Turkey 'boosted by exchange rate'

Turkey's exchange rate with sterling has made it more popular with British holidaymakers, Marks & Spencers (M&S) has said.

The M&S Travel Money Report for the third quarter of the year put the Turkish lira third in the list of most sought-after currencies for sterling conversions, with the cheap cost of visiting the country making it more attractive to holiday in.

M&S travel money manager James Yerkess remarked: "The Turkish lira is one of the few currencies against which the pound has held its value since last year, meaning tourists heading to Turkey will still see their cash go further."

Such a situation may boost those looking to invest in buy-to-let property in Turkey, as this year's trend might help establish it as a favourite destination with many people who might otherwise have opted for somewhere in the eurozone.

Earlier this week, founder of brokerage firm Istanbul Mortgage Bahadir Teker listed a number of reasons to suggest why now is a good time to buy in Turkey.

He told the Financial Times mortgages are plentiful, interest rates are dropping and affordability has improved.

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