A detailed guide on prices in Turkey

Are prices in Turkey high?

One of the most frequently asked questions by those interested in traveling, residing, or even touring Turkey is the cost of living and the prices of daily services, which help form a general idea about whether prices are high or low, or even to compare them with other countries.

The answer to this question is not simple, as it depends on several factors, including family size and lifestyle, which usually varies from person to person. The cost of living in Turkey also differs from one region to another.

Although Istanbul is much cheaper than more than 100 European cities, as previously discussed in one of our articles, it is still considered the most expensive city to live in Turkey due to its high demand and its status as one of the most economically active Turkish cities.

Housing remains the most significant expense among the costs you will incur when living in Turkey, with rent varying according to the property's specifications and features, location, or its purchase price if you wish to own it.

Then come household bills, which include monthly payments and fees such as electricity, water, phone, internet, and gas, in addition to monthly building service charges. This is followed by food and drink expenses, public transportation, healthcare services, and other details worth discussing individually.

Apartment purchase prices in Turkey

Apartment prices vary according to the property's location in the chosen city, the building's specifications (new or old), property size, additional features, recreational facilities, and other factors that broaden the discussion.

Although Istanbul is much cheaper than more than 100 European cities, as previously discussed in one of our articles, it is still considered the most expensive city to live in Turkey due to its high demand and its status as one of the most economically active Turkish cities.

However, to provide a more comprehensive picture of apartment prices in Turkey, we can discuss the average general apartment prices in the most important Turkish cities, according to the latest statistics at the time of writing this article.

According to Zingat, a website specializing in real estate in Turkey, the average price per square meter in Istanbul apartments is currently 32,824 Turkish Lira, which is about 1,186 US dollars, based on an exchange rate of 27.66 Lira per dollar.

In Antalya, the average price per square meter in its apartments is 26,941 Turkish Lira.

In the Turkish capital, Ankara, the average price per square meter in its apartments is 15,703 Turkish Lira.

In Bursa, adjacent to Istanbul, the average price per square meter in its apartments is 15,054 Turkish Lira.

The price per square meter in Sakarya apartments, a tourist city, exceeds these figures slightly, reaching 16,487 Turkish Lira.

Note that these statistics cover the average prices of all apartments, both old and new. Therefore, prices in branded residential complexes in Turkey with high specifications are significantly higher.

Read more about: Guide to apartment prices in Turkey and the most important factors affecting them in 2023

Apartment rental prices in Turkey

The past year saw a slight increase in apartment rental prices in Turkey, influenced by various reasons and increased demand with a relative decrease in supply.

The average rent for apartments in Istanbul is about 12,000 to 15,000 Turkish Lira, with prices varying in other cities and increasing significantly for apartments with high specifications and services or those in prominent city areas.

Learn about the guide to property prices in Turkey and the importance of real estate investment in Turkey with Imtilak Real Estate.

Food prices in Turkey

Most food prices are generally reasonable to cheap compared to other countries worldwide, as Turkey is an agricultural country and a distinguished food exporter, with a prominent location on global trade routes, making it a global grocery store for many countries such as Russia and several European Union states...

Restaurant prices in Turkey

European tourists visiting Turkey are often surprised when comparing the prices of Turkish meals to those in their home countries, as a Turkish kofte meal, for example (one of the most famous Turkish dishes), costs about 6 US dollars.

Of course, this differs in luxury restaurants or those offering interesting folkloric shows aimed at tourists.

Generally, meal prices in most Turkish restaurants are within reasonable limits.

Transportation prices in Turkey

When talking about transportation in Turkey, it is worth mentioning its modernity, diversity, and ideal service in most Turkish cities. Public transportation can often spare you from using taxis or private cars, and at a relatively reasonable or low cost.

According to the current transportation prices in Istanbul, those wishing to use public transportation can obtain a transportation card that allows them to use all these means for a fare starting from 15 Turkish Lira per person, which is about half a US dollar.

