Last Updated on 13/05/2023
For foreigners considering settling down in Istanbul, the first thing they will undoubtedly wonder about is the cost of living in this city. This information would help them plan their budget and estimate their standard of living. Especially after the fluctuation of the Turkish lira recently, this concern became of great importance for internationals willing to relocate to Istanbul.
So in this article, we’ll try to give you an idea about the cost of living in Istanbul 2023 and a glimpse of the prices, and some helpful hints for newcomers to Istanbul.
Cost of living in Istanbul, Turkey
According to certain studies and based on the cost of living in Istanbul’s last update of February 2022, we can split living standards into three categories based on salary value.
- 1st category: Above 50,000 TL monthly
People in this category can have a happy and decent life. They can afford all the necessities and the extra expensive easily. Furthermore, they can afford to make some economies.
- 2nd category: between 50,000 and 20,000 TL monthly
If you are in this category, make sure you can have a moderate life in Istanbul. Your income is fair enough to afford all the necessary needs. Furthermore, you can afford some additional expenses occasionally. However, it would be hard to make economies.
- 3rd category: Less than 20,000 TL per month
If your monthly salary is less than 20,000 TL, you may be unhappy and stressed in Istanbul. In fact, people in this group will barely afford the daily necessities such as house rent, bills, and food.
We should remind that the minimum wage salary increased to 8500 TL (about 433$) in January 2023.
Basic expenses for the cost of living in Istanbul 2023
Accommodation and properties cost in Istanbul
The highest share of the cost of living in Istanbul goes for accommodation. Of course, the size of the house and the area in which the property is located have a role in determining the price. To clarify, this rule is valid for both rent and sale prices. The central districts and those bordering the Bosporus have the highest rents on both sides. Moreover, the proximity of universities and transportation alternatives may raise the rent price more and more.
Similarly, properties for sale prices are the highest in neighborhoods such as Sariyer and Beşiktaş. However, in the suburban districts in Istanbul such as Beylikdüzü, Avcilar, Sancaktepe, Silivri, Çatalca, Sultangazi, and Başakşehir Home rental and sale prices are more affordable than in central districts. To have exact information about the current market prices for rent and sales, don’t hesitate to contact us.
Utilities and Bills expenses
When we compare Istanbul to other western countries, we can see that the cost of living in Istanbul is extremely low. The average monthly household prices in Istanbul are as follows. You should count around 500 TL for Water and electricity. Besides, expect between 1000 to 3000 TL for gas bills in cold seasons. Fortunately, this cost decreases remarkably in Summer.
Moreover, House internet might cost you around 500 TL per month. Yet, consider the average of 150 TL for mobile communication expenses. Don’t forget the property’s monthly maintenance fees. Depending on the provided services, it varies from 200 TL in ordinary buildings to 3000 TL in compounds.
Additional expenses for living in Istanbul
Transportation fees
The most cost-effective alternative to getting around the city is public transportation. It includes buses, metros, metro buses, trams, cable cars, and regular cabs.
You will need to purchase an Istanbul card for 25 TL and load it with cash every time you need it. A one-way ticket will cost you 9.90TL. Yet, you can use a blue Istanbul card for 777 TL monthly fees, and it offers you 200 passes.
Entertainment and food outside
Breakfast in Turkey is an important meal with a variety of foods. Consequently, you can have a consistent brunch for 20 to 30 euros in a decent restaurant for 2 people. However, the typical cost of a dinner outside varies depending on the location. Thus, a lunch in a cheap restaurant will cost you between 8 and 10 euros for one person. A three-course meal for two people will cost between 25 and 40 euros in a mid-range restaurant. Moreover, for 4 €, you may have a drink in a pub or a cocktail at a rooftop bar for 9 €.
You still have the option of eating fast food, which will cost you between 8 and 10 euros per meal. However, eating at home remains the most affordable choice.
Cost of living in Istanbul for students
You may live comfortably in Turkey as an international student on a monthly budget of 400–650 EUR. When compared to other study abroad locations throughout the world, this is far more economical. Depending on your way of life and your spending patterns, your typical monthly expenses may increase or decrease. While attending university in Turkey, you have a variety of lodging options. Some are more cost-effective, while others offer more comfort and convenience. You must ultimately choose the option that best suits your needs.
Is the cost of living in Istanbul expensive?
While Istanbul may seem pricey to locals, it is cheap for foreigners. In fact, when compared to western countries, it is affordable for everyday expenses like groceries, health care, clothing, and food. However, it is extremely expensive for gasoline, automobiles, and foreign items.
The Mercer Cost of Living Survey for 2022 rated Istanbul 222nd out of 227 cities in themost expensices cities in the world. We should note that The Cost of Living Survey compares the costs of more than 200 items, including housing, transportation, food, clothing, household products, entertainment, and other expenses. As a result, it gives you a starting point for making comparisons with other important cities worldwide.
If you want to know further details about life in Turkey, MEO Consultants offer you a complete advisory.
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FAQ
What is the cost of living in istanbul for tourists?
For Istanbul, a generous budget of 276 USD per person each day is more than sufficient.
What is the cost of living in istanbul for international students?
The cost of living varies according to your lifestyle, study plan, location, and amenities. International students should budget between400 and 650 EUR monthly.
What is the average rent in istanbul?
One-bedroom apartment in the center of Istanbul is around 8000TL .
