Last Updated on 11/03/2023
The cost of living in Turkey is probably the top concern for foreigners who are thinking about relocating. They may use this information to estimate their standard of life and plan their budget. This issue has become of utmost relevance, especially in light of recent fluctuations in the Turkish currency and the high inflation rate. So, in this article, we’ll try to offer you a general overview of the 2023 updated cost of living in Turkey and some useful advice for visitors.
Evaluation of Cost of living in Turkey in 2023
We must first identify several essential elements that have the greatest influence on this issue before we can examine the cost of living in Turkey. We should also mention that it depends on the lifestyle of each individual. Whether he has w lavish life or is more of an economical person.
The currency of the ex-pat income is the other crucial factor. Will he receive Turkish Lira as payment? or Does he get compensation in another currency, such as the British Pound, Euro, or Dollar? Because they are earning more for their money than they did a year ago, any ex-pat receiving a pension or other income in a foreign currency will not feel the effects of inflation. Anyone working with a tight budget should provide a buffer zone due to the erratic nature of inflation and exchange rates. There is also another pertinent example.
The size of your family is still another essential factor. Families with kids under 16 will surely have to pay a lot of money for schooling, as opposed to a single person.
Cost of living in Turkey by cities
Like anywhere else in the world, urban living is more expensive. So cosmopolitan cities have the highest cost of living in each country. Similarly, Istanbul is considered the most costly city in Turkey and serves as the nation’s commercial, financial, tourist, and economic hub. Therefore, in addition to rising rents, other basic expenses including food, transit, shopping, and entertainment are also rising which makes it have the highest cost of living in Turkey compared to other cities. Four members of a household can live well on roughly 25.000 TL per month (without paying rent or a mortgage).
Cost of living in Istanbul
In the 2021 Mercer Cost of Living Survey, Istanbul was placed 173rd out of 206 cities worldwide (156th in 2020). The Cost of Living Survey compares the prices of over 200 different things, including those housing, transportation, food, clothing, household goods, entertainment, and more. As a result, it gives you a starting point for comparisons with other global metropolises.
It is relatively simple for many expatriates and immigrants from wealthy nations to experience a cheap, easy, and possibly opulent lifestyle in Istanbul because the Turkish lira and other major currencies like the USD, EUR, and GBP have such a good exchange rate. Istanbul’s average cost of living should be considered after a few considerations.
Cost of living in Turkey: Main expenses
Household costs
Turkey offers reduced home bills as restitution for its high rent costs. The monthly costs include everything from gas and satellite packages to electricity, water, sewerage, telephone, and the internet. Apartment complex occupants must also pay an apartment fee and a community service charge. An average 90 m2 apartment will cost you between 680 and 2000 TL per month.
Food and beverage costs
Compared to other Western nations, Turkey has relatively low food prices especially when you eat at home. A family of four can eat for as little as $10 per week. Yet if you prefer eating outside, know that in a mid-range restaurant, a three-course meal for one person at lunch and supper would typically cost roughly €9. Moreover, beer on a patio costs €4, while a cocktail at a rooftop bar costs €9.
Transportation Costs
If we take Istanbul as an example being the most expensive city in Turkey, it may be explored at the lowest cost by taking public transportation. Besides, it is practical and safe. Buses, metros, metro buses, trams, funiculars, cable cars, shared taxis (dolmus), ferries, and sea buses are some of Istanbul’s public transportation options. For 50 TL, you may purchase an IstanbulKard, load money onto it, and use it on any public transit system. Thus a one-way ticket costs 9,90 TL.
Healthcare costs
Turkish healthcare is not as pricey as some might believe. When compared to other Western countries, the cost of healthcare might be quite affordable. This is caused by several factors, including the country’s advanced healthcare system and provider competitiveness.
In Turkey, a family of four will spend roughly $370 per month on medical expenses. One of the most affordable prices in all of Europe, even cheaper than in certain undeveloped nations. No matter how affluent or poor they are, all citizens are covered under the nation’s health care system.
Entertainment costs
Turkish people can choose from a variety of entertainment venues, including theaters, concerts, and nightclubs. The majority of venues stay open late and frequently have inexpensive tickets available. Where you live in Turkey, entertainment expenses have a huge impact on the cost of living in Turkey. Prices for movie tickets, meals, and nightclubs can be exorbitant in big cities like Istanbul and Ankara. Rural areas, on the other hand, are typically less expensive, making them more suited for travelers looking for inexpensive activities.
To have an idea about the cost of different items in Turkey you can check the updated prices of numbeo.com
Inflation Impact on the cost of living in Turkey
Inflation in Turkey has a major influence on the cost of living in the country. The increase in November 2022 caused yearly inflation to be realized at an extremely high rate of 84.39%. Moreover, food inflation increased by 92% over the past year.
Turkey has always struggled with inflation, but it has managed to get it under control. But when it comes to inflation rates and currency levels, Turkey has been experiencing a challenging scenario since January 2020. Between June 2021 and June 2022, there was 78.6% annual inflation, with food prices doubling and transportation costs jumping by 123%. Since the beginning of the year, the Turkish Lira has lost 20% of its value about the US dollar. Turkey’s economy, on the other hand, has greatly improved during the previous two decades, with average annual GDP growth of 5.8% between 2002 and 2021.
However, the Turkish government is optimistic about inflation in Turkey and it expects it to drop remarkably in 2023. Turkey’s annual inflation rate dropped to 84.4 percent in November 2022 from 85.5 percent the previous month. This was the first drop in 18 months and was in line with market estimates of 84.7 percent.
Living cost in Turkey is significantly lower than in the majority of other European nations. Compared to the UK, Germany, Sweden, and other industrialized nations in Europe, rent, food, and transit costs are less expensive in Turkey which makes it one of the countries with the most affordable cost of living in the region.
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