Cost of Living in Turkey
Turkey is an extremely popular destination for expats from all around the world who are looking for an affordable country to invest in. Turkey offers a set of quite affordable investment options as well as a low cost of living. There’s no need to mention the great exchange rates for the global currencies. Although Istanbul is ranked 173rd of 209 most expensive cities for expats to live in, the average living cost in Turkey is low. Even Istanbul is still relatively affordable and depending on the location, you may find much cheaper alternatives.
However, after starting to enjoy your new life in Turkey, you should be aware of the inflation and interest rates that are constantly on the rise, if you’re earning Turkish lira at your work.
If you’re planning to relocate to Turkey and want to have a general idea about the cost of living in Turkey, keep reading.
Cost of Living in Turkey
It’s best to note that the cost of living in Turkey varies greatly depending on the region and location. Major cities that offer a thriving business scene and economy, or the ones that are important destinations for tourism are much more expensive when compared to small modest towns. That being said, let’s have a look at the average cost of living in Turkey.
There are many options available for housing in Turkey. There are houses to meet any budget and need. You can choose the best suitable option for you among luxury villas, budget apartments, residences, houses, or holiday homes according to your liking and budget.
A single-bedroom apartment in a city center in Turkey costs about ₺4,800, while utilities cost an additional ₺1,200 on average, including internet and mobile phone bills. A single-bedroom apartment further from the city center, on the other hand, costs about ₺3,000.
The public transportation system is very affordable even though it’s constantly improving. Buses, minibusses, and dolmuş constitute the main transportation modes in Turkey. While buses charge a fixed fee, dolmuS and minibusses charge an amount in accordance with the length of the route you’re taking.
If you want to get around in Turkey by private car, note that petrol/gasoline costs about ₺25 per liter.
- Cab opening fare: ₺9,8
- Shortest distance: ₺20
- Rate/hm: ₺6,3
- Public transportation fare in city centers: ₺7
Although meal prices at the restaurants are usually not over the top if you’re one to enjoy an alcoholic beverage with your meal, note that there are heavy taxes on alcohol set by the government.
- Big Mac Meal at McDonald’s: ₺55
- Local Beer at a restaurant: ₺50
- Three-course meal at an average restaurant: ₺150
Minimum Wage, Mortgages, and Average Salary in Turkey
The net minimum wage in Turkey is ₺4,253.40 while the average salary is approximately ₺5,343.94. If you keep your old job in your hometown while you live in Turkey, you may enjoy the perks of a luxurious lifestyle. However, the minimum wage mentioned above will not provide you with such an opportunity.
The average mortgage interest rate in Turkey is around 20.50 percent, meaning buying a property with minimum wage or an average salary is rather unlikely. If you have the budget to meet the rates, though, buying a property in Turkey is a wise investment that will provide you with a considerable profit in the future.
The Bottom Line
To conclude, living in Turkey is relatively cheap compared to the neighboring European countries and the US. However, if you’re living on the Turkish Lira and have an average salary, it may be a little hard to achieve a luxurious life for the average cost of living in Turkey per month is around ₺9,998 for a single person. These estimates may vary even over short periods of time.
If you’re earning in global currencies such as Euro or USD, you get to enjoy the perks of the excellent exchange rates.
We’ve given you a general framework for the cost of living in Turkey. If you choose the right location to live and plan your budget ahead thoroughly, daily expenses in Turkey can be quite cheap. Enjoy your new life in Turkey!
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