Want to Live abroad? Istanbul Cost of Living as of November 2024

Are you moving to Istanbul and curious about the cost of living? Don’t worry; I have the insider knowledge to help you navigate Istanbul’s living expenses and create a budget with confidence.

Since moving to Istanbul in 2019 and exploring so many places throughout Turkey, I’ve gained a solid understanding of the cost of living across the country—and how quickly things can change here.

Setting a budget in a city you’ve never lived in can be confusing, but with this guide, I will give you a sense of average household costs so that you can have an idea of where to start with your budget.

We’ll dive into Istanbul’s cost of living and compare it with four other major Turkish cities. I’ll also help you consider if Istanbul is the right choice for you and share tips on managing expenses as a new expat in Turkey.

Let’s jump in!

In-Depth Look at the Cost of Living in Istanbul

Istanbul, Turkey, the crossroads of Europe and Asia, has a diverse cost structure. Location plays a big role when it comes to housing especially.

One thing to note is that inflation is quite high right now and as I am sure you know, it is expected to continue worldwide.

The Turkish currency is called the Turkish Lira and is represented by tl and ₺.

Let’s look at the breakdown of common costs in Istanbul as of November 2024.

Food

• Local markets offer a variety of fresh fruits and vegetables at affordable prices. Expect to spend around 4,000-5,000 ₺ per month for a single person. It could be more if you want imported foods.
• Dining experiences in Istanbul can range from budget-friendly (200-400₺ per person, per meal) to high-end luxury, (800-2,000 ₺ per person, per meal) depending on what you prefer.
• Obviously, local food prices will be much cheaper than those that have been imported.

Transportation

• Istanbul’s public transport system is both an extensive and affordable way to get around.
  
  A one-way ticket cost depends on what type of transportation you’re using. As of November 2024 below are the current rates.
  • Standard use of Istanbulkart – 20 ₺
  • Monthly Istanbulkart – 1.570 ₺
  • Minibus – 18 ₺
  • Marmaray – 44,25 ₺
  • Metrobus – 29,68 ₺
• Taxis are also an option. Though more expensive, they provide flexibility and comfort.
  • Starting meter: 30 ₺
  • Minimum trip cost: 100 ₺
• Petrol is averaging around 45 ₺ per liter.
• Airport transfers: 900-1.500 ₺ depending on where you’re going to/from.

Healthcare

• Private healthcare in Istanbul is on par with European standards, but it’s expensive.
  • In 2023 I did a small run of blood work and it cost me 3,000 ₺. So I would guess that it would be maybe %25 more now.
• Public healthcare, on the other hand, is cheaper but has longer wait times. You will also have a harder time finding a translator.
• A mandatory health insurance policy could cost around 1.815 ₺ (purchased September 2024 for one person) per year, though this doesn’t cover much.
• If you get a more comprehensive insurance policy that covers private hospitals for outpatient alone you are looking at probably 20.000 ₺ per year.

Lifestyle

• Istanbul offers a wide array of entertainment options. The range for museum fees is quite vast and they have raised their prices a lot. I would research the places you want to see and go accordingly.
• Movie theaters can range anywhere from 190 ₺ to 405 ₺ for a ticket depending on the mall you go to and how fancy of an experience you want.
• Gym memberships vary. Recently in Kadıköy, I paid 5.200 ₺ for 3 months. If you want something more specialized like Pilates or Krav Maga, you will obviously pay for it.

Housing

• A 2-bedroom accommodation in Istanbul’s city center typically ranges between 23.000 – 35,000 ₺.
• The same apartment outside the city center could cost less, but probably not significantly so unless you get out of Istanbul entirely.
• However, price fluctuations are significant depending on the specific neighborhood and the quality of the apartment. Besiktas and Sariyer are the most expensive districts in Istanbul to live in. Here the prices likely start around 45.000 ₺ for the same size.
• Electricity will vary drastically based on usage. For reference, I have only 1 mini split AC that I use only at night when I sleep and my electric bill during the summer was 600 ₺. In the winter when gas is used for heating my bill is only 200 ₺ or so.
• Water can be anywhere from 100 ₺ to 250 ₺ for just 1 person. Energy-efficient dish and clothes washing machines help keep this lower.

