Turkey, a transcontinental country straddles Europe and Asia, is renowned for its rich history, diverse culture, and stunning landscapes. From the bustling streets of Istanbul to the serene beaches of Antalya, Turkey offers a unique blend of old-world charm and modern amenities. For expatriates, retirees, and digital nomads, Turkey is an increasingly popular destination due to its relatively low cost of living compared to many Western countries. However, the cost of living can vary significantly depending on the city, lifestyle, and personal preferences.

Overview of Turkey's Currency: The Turkish Lira (TL)

The official currency of Turkey is the Turkish Lira (TL), abbreviated as TRY in international financial markets. The symbol for the lira is ₺, and it is widely used in daily transactions across the country.

1. Denominations

   The Turkish lira is available in both coins and banknotes:

   • Coins (Kurush - Kr): 1 Kr, 5 Kr, 10 Kr, 25 Kr, 50 Kr, and 1 TL
   • Banknotes: 5 TL, 10 TL, 20 TL, 50 TL, 100 TL, and 200 TL
2. Exchange Rate & Stability

   The lira has experienced fluctuations in value due to inflation and economic factors. Exchange rates can change frequently, so it’s recommended to check daily rates before exchanging money.

3. Currency Exchange & Payments
   • Foreign currency exchange: Available at banks, exchange offices (Döviz Bürosu), and ATMs.
   • Card payments: Credit and debit cards (Visa, Mastercard) are widely accepted in most establishments.
   • Mobile payments: Digital wallets like Papara and Paycell are gaining popularity.
4. Inflation & Purchasing Power

   Turkey has faced high inflation in recent years, affecting the value of the lira and increasing the cost of goods and services. It’s advisable to monitor inflation trends if you plan to live or invest in Turkey.

Housing Costs in Turkey

Housing is one of the most significant expenses for anyone living in Turkey. The cost of accommodation varies widely depending on the location, type of property, and whether you choose to rent or buy.

Renting: In major cities like Istanbul, Ankara, and Izmir, rental prices can be relatively high, especially in central and upscale neighborhoods. For example, a one-bedroom apartment in the city center of Istanbul can cost between 8,000 to 15,000 TL per month, while a similar apartment in a smaller city like Bursa or Adana might cost between 3,000 to 6,000 TL. Outside the city centers, rental prices drop significantly, offering more affordable options.

Average Renting Costs in Turkey Cities:

• Istanbul: As Turkey's largest city, Istanbul's rental prices are among the highest. In upscale neighborhoods like Beşiktaş, Şişli, and Etiler, one-bedroom apartments typically range from TL 5,000 to TL 10,000 per month. In less central areas, such as Kadıköy, rents may start at around TL 2,000 to TL 4,000 per month for similar properties. 
• Antalya: Known for its Mediterranean charm, Antalya offers one-bedroom apartments in areas like Lara and Konyaaltı, with monthly rents between TL 1,500 and TL 4,000, depending on proximity to the sea and property quality. 
• Ankara: In central districts like Kızılay and Çankaya, one-bedroom apartments typically rent for TL 1,500 to TL 3,500 per month. 
• Izmir: In neighborhoods such as Alsancak and Karşıyaka, one-bedroom apartments generally range from TL 1,500 to TL 3,500 per month. 

Buying Property: Turkey has become a hotspot for property investment, particularly for foreigners. The cost of buying property varies greatly depending on the location. In Istanbul, prices can range from 1.5 million TL for a modest apartment in the suburbs to several million TL for luxury properties in prime areas. In contrast, smaller cities and rural areas offer much more affordable options, with prices starting as low as 300,000 TL for a decent home.

Average Property Purchase Prices in Turkey Cities:

• Istanbul: Property prices vary widely. In central areas, prices can range from TL 5,000 to TL 10,000 per square meter, depending on the neighborhood and property features.
• Antalya: In residential complexes, prices are approximately TL 2,968 per square meter, while outside such complexes, prices are around TL 2,043 per square meter.
• Izmir: Within residential complexes, property prices average TL 5,250 per square meter; outside these complexes, prices are about TL 3,308 per square meter.
• Bursa: In residential complexes, prices are around TL 3,335 per square meter, whereas outside such complexes, prices are approximately TL 2,135 per square meter. 

