The cost of living in Istanbul changes rapidly due to the Turkish inflation rate. How much does it cost to live in Istanbul? For those curious about this topic, we’ve conducted detailed research until the end of April 2024.
In this page, we compile information gathered from official and independent publications. This guide will benefit you if you consider moving to this city soon.
How Much Does It Cost to Live in Istanbul?
In February 2024, the Istanbul Planning Agency published a study stating that the average cost of living for a family of four in Istanbul is 55,321 TL. Adding the inflation rate of March and the expected average increase in April, as the Turkish Statistical Institute (TÜİK) reported, the cost rises to 58,942 TL.
As of May 2024, the average living cost for a family of four in Istanbul is approximately 59,000 TL.
The inflation rate for March was 3.16%, with April’s expectations ranging from a minimum of 2.8% to a maximum of 3.8%, averaging 3.3%.
For more information, you can access the Planning Agency’s article here and the TÜİK inflation rates here.
Istanbul: A Magnet for History, Culture, and a Unique Lifestyle
Istanbul attracts people worldwide with its rich history, vibrant culture, and unique lifestyle. However, living here is not exactly cheap! As of 2024, how are the living costs shaping up in Istanbul? Here’s what workers and expats considering a move to this enchanting city need to know.
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How Much Does Rent Cost in Istanbul? (2024)
Due to high demand, rents in Istanbul are trending upwards. It’s essential to consider additional costs like real estate agent fees, moving expenses, and security deposits. Considering all factors, the average moving price in Istanbul can reach up to 100,000 TL. If you plan to buy new furniture, expect to pay significantly more.
The monthly rent for 1+1 apartments in the city center ranges from 16,000 to 40,000 TL. You can find monthly rates between 10,000 and 25,000 TL in more remote areas. For 3+1 apartments in central locations, the monthly rent varies from 30,000 to 80,000 TL, while in areas further from the city center, the rates are between 20,000 and 46,000 TL. (APRIL 2024 PRICES)
Real estate agencies charge a commission of 12% of the annual rent, which the tenant typically pays. If you rent an apartment for 10,000 TL per month, you must pay an additional 12,000 TL as the agent’s fee. However, this fee is often considered equivalent to one month’s rent. By negotiating effectively, you might be able to save up to 2,000 TL.
Landlords generally require one month’s rent as a security deposit. Two months’ rent as a deposit may be requested for more desirable properties.
Moving costs are calculated based on the amount of furniture per square meter and the distance traveled, making it essential to do detailed calculations for these expenses.
For an idea of the current average rental rates in Istanbul, refer to Numbeo’s data for April 2024.
Ideal Neighborhoods for Expats in Istanbul
Expatriates working in Istanbul, particularly white-collar professionals, tend to favor neighborhoods with extensive public transportation options and opportunities for social activities, which are at the top of their list.
However, those looking for more affordable rents often consider areas farther from the city center. These locations usually feature high-quality residential regions with ample amenities such as pools and gyms.
What are the preferred neighborhoods for expats working in Istanbul? For more information, check out our detailed article.
Average Salaries in Istanbul
It’s well known that Istanbul’s living costs are higher than other cities. But what about the salaries? The average salary scale in Istanbul is slightly higher than in different cities. However, the minimum wage is the same across Turkey, at 17,002 TL.
2024 Average White-Collar Salaries in Istanbul
In the city, white-collar salaries vary by company and position, but according to research by platforms like Kariyer.net and Reed, average annual salaries range between 300,000 and 900,000 TL. For instance, a newly graduated individual might earn an average net salary of 33,000 TL, while directors can make an average of 165,000 TL.
2024 Average Blue-Collar Salaries in Istanbul
Blue-collar wages also vary depending on the company, industry, and level of expertise. According to the last four months of research by Kariyer.net, a beginner worker earns an average of 20,500 TL. Meanwhile, a crane operator in Istanbul can earn up to 150,000 TL per month, whereas unskilled workers earn the minimum wage.
Overall, average salaries range from 19,000 to 40,000 TL.
Average Expenses in Istanbul
Living in Istanbul, you will encounter various costs associated with basic needs. Here’s a detailed look at these categories:
Housing
- Rent: Rental agreements are typically annual, with monthly rent. The cost can vary significantly depending on the location and property type.
