Because Currency Matters More Traveling to Turkey and Egypt Because of Currency Rates
Believe it or not, Europeans are making decisions on vacation destinations based on the currency rates in different countries. Perhaps this should be the rule for purchasing rental income property as well.
According to travel companies, British tourists are flocking to Turkey and Egypt due to favorable currency exchange rates.
Bookings for summer trips to those destinations have more than doubled since 2019, before the Coronavirus pandemic.
This was partly attributed to the fall in the Turkish lira and Egyptian pound against sterling.
Turkey and Egypt are two destinations to watch out for.
The rate is 34 Liras for one UK pound, up from eight in 2019.
Turkey's holiday demand has also been boosted by an increase in flight capacity.
Flights from the UK to Turkey have increased by 1.2 million seats over last year, according to tour operators.
The number of seats on flights will increase by 1.6 million by 2025, reaching five million.
According to Heathrow Airport, more than 73,000 people flew to Turkey in July, making it its busiest month ever.
Jet2.com recently announced a three-fold increase in its flights to Turkey compared to 2018.
The most popular Turkish destination is Antalya, known for its blue waters and stunning coastline, while Hurghada on the Red Sea coast is the most popular Egyptian destination.
Turkey and Egypt are two destinations to watch out for.
