Are British expats losing faith in Turkey?

Turkey’s always been a favourite with Expats but it has come to light that some Expats are leaving Turkey for pastures new. Don’t get me wrong, Turkey is still a huge favourite compared to other places but for retired Expats who have been there for several years, they believe the good times are over.

According to local papers, the ‘Expat drain’ is more evident in places like Didim but places down the coast from Kusadasi down to Fethiye and Antalya are starting to catch up. The reason for this is falling interest rates squeezing investments, the rising cost of living and the lack of legalised work opportunities.

One of the main reasons for Expats quitting Turkey has been the massive drop in interest rates on savings from the levels of five years ago – at about 22 per cent – down to the present seven per cent.

Now they are complaining that the rates have dropped so much that their monthly return on savings is not matching the rate at which the cost of living has escalated in the last three years, particularly the residence permit costs, food and fuel costs, electricity prices and general living costs.

There is also concern about the relative high cost of health costs which could have serious implications on couples’ savings.

Apparently Turkey’s loss is Bulgaria’s gain as some Expats have began moving there because cost of living is cheaper.

 

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