Taxis are much more expensive, making them a secondary option for residents or tourists in the city.

All Turkish cities also have civil airports, and Turkish airlines offer intercity flights at relatively low fares, allowing you to travel between the farthest points in Turkey by plane for about 50 dollars or less per one-way trip.

Healthcare costs in Turkey

In recent years, Turkey has aimed to market itself as an ideal destination for treatment in its medical facilities and cities, as it has a large number of hospitals and medical centers, both public and private, in addition to more than one giant medical city, the largest in Europe.

In reality, healthcare costs in Turkey are cheap and reasonable compared to most developed countries, with significant differences and high expertise.

Private school costs in Turkey

Istanbul, for example (as is the case in most Turkish cities), pays considerable attention to and has competition in private education, allowing those seeking a private school for their children to compare various offers, from reasonable to high tuition fees, which naturally differ according to age group.

University tuition fees in Turkey

With dozens of Turkish universities, anyone looking for their preferred field will find a suitable study seat within their budget. In general, fees vary according to the university and chosen field, but they are generally reasonable and moderate.

Electronics prices in Turkey

Turkish electronics have invaded European and many Arab markets with highly competitive products, even surpassing their counterparts in many fields, making these brands the most preferred due to their reasonable prices, high quality, and modern technology.

It is also worth noting that many global brands have established production plants for their trademarks in Turkey.

Since local products are of such competitive quality, you can usually get electronic equipment at reasonable prices, except for smartphones and some imported electronics, which are subject to relatively high taxes.

Furniture prices in Turkey

Did you know that Turkey has the largest furniture markets in all of Europe? Furniture making is one of the most active and exported crafts in the country, with annual profits reaching extremely high figures.

The intense competition in the furniture industry in Turkey has made it a global export center with reasonable costs. In recent years, importing home furniture from Turkey to Europe has become more popular due to its preferential prices and high quality.

Car prices in Turkey

Turkey is among the countries with high car prices, despite being a manufacturer and exporter of many important brands, such as Fiat and Renault, in addition to entering the strong competition in electric vehicles with its impressive TOGG car.

The same applies to the used car market, where the value of a car can sometimes be several times higher than in many other countries. However, current government policies aim to reduce prices through several recent measures, which have succeeded in lowering prices to some extent.

Gold prices in Turkey

When talking about gold prices, we are referring to a globally priced product subject to constantly changing market standards, which usually do not differ from one country to another, so it is not worth discussing from this angle.

However, in terms of the cost of crafting gold into various shapes, prices are relatively cheap due to low operating costs in Turkey and the maturity of this industry as a highly popular craft. Turkey regularly hosts annual exhibitions for gold trade and manufacturing, showcasing its products and techniques.

Tour package prices in Turkey

Tourism in Turkey is generally described as cheap or reasonable, whether through joining various tour programs offered by local travel companies (such as Safaraq Tourism, part of the Imtilak Investment Group), or through individual tourism, which some may prefer.

Turkey boasts a unique and diverse tourism reservoir, exciting to explore, with strong promotional campaigns for this tourism potential. This has contributed to the flourishing and growth of the tourism industry, making it more service-oriented and less costly.

Hotel booking prices in Turkey

Although Turkey is a vibrant tourist country, hotel booking prices are generally affordable and relatively reasonable, especially given the richness of Turkey and its tourist cities in the hotel industry.

Istanbul, Antalya, and other Turkish tourist cities have hundreds of large resorts and thousands of competing hotels, all striving to attract tourists during peak or off-peak seasons.

In conclusion: Overall, and comprehensively, at Imtilak Real Estate, we can summarize the previous article by saying that Turkey is a country with moderate and reasonable living costs, but with abundant services and a high quality of life. This has attracted thousands of foreign investors and those wishing to reside, study, or even invest in the country.

Edited by: Imtilak Real Estate©