British holidaymakers are returning to Turkey in droves as the lira reaches an all-time low against the pound.
Turkish currency has dropped 35 per cent in the past 12 months, with the rate reaching £1 to 6.83TRY. This is excellent news for UK travellers as the ailing pound flourishes against local currency.
Seats on direct flights from the UK to Turkey are also back to 94 per cent of what they were in 2015, according to research conducted by ForwardKeys and GfK.
Tour operator Thomas Cook has reported a 63 per cent year-on-year increase in bookings to Turkey during 2018, with Antalya overtaking Mallorca’s Palma airport as the company’s most served for UK customers, according to reports from PA.
In 2015, Turkey was the sixth most-visited country in the world, attracting nearly 42 million foreign visitors. This figure plummeted to 25 million in 2016, however, following a series of terrorist attacks and an attempted military coup in July 2016.
With the exception of the area close to the Syrian border and the city of Diyarbakir, the Foreign and Commonwealth Office (FCO) have now marked the country as green – safe to visit – including Istanbul.
Russians have also provided an unexpected boost to Turkey’s tourism industry, despite the downing of a Russian warplane by the country in 2015.
A recent report predicts that 2018 will be a record year, with six million Russians expected to visit Turkey.
Debenhams Personal Finance has conducted research which reveals that one in eight Britons choose their holiday destination based on the current exchange rate.
Akhil Shah, spokesperson for Debenhams Personal Finance, said: “It’s clear to see what an important role currency exchange rates play when it comes to people booking their breaks abroad.
“People often take for granted how much they spend when on a week away, so it’s certainly worth taking exchange rates into consideration. Making the most of travel money rate sales can be a great way to cut costs, particularly ahead of the August Bank Holiday, when many people will be making the most of the extended weekend.”
Although the pound has grown in value against the lira, it has not fared well against other currencies.
On Monday, the pound sank to an 11-month low against the dollar to £1 to $1.294. It also fell against the euro to £1 to €1.119