Turkish rental apartments vs high-interest TL deposits vs buying a small apartment in Germany vs gold

Hi everyone,

My family and I are in a bit of a dilemma and would really appreciate some outside perspectives.

Situation:

We own 4 apartments in Istanbul (asian side). One we live in / use, the other three are rented out.

The rental income has been disappointing over the years (high renovation costs, average yields, inflation).

We are considering selling one of the weaker-performing apartments. Expected net proceeds after costs: roughly €100,000.

We already have some money in Turkish lira (around 2.5 million TL). Combined with the sale, we could reach about 7 million TL on deposit.

Current options we’re discussing:

Keep/put the money in Turkish bank deposits

Current deposit rates: \~38–42%

Inflation in Turkey: \~32%

This would generate roughly €4,000–4,300 per month in interest (at current exchange rates).

Plan: leave most of the money in TL and not touch it regularly.

Sell the Istanbul apartment and buy a small apartment in northern Germany

Budget: \~€100–130k

Expected net cashflow after costs: only €250–320 per month. Much lower yield, but in a stable currency, better legal environment.

Hybrid: Sell, put part of the money in high-interest TL deposits for 1–2 years, and use the rest as equity for a German apartment later.

Gold: Buying gold with with full 100k or split the earnings into 60/40 with 60% going into gold while the rest sits in the Turkish bank

Main concerns:

Currency risk / further devaluation of the Turkish lira

Political / banking risks in Turkey (capital controls, deposit freezes, etc.)

Earthquake risk in Istanbul

On the German side: very low cashflow, tenant risks, bureaucracy, house fees, possible renovations

We don’t want the German apartment as our main income source. We mainly want capital preservation + some inflation protection in euro.

Gold has no cashflow

We live in Germany, have businesses here, and think long-term in euro. Still, the nominal interest in Turkey looks extremely attractive right now.

Questions:

Would you rather take the high TL interest (with all the risks) or lock money into a low-yielding but stable German apartment or rather take the option with the gold which doesnt have any real cashflow.

Is the low cashflow on German buy-to-let apartments in secondary cities actually normal/acceptable in the current market and would the hassle comming from that be worth ?

Any experience with keeping large sums in Turkish lira deposits while living in the EU?

Thanks in advance for any thoughts.