Other

• Registering a foreign phone fee is currently 31,692 ₺ but will jump to 45.953 ₺ in January 2025.
• Short-term Residence permit fees have also gone up. The fee is different per country and number of people. I recently paid 3.500 ₺ for one year for one person.
• I have found electronics to be much more expensive in the country than outside and not the same quality.
• The gross monthly minimum wage is currently 17.002 ₺. As a foreigner living here, you will likely be required to show proof of 1.5x this per person living in the house.

Istanbul’s cost of living encapsulates all that is beautiful and challenging about this captivating city.

Whether it accommodates your pocket depends significantly on your personal lifestyle.

If you’re looking to budget your trip, BudgetYourTrip has a great tool to help you do just that.

Istanbul vs. Other Major Turkish Cities: Comparative Analysis

When considering relocation or travel within Turkey, comparisons in cost of living can be influential.

We’ll compare Istanbul’s cost of living to that of other major Turkish cities: Ankara, Izmir, Bursa, and Antalya.

As a basis for comparison, we will use the monthly costs of a single person who lives alone. The average monthly expenses are about 53.000 ₺ per month in Istanbul including rent.

One thing to note is that this is the average. Of course, it could be more or less depending on your preferences and how you live life.

Note: It is also important to note that in every city besides Istanbul, you may want to include a vehicle in the budget as public transportation is not nearly as extensive.

Ankara

As the capital city of Turkey, Ankara has a prominent role in both politics and industry. However, its cost of living is significantly lower than Istanbul’s.

A single person’s estimated monthly costs average about 43.000 ₺ a month, which is about 19% cheaper than in Istanbul. Key factors are:

• Housing: Rent here tends to be roughly 36% lower than in Istanbul.
• Food: It has a lower cost of about 6% than groceries in Istanbul.
• Transportation*: Public transit is much cheaper, with a monthly ticket price of approximately 81% less than in Istanbul.

Izmir

Izmir, the third largest city in Turkey, presents an alternative with a laid-back lifestyle.

While it’s still more economical than Istanbul in some ways, the housing costs actually make living in this city more expensive than Istanbul.

The average cost of living for a single person in Izmir is 43,000 tl per month, coming in at 19% less expensive than in Istanbul.

• Housing: For a while, rent was significantly higher than in Istanbul but that doesn’t seem to be the case according to Sahibinden. Rent here tends to be roughly 41% lower than in Istanbul.
• Food: The cost of food falls below that of Istanbul, generally by around 3%.
• Transportation: Public transit in Izmir is much cheaper, with a monthly ticket price of approximately 62% less than in Istanbul.

Bursa

Just a ferry ride away from Istanbul lies Bursa, a city rich in history and known for its automotive industry.

The cost of living here is 28% less than in Istanbul with a monthly average of 38,000 tl for a single person.

• Housing: Bursa’s housing costs are much more economical, with rent prices about 51% less than in Istanbul.
• Food: Food expenses tend to be 13% cheaper than in Istanbul.
• Transportation: Public transportation in Bursa is roughly 43% cheaper than in Istanbul.

Antalya

Famous for its idyllic beaches, Antalya is a preferred location for expats drawn to its warm climate and lower cost of living.

Antalya’s average monthly cost for a single person is around 46,000 tl or about 13% cheaper than Istanbul.

• Housing: Housing in Antalya is quite affordable, with average rental prices roughly 31% less than in Istanbul.
• Food: Food costs are about 7% lower than those in Istanbul because so much of the food is grown down south there are fewer transportation costs.
• Transportation: Transportation, like food and housing, is cheaper—around 73% less expensive than in Istanbul.

In conclusion, while Istanbul offers a vibrant, cosmopolitan lifestyle, other cities in Turkey provide attractive alternatives for a lower cost of living.

The following sections will dig deeper into why some people still prefer Istanbul and offer tips on how to manage living expenses in this bustling metropolis.

Why Istanbul, Turkey?

Despite the higher cost of living compared to most other Turkish cities, Istanbul continues to attract both global tourists and expats. Here’s why.

Breathtaking History and Culture

• Istanbul is the only city in the world straddling two continents: Europe and Asia, making it culturally rich and diverse.
• Its history goes back thousands of years, with each civilization leaving its mark on the city.
• The city is home to several UNESCO World Heritage sites like Hagia Sophia, the Blue Mosque, Topkapi Palace, and Grand Bazaar.

Lively Social and Nightlife Scene

• A hub of great restaurants, vibrant street food culture, exciting nightlife, and music festivals – Istanbul’s energy is infectious!
• There are some amazing food tours to help you sample many of the delicious foods of Turkey.
• You can enjoy a mix of traditional Turkish taverns (methane) and modern rooftop bars.

