We are often asked about the cost of living here. The answer to this question is complicated and depends on three things. Your family size is the first. A family with less than 16 children will have to pay more for education, while a single person will not.
Your lifestyle is the second. This includes whether you plan to drive a car, smoke, drink or eat out. The cost of living is also different from one region to the next. Istanbul is considerably cheaper than New York or London, but it’s still the most expensive city in Turkey.
The Most Expensive Expense
Rent is the largest expense in Turkey. Rent for a basic apartment with two bedrooms is between 4.000 and 6.000 TL per month on the Aegean or Mediterranean coasts.
Istanbul is the capital of Turkey and the most important city. A basic studio apartment in the city’s outskirts can be as high as 3.500TL. Prices will rise for homes closer to the center. Renting a flat in Taksim and other important districts can cost as high as 100.000 TL per month. What other costs should you expect?
Spotlight on Turkey’s Living Costs
Household bills: Turkey’s low rent means that household bills are very affordable. Monthly fees cover electricity, water and sewerage. Apartment owners who have six or more residents will need to pay apartment aidat. This is a fee for communal services. To ensure your household runs smoothly, add 400 to 1500 TL per month.
Insurance and Council Tax: These annual costs are much lower than the fees in the UK. Council tax is calculated based on the official price range for your property and how many people are listed on the title deeds. The square meterage of your property is what determines whether earthquake insurance is mandatory. You can also add fire and theft coverage. These charges can be financed at 400 to 700 TL per year.
Eating out and Drinking: The cost of a budget meal or fast food meal in a restaurant is 40 TL. Middle-class restaurants can charge up to 150. The prices of beer in shops can range from 22 to 40 lire, but they can be as high as 70 lire if you go to a bar. A mid-range bottle of wine will cost you 150 TL.
Transportation: Istanbul is expensive. You will need to use public transportation approximately 602 TL per month. The price of petrol hovers around 22-lira. Vehicle owners should set aside 15.000 TL per year for maintenance, insurance and MOTs.
Healthcare and Residency: For foreigners younger than 65, this is a significant cost because they must have insurance in order to be eligible for residency. A foreigner will pay approximately 7.000 TL per year for both renewal and application fees, as well as to opt in for Turkey’s state-run insurance scheme. The SGK payment is the same for couples as it is for a single individual. This cost can be reduced by looking for private insurance.
Food Shopping. Couples on a tight budget or singles can save significant money here. Local markets are cheaper than the major supermarkets. You can find a wide range of products at a reasonable price, with an average of 300 TL per week. Turkey’s current prices for lamb and beef range from 120 to 150 TL per kilogram. Turkey’s most popular meat is chicken. It costs around 70 TL per kilogram.
General Monthly Estimate
Assuming you have your own property and aren’t paying rent or mortgage, the cost to live in Turkey is 6.000 TL for a decent life, but rises to 9.000TL in major cities such as Istanbul, Ankara and Izmir.
More Reading: To make sure that you find the perfect home, you can refer to Guide to Buying Turkish Property For the First Time. If you prefer to speak with a sales representative, please contact us by phone, email, or visiting one of our regional office.