Costs of Living in Turkey

Is it Expensive to Live in Turkey?

Before analyzing the expenses of living in Turkey, we need to figure out some main factors which have the biggest impact on this issue. Are you living a luxurious life etc? Or are you rather an economy type of person, being careful of what you spend your money on? Or other living-style characters such as: do you smoke? Do you often go to restaurants? or rather cook at home? Do you travel a lot? And so on. These are some individual aspects, determining your lifestyle.

The other important issue is the currency of your income. Will you have your income in Turkish Lira? or Do you have your income paid in some other currency - Euro, Dollar, British Pound, or other? As a result, any expat receiving a pension or income in a foreign currency will not notice the impact of inflation because they are getting greater value for their money than they were a year before. Given the volatility of inflation and exchange rates, anyone on a budget should factor in a buffer zone.There is also one more relevant e

There is also one more relevant element - the size of your family. Families with children under the age of 16 will undoubtedly face significant educational fees, whereas a single individual would not.

Average Salary, Minimum Wage and Mortgages in Turkey

The local currency is the Turkish Lira (TRY but also written as TL). At the current time of writing this article (just to give a general point of view), the exchange rate of 1 TL is:

1 US Dollar = 18.77 TL, 1 Euro = 20.13 TL, 1 GBP = 22.85 TL

As of 01 January 2023 in Turkey, the monthly net minimum wage increased from 5,500.35 TL to 8,506.00 TL. The monthly gross minimum wage increased from 7,603.43 TL to 10,008.00 TL. Salaries for various occupations widely vary.

Several Turkish banks offer mortgages to foreign people interested in purchasing property in Turkey. Individual bank loan quantities, interest rates, and conditions may differ. Turkish banks give mortgage loan to foreigners only in local currency (Turkish Lira). Read more about “Mortgage and Finance in Turkey” on our website.

Cost of Living Comparisons by Cities

Living in a metropolis, like anywhere else in the globe, has higher prices. Istanbul, Turkey's most expensive city, is the main centre of business, banking, tourism, and the economy. In addition to increased rentals, general everyday costs such as transportation, food, shopping, and nightlife are all costlier. For about 25.000 TL each month, a family of four can live well (without paying rent or a mortgage).

Overview of the Cost of Living in Turkey 

• Home bills: Turkey compensates for its high rent expenses by offering low household bills. Electricity, water, sewerage, telephone, internet, gas, and satellite packages are all included in the monthly expenses. Apartment and, a fee for community services, are also required for residents in apartment complexes. You need a budget of between 680 and 2000 TL per month to pay for an average 90 m² apartment.
• Food shopping: Food in Turkey is cheaper than in European countries. Purchasing fruit, vegetables, and dairy goods from local markets rather than major supermarkets are even less expensive (look at some examples in the table below).
• Residence permit: If you are not a Turkish Citizen, as an expat you need to apply for a residence permit. The average cost of a residence permit in Turkey in 2023 is 2.305 TL for the fee, and 356 TL for the document costs.
• Health insurance: It is a must in order to apply for a residence permit. A foreigner pays from 2000 TL to 7000 TL or more each year for private health insurance. Prices are diverse due to the policy conditions and coverage.
• Public transportation and car expenses: Public transportation costs around 500 TL each month (One-way Ticket: approx 8 TL). Fuel prices hover around 19 TL - 20 TL per litre (for petrol) and a range of 10,5 TL to 11,5 TL for fuel oil and gas. Car owners should budget around 30.000 TL per year for fuel, maintenance, insurance, MOTs, etc.
• Health care: depends on the region and hospital. Healthcare is free for citizens in state hospitals and family care centres. Medicines are quite cheap and easily accessible. Getting professional health care is really easy and doesn’t take much effort when you live in Turkey. It is obligatory for expats living in Turkey to get health insurance while applying for a residence permit, which also decreases the costs of having some medical treatment as a foreigner in Turkey.

Breakdown of Some of the Living Expenses in Turkey

To summarize - Turkey is a much cheaper country to live in than most of European countries. The prices of food, transportation, and rent are lower than in the UK, Germany, Sweden, or other developed countries in Europe. The average cost of living in Turkey for a reasonable lifestyle is 25.000 TL for a family of four, and 7.500 TL for a single person.

Start Your New Life in Turkey Guided by TERRA Real Estate ^®

We understand that purchasing a home in Turkey is a serious decision that must be carefully considered. If you're looking for a property in Turkey for the first time, check out the Property Buying Guide in Turkey for First Time Buyers. On our website, you can also read about the Expenses of Buying Real Estate in Turkey.

You can also fill out the contact form and chat with a sales representative via email, phone. You are also welcome to have a cup of tea or coffee in our office in Alanya.

Note: All of the prices and numbers mentioned in this article are estimated and may vary due to time and place. While reading this article please keep in mind the date it has been published. Last updated: 09.01.2023