Euro vs Dollar vs Lira? Currency Strategy for Turkish Buyers

Introduction

Turkish investors are increasingly looking beyond their borders for property that can serve as a home, a rental asset or a pathway to residency. The decision often hinges on three currencies – the euro (EUR), the US dollar (USD) and the Turkish lira (TRY) – each with its own volatility profile. Understanding how exchange‑rate movements affect purchase price, financing costs and long‑term returns is essential before committing capital.

Understanding the Euro, Dollar and Lira

The euro anchors most European Union markets and has shown relative stability since the sovereign debt crises of 2010‑2012. The US dollar remains the world’s primary reserve currency; its value is influenced by Federal Reserve policy, global risk sentiment and commodity prices. The Turkish lira, however, is more sensitive to domestic inflation, political developments and external financing conditions, leading to larger swings against both EUR and USD.

The mechanics of currency risk in property investment

When a Turkish buyer purchases an overseas property, the transaction price is locked in the seller’s local currency. If the lira depreciates after settlement, the investor’s effective cost rises when measured back in TRY. Conversely, if the foreign currency weakens against the lira, the real outlay falls. Currency risk therefore touches three stages: initial funding (cash or loan), ongoing expenses such as taxes and maintenance, and eventual resale.

Country‑specific residency routes and their currency exposure

Greece – Euro‑denominated Golden Visa

Greece offers a tiered Golden Visa program: €250 000 for a single property, €400 000 for two units, and €800 000 for larger investments. Successful applicants receive a five‑year renewable EU residence permit, with the right to travel Schengen states. A key restriction is that short‑term rentals (Airbnb) are prohibited on Golden Visa properties, limiting high‑yield tourism income.

Montenegro – Euro property for renewable residence

Although Montenegro is not an EU member, it accepts euro‑priced real estate and grants a renewable temporary residence permit to property owners. The country closed its citizenship‑by‑investment (CBI) scheme in 2022, so the pathway stops at residency rather than full citizenship.

Spain – Transition after the Golden Visa

Spain’s popular Golden Visa was abolished in April 2025. Prospective investors must now look to alternative routes such as the non‑lucrative visa (requires proof of sufficient passive income) or the digital‑nomad visa, which does not hinge on property ownership.

Portugal – D7 visa after October 2023 changes

Portugal removed residential real estate from its Golden Visa program in October 2023. The most viable option for investors is the D7 (passive income) visa, which demands proof of regular earnings—rental income from overseas assets can qualify, but a property purchase alone no longer guarantees residency.

Thailand – No residency‑by‑property

In Thailand foreign nationals may own freehold condominiums up to 49 % of the building’s total area. Land ownership is prohibited for non‑Thais and there is no visa linked to property purchase, meaning residency must be obtained through separate immigration channels.

Practical strategies for Turkish investors

• Currency hedging: Use forward contracts or options to lock in an exchange rate for the portion of the purchase price that will be paid later.
• Staggered funding: Transfer funds in tranches aligned with market dips, rather than a single lump sum, to average the effective rate.
• Multi‑currency accounts: Keep part of the capital in euros or dollars through reputable banks; this allows flexible reallocation as rates move.
• Choose euro‑denominated markets when expecting lira depreciation: Countries such as Greece, Montenegro and Spain price properties in EUR, which can act as a natural hedge against a weakening TRY.
• Leverage local financing: Some European lenders offer mortgages in euros or dollars to non‑EU buyers. Borrowing in the same currency as the asset eliminates conversion risk on loan repayments.

Partnering with an experienced cross‑border specialist can streamline these steps. Resida Global assists Turkish clients through property selection, legal compliance and residency applications, ensuring that currency considerations are built into every transaction.

Country	Investment Threshold	Currency Used	Residency Path	Key Restrictions
Greece	€250 k – €800 k	Euro (EUR)	5‑year renewable Golden Visa (EU residence)	No short‑term rentals on GV units
Montenegro	Variable, typically €150 k+	Euro (EUR)	Renewable temporary residence	Not EU; CBI closed 2022
Spain	— (Golden Visa ended)	Euro (EUR)	Non‑lucrative or digital‑nomad visa	No property‑based residency after Apr 2025
Portugal	— (property excluded)	Euro (EUR)	D7 passive‑income visa	Property alone does not grant residence
Thailand	Up to 49 % foreign condo ownership	Thai Baht (THB) / USD for payments	No residency‑by‑property	Land cannot be owned; separate visa needed

Conclusion

For Turkish buyers, the choice between euro, dollar and lira is more than a matter of preference—it determines exposure to exchange‑rate risk, financing costs and eligibility for residency programs. By aligning investment destinations with currency strategy, using hedging tools and working with seasoned advisors like Resida Global, investors can protect their capital while unlocking the lifestyle and mobility benefits of overseas property.

Frequently Asked Questions

What are the main currency risks for Turkish investors buying property abroad?

The primary risk is exchange‑rate fluctuation. If the Turkish lira weakens against the foreign currency after purchase, the effective cost rises when converted back to TRY. Conversely, a stronger foreign currency can erode returns on rental income or resale profits.

How does the euro compare to the US dollar in terms of stability for long‑term real‑estate investments?

Both are global reserve currencies, but the euro tends to be less volatile than the dollar because it is backed by a basket of 20 EU economies. For Turkish investors, the euro often offers a smoother hedge against lira depreciation, especially when investing in European markets.

Can I obtain a Greek Golden Visa if I want to rent my property on Airbnb?

No. While Greece’s Golden Visa grants five‑year renewable EU residence for investments of €250 k or more, the program expressly prohibits short‑term rentals such as Airbnb on those units.

After Portugal removed residential property from its Golden Visa, what residency options remain for investors?

The main pathway is the D7 visa, which requires proof of regular passive income (e.g., rent, dividends). Investors can still use overseas rental income to meet the requirement, but a property purchase alone no longer guarantees residency.

What tools can Turkish buyers use to protect their investment from lira depreciation?

Common tools include forward contracts and currency options to lock in rates, staggered fund transfers to average exchange costs, multi‑currency bank accounts, and borrowing in the same foreign currency as the property to eliminate conversion risk on loan repayments.