Costs of Food and Groceries in Turkey

Turkey is known for its delicious and diverse cuisine, and the cost of food is generally quite affordable. Whether you prefer dining out or cooking at home, you can enjoy high-quality meals without breaking the bank.

Groceries: A monthly grocery bill for a single person can range from 1,000 to 2,000 TL, depending on dietary preferences and shopping habits. Basic items like bread, milk, eggs, and vegetables are relatively inexpensive. Local markets (bazaars) offer fresh produce at lower prices compared to supermarkets.

Here's an overview of average costs for common items:

Transportation Costs in Turkey

Turkey has a well-developed transportation network, making it easy to get around whether you’re in a big city or a rural area.

• Public Transport: Public transportation is both efficient and affordable. In Istanbul, a single journey on the metro, bus, or tram costs around 10 TL, while monthly passes are available for approximately 500 TL. Other cities like Ankara and Izmir have similar pricing structures.
• Taxis and Ride-Sharing: Taxis are relatively inexpensive, with a starting fare of around 20 TL and an additional 10 TL per kilometer. Ride-sharing services like Uber and BiTaksi are also available in major cities, offering competitive rates.
• Car Ownership: For those who prefer driving, the cost of owning a car in Turkey includes fuel, insurance, and maintenance. Gasoline prices are around 25 TL per liter, and annual car insurance can range from 2,000 to 5,000 TL, depending on the vehicle and coverage.

Healthcare Cost in Turkey

Turkey offers a high standard of healthcare, with both public and private options available. The cost of healthcare is relatively low compared to many Western countries.

• Public Healthcare: Turkish citizens and residents with a valid residence permit can access public healthcare services at a minimal cost. The government-run Social Security Institution (SGK) provides comprehensive coverage, including doctor visits, hospital stays, and medications.
• Private Healthcare: For those who prefer private healthcare, the costs are still reasonable. A visit to a private doctor might cost between 300 to 600 TL, while private health insurance premiums range from 5,000 to 15,000 TL annually, depending on age and coverage.

Costs of Personal Care in Turkey

Maintaining personal hygiene and healthcare in Turkey is relatively affordable, with a wide range of products available in supermarkets, pharmacies, and specialty stores. While basic toiletries and over-the-counter medicines are reasonably priced, imported brands and specialized products can be more expensive. Below are some common personal care costs:

• Cold medicine for 6 days (Tylenol, Frenadol, Coldrex, or equivalent brands): 155TL
• 1 box of antibiotics (12 doses): 337TL
• Short visit to a private doctor (15 minutes): 1,656TL
• 1 box of 32 tampons (Tampax, OB, etc.): 162TL
• Deodorant, roll-on (50ml ~ 1.5 oz.): 139TL
• Hair shampoo 2-in-1 (400 ml ~ 12 oz.): 105TL
• 4 rolls of toilet paper: 57TL
• Tube of toothpaste: 80TL
• Standard men's haircut in an expat area of the city: 347TL
• Pack of wet wipes (72 pieces): 95TL
• Body lotion (400ml): 170TL
• Disposable razor (pack of 4): 145TL
• Pack of cotton pads (100 pieces): 85TL
• Lip balm (Nivea, Vaseline, or equivalent): 110TL

Utilities and Internet

Monthly utility bills, including electricity, water, heating, and garbage collection, typically range from 500 to 1,000 TL for an 85m² apartment. Internet services are widely available and affordable, with monthly costs for high-speed broadband ranging from 150 to 300 TL.

