertyForSale.com is owned by Spot Blue International Property, one of the UK’s leading international property specialists that markets hundreds of properties around the world across its portfolio of websites, which includes Turkish property site SpotBlue.com. As well as helping developers promote their projects to the UK and other foreign markets, www.spotblue.com features properties for sale by private individuals. Spot Blue International Property only promotes property of developers that pass its due diligence assessment. The company’s high profile in the UK means it is regularly quoted in the national press and invited to appear on panels at leading seminars and exhibitions.

Where in the world…

by Louise Turkey

… Can you find an adoringly restored natural stone built house, with Laura Ashley interiors, surrounded by fruit orchards and olive groves? France? Spain? Croatia? The answer is Turkey in the local ecological village of Kirazli.

 
We have spoken to Karyn Phillips, the lady who owns this beautiful property which is currently on the market with specialist Turkish agency, Spot Blue. Karyn’s vision for property and building communities is something she has nurtured and developed throughout the years. Having spent 12 years at the hard end of social care, Karyn opted for an early retirement and took up part time property development… and if that conjures up images of two up two down house renovations, you’d be very much mistaken. Her first project was building a jungle house on a tiny Mexican island in the Caribbean.
 
Karyn has only ever been interested in unique projects which offer more than just a home in the sun, she sought out potential for small business opportunities and ways to involve whole communities. Karyn comments, “As we worked on each project we also found that contributing to the small communities we were in was as important to us as finding a viable business opportunity for the buyer.  We believe that our houses have to fit into their environment, offer something of benefit to the whole community and promote the area in general.” The house in Kirazli has the potential to be an art studio and gallery, small day spa or venue for art holidays.
 
Karyn fell in love with Turkey when she first visited, “We found a beautifully diverse country with amazing views, real drama in the scenery and a vibrant culture.  It really just blew us away.” Kirazli is perfectly situated just outside of Kusadasi, it is charming and tranquil yet close to Izmir airport and the Aegean coast beaches.
 
The house was bought with the intention of renovating it and selling it on to someone looking for an active retirement or overseas business dream, “For us it was always about achieving the reality of an idea, not about keeping the home forever, that was for the people who got to buy it”. Since Karyn’s husband passed away in April she has already set her sights on new projects in Turkey, each project gets more environmentally friendly and more authentic – key skills of a good sustainable property developer.  
 
The stone houses in Turkey can be difficult and costly to renovate, one of the reasons that so many are knocked down to make way for cheaper brick houses in their place. But true to her beliefs, Karyn’s intention was to lovingly restore the property using local craftsmen and reclaiming materials wherever possible. Every room was planned out in detail before any works commenced including interior layouts, themes and water colour sketches of the ‘vision’. It has been designed to be welcoming, combining wow factor with warmth; it has elements of Tuscan style with shutters on the windows and textured porcelain floor tiles in muted colours. With an injection of Laura Ashley furnishings there are also evidence of an English country feel from the shaker style kitchen to the hanging scented hearts on the cupboards.
 
If this property isn’t perfect enough already, then knowing that the neighbours drop round gifts of fruit and home made cheeses will help complete the dream. “When I am in Kirazli I know I am safe.  My neighbours aren´t intrusive or in your face, they just quietly accept me and watch out for me.”
 
Most of the families in the village keep goats and sheep for their milk, it is a true farming community. The village is surrounded by cherry (Kirazli means Cherry Village) orchards, vineyards, peach orchards and olive groves.  Everything moves to the rhythm of the crops, first the green almonds in April, then the cherries in May and June, then the peaches, the grapes in September and winter for the olives. 
 
It is no surprise then to learn that Kirazli is an ecological village. The headman Hussein, elected by the locals to democratically manage the village with a team of advisors, has ensured that the surrounding pine forests are protected and he has helped create a centre for ecological farming. As part of pre-accession European funding Kirazli received a grant to fund a three year project to establish the first organic seed stock in Turkey.  This project has just come to a successful end and further projects involve expanding the organic orchards. But Kirazli certainly isn’t without its regular amenities, the village has two butchers, two general stores a weekly bazaar on a Tuesday, a high school, two boutique hotels, a carpenter, a mechanic and several extremely good restaurants. 
 
Overall Turkey offers a huge amount to the careful and discerning buyer.  Prices continue to rise steadily and the credit crunch isn´t biting as hard as it is the rest of Europe.  Also, for British buyers flexibility on the currency you use to buy in makes it a good alternative to the Euro zone where the strong Euro makes prices hard to swallow. 
 
Apart from economic factors Turkey offers something culturally different, an appealing lifestyle and lower cost of living. It is a remarkably safe country with very low figures for crimes against the person and it is a country that still values the community.
 
And for those buyers willing to venture outside of the main tourist zones and the mainstream options there are huge rewards available in terms of discovering a whole new way of life and culture without sacrificing the modern amenities they need.
 
For further information contact Spot Blue on 0208 339 6036 or visit www.spotblue.co.uk.
 
 
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The Kirazli house is on the market for £245,000, it has three bedrooms, master with en-suite. Fully fitted kitchen with granite work tops; air conditioning, private courtyard garden and private swimming pool with waterfall feature. Available fully furnished. Contact Spot Blue on 0208 339 6036 or visit www.spotblue.co.uk for details.