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Table of Contents
Why is the Turkish lira losing its value?
The lira, the nation’s currency, continues to hit unprecedented lows against the US dollar, underscoring the country’s enduring economic frailty. The global COVID-19 pandemic triggered a worldwide inflation hike, prompting nations to raise interest rates in an attempt to restore balance.
Yet, Türkiye has chosen a different path. As inflation rates skyrocketed, the Turkish President made the unconventional decision to slash, rather than raise, interest rates. This move, while aimed at stimulating economic growth by making borrowing cheaper, had the potential to exacerbate inflationary pressures and could have contributed to the continued depreciation of the lira.
Recent changes in financial policies have propelled the country’s interest rates to approximately 45%, but achieving stability remains a challenging goal. The complexities of this economic issue highlight the need for comprehensive strategies to revitalize Türkiye’s financial landscape.

United States dollar to Turkish lira
For context, before the pandemic, 5 Turkish lira was equivalent to 1 US dollar. However, the situation has drastically changed, with the current rate standing at 36.5 Turkish lira for 1 US dollar. To put it bluntly, the Turkish lira has experienced a sevenfold devaluation compared to its value in 2019.
Should you convert your currency to lira now?
The recent drop in the lira offers a fantastic chance to convert from the US dollar now, potentially resulting in significant guaranteed savings whenever you plan to visit Türkiye.
While prices may fluctuate, the current exchange rate poses beneficial propositions. The Turkish lira’s value against the US dollar continues to decrease steadily, and the situation might persist, leading to further devaluation. However, if you are confident that prices will fall further, you could choose to wait.
Just remember that your well-timed decision could lead to an even more favorable outcome. Don’t miss out on the potential for a fantastic getaway at a smart price.
Should you make your bookings now?
With the Turkish lira hitting an all-time low against the US dollar, it might be wise to book your holiday trip now if you’re planning a spontaneous trip to Türkiye. However, if you plan to make a booking way ahead, you might want to hold off and make your decision after reading the analysis below.

Hotels
Hotel prices in Türkiye tend to be slightly higher when booked in advance compared to last-minute bookings. Hence, you may want to consider booking closer to your stay dates.
For instance, Four Seasons Istanbul at the Bosphorus, a 5-star hotel in Istanbul, charges USD 867 for a stay in September 2025 but only USD 675 for a stay in March. Both are booked in February.

Wego hotel price for September 2025 stay

Wego hotel price for March 2025 stay
Similarly, The Peninsula Istanbul, another five-star hotel, charges USD 845 for a September 2025 stay compared to USD 619 for a March 2025 stay when booked in February. This pricing trend is consistent across almost all hotels in Türkiye.

Wego hotel price for September 2025 stay

Wego hotel price for March 2025 stay
This phenomenon can be attributed to various factors. Initial hotel prices may be set at a standard high rate, and booking in advance might require paying this standard price. As the date gets closer and if a significant number of rooms remain unbooked, the hotel may choose to lower prices to attract more travelers.
However, relying on this strategy is not always advisable, especially during holidays or peak seasons when hotels can quickly fill up in advance. Therefore, it becomes essential to be aware of the timing of your travel season, enabling you to make an informed decision on whether to book your room in advance or not.
You can secure your hotel bookings on Wego by entering your travel dates and the city you prefer in Türkiye. Wego conducts a comprehensive search across 700 websites to provide you with the best hotels at the most competitive prices.

Flights
Globally, flight prices to Türkiye are currently low or on par with rates since the post-pandemic period. If your vacation plans are imminent, booking your tickets and flying off to Türkiye soon could lead to significant savings.
Keep in mind that peak seasons in Istanbul span from April to May and September to October. These periods will attract tourists and consequently have an impact on flight prices.
Seasonality is only one factor, as airfares to Türkiye will differ from various locations.
For instance, consider Dubai:

Wego price data
Wego noticed that flight prices from Dubai to Istanbul have been mostly steady over the past two years, but not entirely.
The highest fare hit USD 430 in December 2023, while the lowest dropped to USD 212 in July 2024. A key reason for this could be Dubai’s vacation trends—both months are holiday seasons, but December’s winter break makes Turkey an attractive destination, whereas July’s scorching heat pushes travelers toward cooler spots, leading to the dip.
The December 2023 spike could also be the last wave of “revenge travel” post-pandemic, combined with high demand for Turkey’s winter and festive vibe. However, since the start of 2024, prices have been relatively stable, mostly staying under USD 300, making it a good time to book flights based on the overall trend.

Flight prices from Dubai to Istanbul on Wego for 25 March 2025

When looking at flights from New York City to Istanbul, the prices have varied greatly over the past two years. The most expensive fare was USD 1,296 in September 2024, while the cheapest was USD 442 in December 2023. This reflects a clear seasonal pattern, with higher prices in peak months like May and September due to summer tourism and business travel. However, as of February 2025, prices are currently quite good, matching the lowest rates seen.

Wego price data

Riyadh has the most stable fare dynamics compared to the other routes, especially when contrasted with the fluctuating prices from NYC. Fares from Riyadh to Istanbul tend to follow a predictable pattern. For instance, prices peak in June in both 2023 and 2024, while the lowest fares are typically seen in August and September.

Wego price data
The drop in prices in August and September is possibly because of the summer slump, when airlines offer discounts or deals to attract more passengers during slower months. This makes it a great time to book cheaper flights from Riyadh to Istanbul.

Flight prices from Riyadh to Istanbul on Wego for 25 March 2025

The perfect time to explore Türkiye
Türkiye is a year-round destination, with each season offering a unique variety of experiences for tourists. The key to choosing the best time to visit lies in your personal preferences. Summers in Türkiye are hot and dry, while winters are calm and mildly cold, with some coastal region hotels potentially closing due to the cold weather.
For those who enjoy winter exploration, November to January offers fewer tourists, lower prices, and even more favorable economic conditions due to the depreciation of the lira. If you wish to experience the vibrant nature of Türkiye amid a sunnier atmosphere, April or May would be ideal. For a harmonious blend of mildly warm mornings and breezy nights, September to October is often the most preferred season for tourists to explore the country at its best.
Beyond the season, the declining value of the Turkish lira opens up exciting possibilities for a diverse range of global travelers. It’s important to understand that this situation is temporary and is likely to change as Türkiye is actively working to revive its economy. In the meantime, there’s no better time for travelers to seize the opportunity. So, pack your bags, lace up your boots, and immerse yourself in the rich tapestry of history, nature, and the delightful flavors of Turkish baklavas.
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