Turkey allows foreign residents to make real estate deals in foreign currencies

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Turkey has rolled back some restrictions on the use of foreign currencies that were brought in at the height of an economic crisis this year, according to a decree published on Nov. 16, loosening the real estate deal rules for foreign residents.

In September the government ruled that property sales, rental contracts and leases should all be made in Turkish Lira, a move President Recep Tayyip Erdoğan said would support the currency. Foreign currency had been widely used for rental deals in shopping malls and also used in real estate sales contracts.

After plunging to 6.95 liras per U.S. dollar in August, the Turkish currency has been able to mount a quiet recovery, trading at around 5.33 liras against the greenback as of Nov. 16. Still, it remains some 30 percent weaker against the dollar this year.

More: Turkey allows foreign residents to make real estate deals in foreign currencies

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