- Security Deposit: Landlords usually require one month’s rent as a security deposit. A deposit of two month’s rent or more may be necessary for more desirable properties in central locations. Furnished homes may also incur higher deposits.
- Real Estate Agent Fee: Agents typically charge a commission of 12% of the annual rent.
- Moving Costs: Local moving companies charge around 10,000 TL for a 25 square meter space. International moving costs start from approximately 1,000 EUR, depending on the distance.
Housing Expenses for Expats in Istanbul
For expats seeking accommodation in central locations, here’s a breakdown of potential expenses for a 2+1 rental apartment:
- Monthly Rent: 40,000 TL
- Real Estate Agent Fee: 57,600 TL
- Furnishing the Apartment: 100,000 TL
- Security Deposit: 80,000 TL
Upon moving in, you’ll need to pay approximately 280,000 TL. Afterward, with essential utility bills (gas, electricity, water) included, your monthly housing expenses will average around 42,500 TL. Adding additional expenses like internet services or condo fees will cost around 45.000 TL.
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Health Expenses in Istanbul 2024
Healthcare expenses are covered mainly by state hospitals, with a significant portion provided free of charge. However, having insurance is essential. Additionally, private health insurance allows you to access hospital services with only a service fee, payable in monthly installments.
Companies often provide private health insurance. If you opt for individual coverage, the insurance cost varies based on age and health condition. For individuals aged 30-40, average annual fees start from 15,000 TL.
Food and Beverage Expenses in Istanbul 2024
The average price for a meal covering an ideal outing in the city is around 400 TL. Fast food items can be purchased for around 200 TL on average. However, prices per person in luxury restaurants can go up to 1,500 TL. Adding alcoholic beverages will further increase the cost.
The average grocery expense for one person in Istanbul starts from 2,500 TL. This expense covers bread, sugar, milk, eggs, and vegetables. Including meat products increases the monthly minimum cost to 4,000 TL.
Transportation Expenses in Istanbul 2024
Please refer to our transportation expenses page for detailed information on transportation expenses in Istanbul.
A Detailed Overview Of Istanbul Living
Istanbul, a city that bridges Europe and Asia, is known for its rich history and vibrant culture. When considering a move to this bustling metropolis, it’s essential to understand the cost of living. This article provides a detailed look into the living expenses in Istanbul, focusing on various factors that affect everyday life.
Estimated Monthly Costs for a Single Person
For a single person, the estimated monthly costs in Istanbul, including rent, can vary significantly depending on lifestyle and location. On average, consumer prices, including rent, are relatively moderate compared to many Western cities. The calculation uses our cost data, which shows that maintaining the same standard of life as in other major cities might be more affordable here. The living plus rent index indicates that while rent prices can be high in central areas, they are generally lower in suburban districts.
Earnings After Income Tax
When considering the cost of living, looking at earnings after income tax is crucial. In Istanbul, net earnings after income deductions allow for a comfortable lifestyle for many. Assuming net earnings is essential to get a realistic picture of living expenses. For those earning an average salary, local purchasing power is relatively strong, allowing residents to maintain a good standard of life. The rent index to compare different neighborhoods can help find more affordable housing options.
Comparing Rent in Both Cities
When making a cost of living comparison between Istanbul and other Turkish cities, the rent index to compare is a valuable tool. It shows that rent in both cities can vary widely, but Istanbul often provides more expensive options. This makes it a popular choice for expats and locals looking to balance cost and quality of life. For those looking to move to Istanbul, understanding these dynamics can help in making informed decisions.
Assumptions and Calculations
To get a clear picture of the cost of living in Istanbul, it’s essential to consider various factors. Our calculation uses our cost data to provide an accurate overview. Assuming net earnings and factoring in consumer prices, including rent, we can offer a comprehensive look at living expenses. The amount in this calculation gives potential residents an understanding of what to expect. This detailed approach ensures that potential residents can make informed decisions about their move to Istanbul, knowing they can maintain the same standard of life they are accustomed to.
In conclusion, Istanbul offers a unique blend of affordability and quality of life. By understanding the cost of living, including estimated monthly costs and the living plus rent index, potential residents can make well-informed decisions. Whether you are comparing rent in both cities or looking at net earnings after income tax, this guide provides essential insights into living in Istanbul.