Unique Geographic Location

• Istanbul boasts one of the largest airports in the world offering flights to hundreds of destinations.
• It also has a smaller airport that is used mostly for domestic flights.
• It is a great base for exploring Turkey, with easy access to historical, coastal, and natural sites.
• There are many day trips that you can take to expand your experience just beyond Istanbul.

Growing Business Opportunities

• Istanbul is Turkey’s economic powerhouse, housing several national and international companies, and providing numerous employment opportunities.
• A vibrant entrepreneurial and start-up scene, offering opportunities for creative and innovative individuals.
• They are making the process and requirements to get a work visa easier
• They now have a digital nomad visa program for those who work remotely

Quality Education

• Numerous international schools cater to expat families, and Turkey’s finest universities are in Istanbul.
• Excellent universities cover a wide range of topics.

Beyond these reasons, it can also be much easier for a foreigner/expat to settle in Istanbul than in other cities.

Many people know a little bit of English and because there are so many foreigners, they are used to helping them.

There are a lot of great options for learning Turkish in Istanbul. Many people will come to Istanbul to learn Turkish for a little while then move elsewhere. If you’re just coming for a visit, you can learn a few phrases here.

So, while Istanbul may seem expensive when we look at the raw numbers, the city has so much to offer that for many, the higher cost of living seems a reasonable trade-off.

Whether you’re a history enthusiast, a culture vulture, a career-driven professional, or a student, Istanbul has something for you.

How to Manage Living Costs in Istanbul

Despite the generally higher prices in Istanbul, it is possible to manage and even save money with these practical tips:

Schedule Your Shopping Wisely

• Local bazaars offer local and fresh vegetables and fruits at lower prices than supermarkets. When I first moved to Turkey, I lived in Kucukyali. It is still one of my favorite bazaars to this day.
• Regular sales at big department stores can be a good opportunity to save on clothing and housewares.
• Local markets will often run sales. Once you purchase more than 35 tl worth, you have the option to buy sale items. I have purchased many things at half price because of this.

Consider Using Public Transportation

• Istanbul’s public transportation system includes trams, buses, and ferries and is relatively cheap.
• Using an IstanbulKart, the local transportation card can provide significant savings on commuting costs and it is quite easy to reload.

Choose Accommodations Wisely

• Accommodations will be the biggest expense unless you have multiple children who will go to private school. Make sure you choose wisely.
• Research the neighborhoods close to where you want to live life. The Asian side is considerably less expensive generally speaking.
• If you’re single, sharing an apartment can decrease living costs, especially in the more desirable but pricier areas of the city.
• If you’re visiting, you can always Airbnb and select a private room if you want a more affordable option.

Eat Like a Local

• Enjoying delicious and affordable local meals at “lokantas” (cafeterias) can be cheaper and healthier than always dining in restaurants.
• You can visit Turkish street food vendors for foods like “simit” and “döner” at a fraction of the cost of a full meal at a restaurant.
• And of course, there is always cooking at home. Most Turks buy their daily groceries more frequently and in smaller portions than we do in the States.

Save on Entertainment

• Enjoy nature with a picnic in one of many green spaces like Yıldız Park or the Belgrad Forest instead of always going out to cafes or dining out.
• Explore Istanbul’s rich history for free. Some attractions, like the Sultanahmet district, are free, and others have student discounts or free days for residents.

Implementing these tips will not only save you money but also enhance your cultural understanding and integration, making your stay in Istanbul even more memorable.

FAQs on Living in Istanbul 2023

Final Thoughts Living in Istanbul

That was a lot to cover! We’ve explored the costs of living in Istanbul and compared it with four other major cities: Ankara, Antalya, Bursa, and Izmir.

Living expenses in Istanbul vary widely, influenced by factors like housing, food, transportation, healthcare, education, and lifestyle choices—not to mention whether we’re talking about a single person or a family.

Compared to other cities in Turkey, life in Istanbul is more expensive. However, this cost comes with access to more services, as well as rich cultural and economic opportunities that justify the expense for many.

For those who don’t need or want the added amenities of Istanbul, smaller towns may be a better fit. Turkey has a wealth of places beyond Istanbul with their own unique charm.

Ultimately, finding the right fit will require some exploration on your part—both in terms of understanding your finances and defining what you want from your expat experience.

Istanbul is not just a city you live in; it’s a city that lives in you.