Cost of living in Turkey & Average living cost in Turkey: Foreigners who invest in Turkey are granted the Turkish citizenship right if they meet the conditions. Particularly the citizenship right obtained by buying a $250,000 property arouses curiosity about the costs of living in Turkey.
So, what are the average monthly expenses of living in Turkey for foreigners who obtained Turkish citizenship?
There is no doubt cost of living in Turkey is a critical factor when investors decide to settle here. When comparing the living standards and monthly expenses, Turkey offers a quality way of living for affordable prices.
Living in a city can put people at a lot of expense almost anywhere in the world. Known as the finance, economy, tourism, and business center, Istanbul is the most expensive city in Turkey.
Apart from high rents, transportation, food, nightlife, and other daily needs are quite expensive, too. A family who owns a house and does not pay any rent can achieve high living standards for roughly $1,000 a month.
Cost of living in Turkey & Average living cost in Turkey: However, this figure decreases in the Mediterranean and Aegean regions.
Many immigrants who receive retirement salaries from their home countries can lead a luxurious life in Turkey thanks to the exchange rate difference between the Turkish Lira and other currencies.
If you are receiving a monthly retirement salary and not quite sure if it is a suitable income for living in Turkey, you can consider exchange rate differences to decide.
If you are thinking of living in Turkey, you must first obtain Turkish citizenship. For citizenship, the first condition is to invest in Turkey. Then you can start your investment in the house where you will live. You can contact the Realista team for buying property in Turkey and for a detailed investment research.
Spotlight on the Cost of Living in Turkey
Cost of living in Turkey & Average living cost in Turkey: Many people living abroad often ask us the cost of living in Turkey. However, there is not a definite answer. The cost of living in Turkey depends on three factors. The first of them is the size of your family.
Families with children have to bear educational expenses while people living alone do not.
The second factor is about your lifestyle, in other words, whether you drive your own car, drink alcohol, smoke, or eat outside as these will affect the cost of living in Turkey.
The last factor is the region, as the cost of living in Turkey changes accordingly.
Even though Istanbul is much cheaper than London or New York, it is still the most expensive city in Turkey.
Rent is by far the most important expense wherever you live in Turkey. In the Aegean and Mediterranean regions, you will probably have to pay between ₺1,500 ($150) and ₺2,000 ($230) for a modest house with two bedrooms.
Cost of living in Turkey & Average living cost in Turkey: In Taksim or other central neighborhoods in Istanbul, rental prices reach up to ₺4,000 ($465).
Up to recent times, people had to pay two or three bills such as electricity or water. Now, a family of four pays around 14 different bills.
As of 2021, a family of four living a modest life pays around ₺200 ($23) for electricity. When adding natural gas, internet, and digital subscription expenses, this figure may reach $85.
Cost of living in Turkey & Average living cost in Turkey: Such expenses are cheap as dirt for people living abroad as salaries in countries like England is much higher.
Council Tax and Insurance
Council tax is calculated based on the price of your property and how many people’s names are on the title deed. Earthquake insurance is compulsory and calculated based on the square meter of your home. Additionally, you can upgrade your insurance to protect you against robbery and fire. You can take ₺700 ($80) – ₺1,200 ($140) as an annual price you will pay for these expenses.
Eating and Drinking Out
While affordable fast food costs around ₺30 ($3.47), prices in mid-class restaurants reach up to ₺75 ($8.68) per person. Beer prices in stores vary between ₺25 and ₺32 ($3.70); however, drinking at a bar will cost you ₺45 ($5.21). For a mid-quality wine, you will pay roughly ₺50 ($5.79).
Cost of living in Turkey & Average living cost in Turkey: Weekly kitchen expenses for a family of four are approximately ₺475 ($55).
If you are planning to live in big cities like Istanbul, transportation may cost you high. However, you can opt for a transit pass and use Blue Card for $31 per month to benefit from public transportation for cheaper.
Cost of living in Turkey & Average living cost in Turkey: Vehicle owners should spare roughly ₺5,000 ($578) per year for maintenance, insurance, and motor vehicle tax.
If you own a car with a 60-liter fuel tank capacity, and you fill it up three times every month, the fuel oil expense is around ₺1,300 ($150). Please remember that these figures are calculated by considering July 2021 data.
Residency and Healthcare
General healthcare services in Turkey are free. However, foreign nationals can receive much more affordable healthcare services when compared to many countries, including the USA. Private health insurance, too, allows people to benefit from lower prices in medical expenses.
Cost of living in Turkey & Average living cost in Turkey: The private health insurance cost may reach up to ₺2,500 ($290) a year when including the admission fee.
According to the data, healthcare-related expenses per person are around ₺2,434 ($281), which is almost identical to the private health insurance cost.
According to the calculations made by labor unions, a family of four has to pay roughly ₺2,816 ($326) for a healthy diet.
This figure only covers basic food expenses.
Cost of living in Turkey & Average living cost in Turkey: When including educational, medical, rental, heating, transportation, and entertainment expenses, the cost of living in Turkey for a family of four reaches ₺9,739 ($1,128).
Average Cost of Living in Turkey
Cost of living in Turkey & Average living cost in Turkey: Assuming you own your house and do not need to pay for any rent or loan, the cost of leading a decent life in Turkey is around ₺7,500 ($868). However, living in big cities like Istanbul, Ankara, İzmir may cost you ₺13,000 ($1,500) per month.