Feb 5, 2023

Cost of Living in Turkey 2024

In fact, the first or most important question our clients have is: What is the cost of living in Turkey? But this question is usually not answered by a specific criterion. There are many things that are taken into consideration here, such as: the number of family members, is the house in which you live for rent or your own? Do you own a car or not? How many people work in the family? all of these will definitely affect your cost of living in Turkey.

In addition, the city in which you live has a major role in affecting your cost of living, as the cost of living in Istanbul differs from the cost of living in Konya and differs from the cost of living in Izmir and so on. You will notice that the more the city is a target for business owners, job opportunities and tourism, the higher the cost of living in it.

Economic Inflation in Turkey:

Turkey, like other countries around the world, was affected by the economic inflation that hit the world recently, where the inflation rate reached about 75%. This led to a noticeable increase in foodstuffs, transportation, rent, and others. Accordingly, inflation has affected the value of the Turkish Lira against the US Dollar and the Euro. Thus, if you are one of those who receive their income or expenses in foreign currencies, you will not be affected at all.

Yet, government estimates showed that Turkey expects the annual inflation rate to decline to 65% at the end of 2022, before falling sharply to 24.9% by the end of 2023.

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Cost of living in Turkey compared to Europe:

If we take the UK for example, we will notice, according to the latest report of the Numbeo, that the cost of living in Turkey is 50% lower than in the UK; cheese in Istanbul is about 24% lower than the UK, taxes are 70% lower, electricity is 69% lower, and the internet is 75% lower. Here, we must take into account that Istanbul is more expensive than other Turkish cities as it is considered the economic capital.

Now we will take you on a tour of the prices and cost of living in Turkey. . .

Restaurants and Markets:

Turkey, like the rest of the world, has been affected by the external changes that occurred globally, and this affected the economy in it. Yet, it is much better than other countries in terms of the cost of living. Since it is a tourist country, it is famous for its various restaurants, whose prices vary from one region to another and from one city to another, so it is easy to find a restaurant that suits your budget, so there is no need to worry in this regard. In general, the average payment in most restaurants is 300 Turkish Liras, per person, which is about 7 Pounds, and the same goes for fast food as well. If you want to drink coffee after your meal, you will likely also have to pay 100 TL.

As for the prices of food products, it is expected that they will be less than the following:

Milk (1 liter): 26 TL.

Rice (1 liter): 47 TL.

Eggs (12 pcs): 43 TL.

Tomatoes (1 kilo): 27 TL.

Potatoes (1 kilo): 19 TL.

Oranges (1 kilo): 35 TL.

Water (1.5 liters): 8 TL.

This is according to the Numbeo. . .

Transportation:

Despite the increase in the price of fuel in Turkey, as happened in many countries, there has been no noticeable increase, in general, in the recent period. If you want to own a car, you have to bear the fuel prices. However, public transportation in Turkey is very well developed. You can make comfortable and affordable trips. There are many public transport vehicles within and between cities as well.

Household Bills:

Household bills depend on several factors such as: the size of the home, the number of people in the home and the number of vehicles you use. However, the average cost of water, electricity and heating is 1,900 TL, which is around £48 per square meter, per month. (Heating varies depending on the summer and winter months). The average internet bill is 325 TL, which is about 8 Pounds. The average phone bill ranges between 238 TL, which is about 5 Pounds.

Cost of living in Istanbul:

For a single person: about 16,500 TL, equivalent to 400 Pounds, without renting a house.

For a family of 4: about 49,000 TL, equivalent to 1,500 Pounds, without renting a house.

Apartment rent (1 + 1) for one month, in the city center: about 17,500 TL, equivalent to 427 Pounds.

Apartment rent (1 + 1) for one month, far from the city center: about 12,400 TL, equivalent to 300 Pounds.

Cost of living in Izmir:

For a single person: about 10,000 TL, equivalent to 300 Pounds, without renting a house.

For a family of 4: about 30,000 TL, equivalent to 1,000 Pounds, without renting a house.

Rent in Izmir is, on average, 51.29% lower than in Istanbul.

New laws for living in Turkey:

Recently, the Turkish Ministry of Interior issued new laws whose main objective was to reduce the number of foreigners in Istanbul, in particular, and a number of other cities. These laws came to oblige those wishing to live in Turkey to only three ways to stay:

Purchasing an apartment worth more than $200,000.
If you are an investor, you can buy one real estate or apartment at a value of $400,000 to be able to obtain Turkish citizenship.
Obtaining academic admission to a university in Turkey to be able to live in Turkey as a university student.

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