On this page we will provide you information on the following topics:
-Cost of Living in Turkey
-Cost of Living in Turkey in US Dollars
-Cost of Living in Turkey-İzmir
-İzmir vs Istanbul cost of living
-Average Home Price in İzmir, Turkey
The Cost of Living in Turkey
Many people often approach our real estate office in İzmir regarding the cost of living in Turkey. To answer this question properly we need some information regarding a few important factors like; the size of the family, ages of the family members and other lifestyle preferences. Obviously, the rent is general the highest expense on a monthly basis, owning a property (if possible) drastically lowers the cost of living. The cost of living of living in Turkey varies from region to region. While Istanbul is significantly cheaper than most European cities or American cities, it is still the most expensive city in Turkey. A basic studio apartment on the outskirts of the city can cost up to 5.000 TL a month, and of course prices go up for houses closer to the center. An apartment near Taksim Square or other major districts with a decent view can reach 50.000 TL per month. Next to the Aegean Coast in the metropolis city of İzmir you will pay in-between 5.000 to 10.000 TL a month for a rental property on a decent location.
Focus on other costs of living in Turkey
Household bills in Turkey
This is where Turkey makes up for the high cost of rent, as household bills are incredibly cheap. The monthly fees include electricity, water, waste water, telephone, internet, gas and internet packages. People who live in multi-family houses with six or more apartments must also pay service fees, a fee for community services. According to the number of facilities the monthly fees vary. Allow for between 400 and 1500 TL per month to ensure for these service/maintenance costs.
Real Estate Taxes and Insurance in Turkey
These annual expenses really make foreigners smile because they are only a fraction of that in European countries or in the US. Local tax is calculated based on the official price of your property and how many people are listed on the title deed. In İzmir the yearly real estate tax is 0.2 percent over the recorded value of the property per year. Earthquake insurance is mandatory and the fee depends on the amount of square meters of your property. You can also upgrade to fire and theft insurance. Please consider around 1.000 TL for yearly earthquake insurance fee and around a yearly theft/fire insurance fee starting from 2.000 TL a year.
Transportation in Turkey
If you plan to live in Istanbul, transportation is a high expense and using public services will cost you something like 1.000 TL in comparison with 500 TL per month in İzmir.
Owning a car in Turkey
Driving a car is quite expensive in Turkey. Because of the high import duties purchasing a car is more expensive in comparison with European countries. You should also budget around 15.000 TL per year for maintenance, insurance and technical inspection if you own a car.
Gasoline prices in Turkey
We show prices for Turkey from 01/08/2022 to 07/11/2022. The average price per liter gasoline in Turkey during this period was 20.52 Turkish Lira with a low of 19.23 Turkish Lira per liter on September 26, 2022 and a high of 22.68 Turkish Lira on November 7, 2022. For comparison, the world average price of gasoline during this period is 34.54 Turkish Lira per liter.
Medical Costs in Turkey
This is a mandatory cost for foreigners under the age of 65 as they must have health insurance to qualify for residency. Including the application and renewal fees, as well as the subscription to Turkish State Health Insurance, a foreigner pays approximately 3.000 TL per year. Please note that the SGK payment for couples is the same as for a single person.
Eating out and drinking in Turkey
A cheap or fast-food meal costs around 80 TL, if you visit the home-style gastronomy, it is around 200 TL per person. Beer prices in bars range from 40 to 80 TL. Expect to pay around 350 TL for a mid-range bottle of wine.
Grocery shopping in Turkey
Singles or couples on a tight budget can save a lot of money in this area. Using the local markets instead of the big supermarkets for fruit, veg and dairy is cheaper, averaging around 700 TL a week for a good range of produce. Nowadays, lamb and beef are expensive in Turkey, averaging between 150 and 200 TL per kilogram. The most consumed meat in Turkey is chicken, which costs about 100 TL per kilogram.
Monthly General Estimate
Suppose you own your property and have no rent or mortgage to pay, the cost of living in Turkey is around 10.000 TL for a decent lifestyle, but rising to 25.000 TL in big cities like Istanbul.
Cost of Living in Turkey in US Dollars
The cost of living in Turkey is $428, which is more than 2 times cheaper than the world average, (2.18) to be accurate. Turkey ranks 187th out of 197 countries in cost of living and 66th best country to live in. The average after-tax salary in Turkey is $315, which is enough to cover 0.7 months of living expenses.
The cost of living in Turkey-İzmir
İzmir is one of the most beautiful and largest cities of Turkey where the cost of living is lower compared to Istanbul. The number of immigration applicants is increasing day by day, many people choose to travel or emigrate to Turkey due to the low cost compared to other European countries. And it is interesting to know that İzmir is an ideal city to live in as the cost of living in İzmir is very affordable. The average cost of living in İzmir is $488, which places the city in the top 9% cheapest cities in the world, ranking 8423 out of 9294 in our global list and 4th out of 128 in Turkey. The average after-tax salary is $306, which is enough to cover 6 months of living expenses. Ranked 3065 (TOP 33%) in the list of the best places to live in the world and the 3rd best city to live in Turkey. With an estimated population of 4.32 million, İzmir is the third largest city in Turkey.
Is İzmir a cheap place to live?
The cost of living in İzmir is low compared to major Turkish cities and the rest of the world. The rent, shopping and transportation are cheaper than in Istanbul. You can drive in İzmir or use public transport which both quite efficient in this city.
Is İzmir an expensive City?
The average cost of living in İzmir is $488, which ranks in the top 9% of world cheapest cities, ranked 8,423 out of 9,294 in our global list and fourth out of 128 in Turkey. The average after-tax salary is $306, which is enough to pay for 0.6 months of living expenses.
Cost of living in İzmir compared to Istanbul
The cost of living in Istanbul is 32% higher than in İzmir. The cities ranked 7,179 and 8,423 ($644 vs $488) on the list of the world’s most expensive cities, ranking first and fourth in Turkey. The average after-tax salary is enough to cover the cost-of-living times 0.5 months in Istanbul compared to 0.6 months in İzmir. Ranked #1 out of 3 best cities to live in Turkey and #884 out of 3065 best cities to live in worldwide.
Average house price in İzmir, Turkey
Prices houses for sale in İzmir province October 2022
Prices of houses for sale in İzmir have increased by 192.99%. The average price with the same specifications for residential property in İzmir is 2,069,592 TL. The average size of residential properties for sale is 127 square meters. The average unit price per square meter of property for sale in İzmir in October 2022 was 16,296 TL per square meter. These are average prices and the property prices in “A” locations are much higher and will deviate significantly from the average values. The prices of residential real estate in İzmir increased on average over the year, residential districts with the biggest increase in İzmir during October 2022 are: Balçova, Çiğli, Konak, Gaziemir and Menemen.