Here are additional household expenses to consider while living in Turkey:

• Mobile phone plan (with data and calls): 300 – 800 TL per month
• Streaming services (Netflix, Spotify, etc.): 100 – 250 TL per month
• Bottled water (19L for home use): 50 – 120 TL per bottle
• Gas cylinder (for cooking, if not connected to city gas): 900 – 2,000 TL per refill
• Home cleaning services (weekly maid service): 2,000 – 5,000 TL per month
• Air conditioning or heating maintenance (annual service): 1,500 – 4,000 TL
• Home insurance (basic coverage): 2,500 – 7,000 TL per year

Costs of Education in Turkey 

For families with children, education is an important consideration. Turkey offers a range of educational options, from public schools to private and international institutions.

• Public Schools: Public education is free for Turkish citizens and residents, but the quality can vary. Many expatriates opt for private or international schools, which offer higher standards of education but come with higher costs.
• Private and International Schools: Tuition fees for private and international schools can range from 20,000 to 100,000 TL per year, depending on the school and curriculum.

Entertainment and Leisure

Turkey offers a wide range of entertainment and leisure activities, from historical sites and museums to beaches and nightlife. The cost of entertainment can vary widely:

Cultural Activities: EnTL fees to museums and historical sites are generally affordable, ranging from 50 to 200 TL. Many sites offer discounts for students and seniors.

Nightlife: The cost of nightlife varies depending on the city and venue. A night out at a mid-range club or bar might cost between 200 to 500 TL, including drinks and cover charges.

Fitness and Recreation: Gym memberships typically cost between 500 to 1,500 TL per month, while outdoor activities like hiking and swimming are generally free or low-cost.

Here is a general overview of leisure and entertainment cost:

• Basic dinner out for two in a neighborhood pub: 999 TL
• 2 tickets to the movies: 434TL
• 2 tickets to the theater (best available seats): 1,281TL
• Dinner for two at an Italian restaurant in the expat area (including appetizers, main course, wine, and dessert): 2,328TL
• 1 cocktail drink in a downtown club: 366TL
• Cappuccino in an expat area of the city: 130TL
• 1 beer in a neighborhood pub (500ml or 1pt.): 141TL
• iPad Wi-Fi 128GB: 27,218TL
• 1 min. of prepaid mobile tariff (no discounts or plans): 8TL
• 1 month of gym membership in the business district: 1,368TL
• 1 package of Marlboro cigarettes: 70TL

Cost of Living in Istanbul Vs. Ankara

The cost of living in Turkey varies significantly depending on the city. Istanbul, as the country's largest and most expensive city, has a higher cost of living compared to the capital, Ankara. Below is a comparison of key expenses in both cities.

Cost of Living in Antalya and Bursa

Antalya and Bursa are one of Turkey's most popular cities, offering a lower cost of living compared to Istanbul and Ankara. Antalya, a coastal city known for tourism, is slightly more expensive than Bursa, a historical and industrial hub. Below is a breakdown of key expenses in both cities.

Pros of Living in Turkey from a Financial Perspective

Below is a breakdown of the financial advantages of living in Turkey.

1. Affordable Cost of Living – Compared to many Western countries, Turkey offers lower costs for housing, transportation, food, and entertainment.
2. Low Public Transport Costs – Public transportation is affordable, with metro, buses, and trams costing significantly less than in Europe or the US.
3. Diverse Housing Options – Whether renting or buying, Turkey has a wide range of affordable housing, especially in cities like Bursa, Antalya, and Izmir.
4. Low Healthcare Costs – Both public and private healthcare services are relatively inexpensive compared to Western standards, with affordable private health insurance options.
5. Inexpensive Dining & Groceries – Eating out is budget-friendly, and local markets offer fresh, affordable produce, making daily expenses manageable.
6. Favorable Exchange Rates for Foreigners – Those earning in stronger currencies (USD, EUR, GBP) benefit from favorable exchange rates, making living costs even lower.
7. Business & Investment Opportunities – Turkey offers reasonable business costs and a growing market, making it attractive for entrepreneurs and investors.
8. No Income Tax for Some Foreigners – Depending on residency status and income sources, some expats may not be required to pay income tax in Turkey.