1 Saudi Riyal is equal to 1 Turkish Lira
Due to depreciation of Turkish Liras in a rapid way in previous months, Turkish Liras kept loosing value against many currencies in the World. Some economists explain this drop with interior factors whereas some states this decrease has occurred because of global effects. In our previous article, we had pointed the 10 Reasons why Turkish Lira is loosing value against USD.
Saudi Investments in Turkey
As known, with the law change in May 2012, the biggest demand for real estate investments in Turkey had been from Saudi citizens. For the last 5 years, many Saudi investors turned their face to Turkey and have invested in Turkey real estate market with remarkable scales.
In 2012, 1 USD was equal to 1.80 TRY (Turkish Liras). It remained in that value for almost a year where 1 TRY was equal to 2 SAR (Saudi Riyals). As a reminder, in June 1986, SAR was officially pegged where 1 USD was equal to 3.75 SAR.
Even though 1 TRY was equal 2 SAR, Turkish real estate prices were very motivating for Saudi buyers which was encouraging them to make big investments in Turkey and had positioned them as the biggest foreign country for investment in Turkey so far.
1 SAR = 1 TRY
And now as of 9th of January 2017, 1 USD is equal to 3.75 TRY which made also 1 Saudi Riyal equal to 1 Turkish Lira first time ever in history.
When is it good time to Invest in Turkey?
The expectation for foreign investment for 2017 and 2018 is really high in Turkey side as Turkey was never that much affordable for foreigners before in the history. It is thought the Saudis will even increase their investments in Turkey after this unexpected and encouraging depreciation in Turkish currency which created a once in a lifetime investment opportunity for them.