Cost of Living in Turkey: An Insightful Guide for Homebuyers
Turkey is fast emerging as a compelling choice for potential retirees, especially those from the West. Over the past two decades, it has made remarkable strides, making it an attractive option due to its budding tourism, affordability, and foreign buyer-friendly policies. The country is swiftly gaining traction as a favored spot for vacation homes, investment properties, and retirement destinations. Let’s delve into what makes Turkey a sought-after place for overseas property buyers.
Property Prices:
The appeal of Turkey’s real estate lies in its affordability, lucrative buy-to-let options, and a robust resale market for investment properties. Several cities in Turkey have witnessed a surge in foreign investments, propelling the value of this budding market. Especially in the Mediterranean region and the Egan coast, nationals like Brits, Russians, and Germans are increasingly purchasing vacation homes and retirement properties.
If Turkey joins the European Union, property prices are set to soar, mimicking the trend seen in other member states. Currently, property prices in Turkey start from an average of £50,000, encompassing high-rise apartments, commercial spaces, and luxurious villas. Given Turkey’s diverse landscapes and climates, homebuyers are spoilt for choice to find a residence that aligns with their preferences and budget.
Cost of Living in Turkey: Day-to-Day Living:
Turkey promises an economical lifestyle, especially for retirees who’ve chosen this beautiful nation for their second home. Though Istanbul stands out as the priciest city, there are several affordable destinations along the Aegean and Mediterranean coasts. An individual without extravagant habits and financial commitments can lead a comfortable life at approximately 5000 TL per month. Local markets further offer opportunities to save, presenting fresh produce at rates often lower than supermarkets.
Several reasons account for Turkey’s lower living costs. While its quest for EU membership plays a part, the country’s deep-rooted culture of family-run businesses ensures competitive prices for everyday essentials. Thankfully, Turkey has managed to steer clear of giant corporations that typically drive up prices.
Cost of Living Comparisons in Turkey vs Spain:
Using Numbeo for data analytics, we juxtaposed Istanbul and Madrid. The results are enlightening. To match the living standards of 16,000TL in Istanbul, you’d require a staggering 34,309TL in Madrid. A detailed breakdown reveals:
- Consumer prices in Madrid are 84% higher than Istanbul.
- Including rent, Istanbul’s consumer prices are 114% lower.
- Madrid’s restaurant costs overshoot Istanbul’s by 172%.
- Grocery prices in Istanbul stand at 85% less than Madrid.
Bar a few items like alcohol and gasoline, Turkey proves to be considerably more economical than Spain.
Making Your Money Stretch Further:
Several expatriates in Turkey are maximizing their money by parking large sums in high-interest savings accounts with major banks like Garanti and HSBC. This interest, post-tax deductions, serves as a consistent monthly income, complementing pensions and ensuring a comfortable lifestyle.
Considering a real estate investment or pondering retirement in Turkey? With its affordable living costs and promising property market, Turkey offers an enticing prospect. Reach out to our team for expert advice on maximizing your investment in this burgeoning market.
