Turkey properties in lira

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greenrivet
Posts: 1
Joined: Thu Sep 13, 2018 2:54 pm

Turkey properties in lira

Postby greenrivet » Thu Sep 13, 2018 3:05 pm

Hi all, following todays new rule in Turkey where property must be bought , sold using lira only. How will this effect n.cyprus ? Asking as planning property purchase soon.
thanks

geoffreys4
Posts: 112
Joined: Fri Jan 17, 2014 1:05 pm

Re: Turkey properties in lira

Postby geoffreys4 » Sat Sep 15, 2018 10:33 am

greenrivet wrote:Hi all, following todays new rule in Turkey where property must be bought , sold using lira only. How will this effect n.cyprus ? Asking as planning property purchase soon.
thanks


Well it is very likely that TRNC will take the same action.
But I cannot see for the life of me what difference it will make, or what the point of it is.
If I have my house for sale for say GBP100K and you want to pay me in GBP no problem.
If you want to pay me in lira no problem either, we just convert it at the current exchange rate (say TL800K) and away we go.
So what if the contract has to show TL800K? or an exchange rate 30 days down the line?
Any local associated taxes/transfer tax etc are charged in lira anyway. I suppose they could be higher or lower if calculated on a +30 day exchange rate, but in any event are a small percentage of the total purchase price.
It is this wooley thinking and mis-management of the Turkish economy that caused the devaluation in the first place (IMHO)!
Geoff.
P.S. Incidentally most properties for sale in N.Cyprus are advertised in GBP anyway.
P.P.S. There is nothing in this legislation that should deter you from buying a property here, and they are in general very
good value for money.

geoffreys4
Posts: 112
Joined: Fri Jan 17, 2014 1:05 pm

Re: Turkey properties in lira

Postby geoffreys4 » Sat Sep 15, 2018 3:49 pm

It has been reported on the LGC News that the TRNC Finance Minister (Serdar Denktash) has said the Turkish decree about
compulsory use of the lira in Property transactions etc cannot be introduced here as it would contravene the TRNC Constitution.
We will see if that holds true. Turkey bankrolls the TRNC and may think differently!
Either way I don't see it making a jot of difference.
Geoff.

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ZKTV
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Location: Zürich
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Re: Turkey properties in lira

Postby ZKTV » Tue Sep 18, 2018 3:49 am

You can buy or sell only in lira ...Then the lira will be subject to bank currency controls ,,,
so you wont be able to change to pounds ...
same rules in a lot of countries - cuba,iran etc ...

geoffreys4
Posts: 112
Joined: Fri Jan 17, 2014 1:05 pm

Re: Turkey properties in lira

Postby geoffreys4 » Tue Sep 18, 2018 3:26 pm

ZKTV wrote:You can buy or sell only in lira ...Then the lira will be subject to bank currency controls ,,,
so you wont be able to change to pounds ...
same rules in a lot of countries - cuba,iran etc ...


As I said in my previous post in the TRNC you can buy or sell in ANY currency. So says the TRNC Finance MInister.
Mainland Turkey is different, only Lira transactions now allowed.
Amos.


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