Investment Identity

The Cost of Living in Turkey in 2016

The idea of living permanently or part-time in Turkey is still a dream for many potential expats, but the over-riding question asked by many is how much does it cost? Including property, healthcare, running costs such as electricity and essentials such as food, people want to know whether Turkey, in 2016, still gives you more bang for your buck? So, let’s take a look at some of the average costs involved.

A two-bed apartment in Fethiye on the Mediterranean coast starts at about £35,000, while in the bustling metropolis of Istanbul, that is the country’s prime location, prices skyrocketed by 25 percent in the final quarter of 2015, making a three-bed apartment in the city cost an average of £211,00.

The vast difference in property prices according to the region also applies to rentals with a three-bed apartment in Fethiye averaging about 650TL or £160 a month (taking the Turkish Lira rate at 4TL as at April 14, 2016) compared to 2,800TL (£720) for the same property in Istanbul.

Residency Permits and Healthcare
Those looking to live in Turkey full-time, will need an annual residency permit of which the basic cost is £50, but using people such as a translator, will naturally incur variable costs. Permits are given on condition that the person applying has medical insurance but for over 65s it is free. Alternatively, obtaining a 90-in-180 day tourist visa, costs £12.50, including an administration fee. Healthcare is a major requirement for many expats but there is no NHS in Turkey, so residents have a choice. They can pay into the government scheme SGK to cover medical operations through government hospitals. This costs for a married couple 395TL (£98.75) per month. If you aren’t married, but live together or are single, then you pay 395TL per person. Your SGK will cover a small part of the financial costs if you use private hospitals.