Skip to content
in Turkey

Costs of living in Turkey versus the UK

Costs of living in Turkey versus the UK, Residing and dealing abroad is a dream for many individuals, whether or not they’re retirees, college students with a spot yr or somebody who purely desires to expertise totally different cultures. During the last ten years, Turkey has turn out to be a possible nation for such folks. Clearly the summer season local weather is a powerful lure however how precisely does Turkey measure up in comparison with residing requirements and prices within the UK?

Residing in Turkey versus the UK
Property Costs for Shopping for

The price of property in Turkey is immensely cheaper than the UK. In keeping with a report by the UK land registry, the common worth of a home within the UK is £179,492 and within the capital London, common costs rise to £458,283.

£179,000 kilos in any coastal resorts of the Aegean and Mediterranean areas of Turkey will certainly get you a top-of-the-range four-bedroom indifferent villa with sea view, non-public swimming pool and all trendy amenities and decor. You may stay like a king!

Though the capital of Turkey is Ankara, it’s higher to match metropolis costs to 1 Istanbul property market, of essentially the most distinguished property markets of Turkey. In Istanbul, £458,000 kilos will get you a 3 bed room home. Alternatively you might go for a luxurious and trendy, 2-bedroom condominium in considered one of Istanbul’s elite neighbourhoods.

With each choices, consumers will discover themselves with cash left over ought to they need to spend money on a second buy-to-let property.

Rental Costs of Property

Month-to-month rental costs fluctuate all through the nation. In keeping with the organisation Numbeo, who compares residing requirements worldwide, common lease costs vary from 445 lira to 1324 lira a month.

The decrease costs check with locations resembling Didim on the Aegean coast whereas increased lease costs are seen in cities like Istanbul that together with tourism can be a serious monetary and enterprise hub.

Utilizing a median alternate charge of three.5, this put rental costs within the vary of £125 to £385 a month.

Price of Residing

The price of residing in Turkey has risen dramatically during the last 10 years however in comparison with the UK. It’s cheaper or the identical price, relying in your way of life. People who smoke and drinkers endure as a result of it goes with out saying that these are extremely taxed objects.

It additionally surprises many individuals to study that Turkey has one of many highest prices for petrol on the planet. On the time of writing this text, the price of Tremendous 95 gas in Turkey was 1.57 Euros whereas within the UK, it’s 1.49. If you wish to drive in Turkey, buy a diesel car as an alternative.

These excessive prices although, might be offset towards a budget worth of family utilities. Final month, I paid:

– Water: 20 TL (My property has a water metre)

– Electrical energy: 150 TL (My neighbour by no means pays above 100 lira)

– Limitless family Web: 70 lira (Cheaper, limited-use choices can be found)

– Communal property upkeep: 100 lira a month (Contains swimming pool upkeep and 24 hour safety)

Utilizing a median alternate charge of three.5, these month-to-month prices in GBP amounted to only below 100 kilos. Be aware: Council tax is a yearly cost of which final yr I paid 76 Turkish lira.

Meals and Drink

When consuming out, an honest 3-course meal is a median of 100 lira, though most expats favor to stay to native Turkish eating places serving conventional meals as a result of a 3-course meal might be as little as 25 lira (£7).

For buying functions, milk sells for a median of two.50 lira whereas bread is 75 kurus. Lamb and beef are costly right here in Turkey, however rooster and fish is reasonable and in abundance. The latter applies particularly to the coastal resorts. Some huge cash might be saved by merely utilizing the native weekly markets as an alternative of huge chain supermarkets.

Extra Prices that you simply don’t Pay within the UK

Residency Permits

If you happen to plan to remain in Turkey, for now not than 90 days in a 180 day interval. Than you possibly can stay on a vacationer visa costing £10.00. If you wish to keep longer, you want to apply for a residency allow of which the foundations are continuously altering however. Candidates now ought to think about a price of £50 per individual for 1-year permits.

That is simply the price of making use of and doesn’t embody utilizing translators or third-party corporations to assist.

Well being Care

This can be a controversial subject amongst expat communities and one of many largest elements to think about as a result of the free well being care that you simply obtain within the UK doesn’t exist right here. If you happen to keep in Turkey on a vacationer visa, it’s smart to purchase an insurance coverage coverage.

In any other case, for those who apply for a residency visa, below 65s can be part of the federal government SGK scheme which prices a median of 75 kilos a month, or supply their very own non-public medical insurance. Over 65’s also can supply non-public medical insurance or be ready to pay if one thing occurs.

Over 65s that select to fund their very own healthcare ought to be conscious that power or critical sickness. May incur hefty medical payments that may go away you and your loved ones financially drained. Points resembling dental care and eye assessments usually are not lined. With most insurance coverage insurance policies however the prices of those are cheaper in comparison with the UK.

Assessing Your Month-to-month Earnings
Financial savings Curiosity Fee

One of many causes, Turkey grew to become a preferred vacation spot for expats was the rate of interest on financial savings accounts. Whereas the UK rate of interest has all the time been poor. It was once round 14% in Turkey and expats deposited big quantities of cash, after which withdrew the curiosity month-to-month.

These charges now common between 8 and 9.5% depending on the quantity deposited and anybody utilizing. This as a supply of revenue ought to be conscious that the Turkish authorities desires to convey the charges down much more.

Whereas it’s tempting to have a look at the financial savings charge as an added bonus as a result of it’s far increased. Than you’ll ever obtain within the UK. It’s smart to not depend on it, or it is best to go for a set charge interval from the financial institution.

Working in Turkey

Turkey shouldn’t be within the EU so guidelines for EU staff that exist within the UK don’t apply right here. Working hours and situations are drastically totally different from the UK.

Sadly many expats work illegally as a result of the working allow course of is sophisticated and unpredictable. The minimal wage can be round 350 kilos which can take fastidiously budgeting if you wish to get monetary savings or return to the UK typically. Even be ready to stay with out credit score from the banks.

Abstract

When evaluating your new life in Turkey with that within the UK. There are a variety of contributing elements such because the alternate charge of foreign money. Space that you simply plan to stay in, age and way of life. Typically whereas there are extra prices resembling residency and healthcare. These might be offset towards a budget costs of family utilities and meals. A smoker and drinker, who likes to socialize. Doesn’t drive and owns their very own property in Turkey can have an honest way of life at a median price of 1500 to 2500 lira a month.

Su

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email
Share on print
Share on telegram

Buyer
Guide

Popular Posts

Demand for houses with balconies and a garden in Turkey increased by 233 percent

  The coronavirus pandemic continues to have an effect on the preferences of property consumers in Turkey. In the present day, the best demand is
Read More

Over 60,000 real estate agencies work legally in Turkey

  Turkish Commerce Minister Rushar Pekcan said that with the adjustments within the guidelines of actual property commerce. Solely licensed brokers and businesses can be
Read More

Turkey’s provinces with lowest growth rate of real estate prices revealed

  Over the previous six months of the mortgage increase and the associated rise in property gross sales in Turkey, housing costs in some provinces
Read More

Last Properties

REQUEST MORE INFORMATION ON PROJECTS

Please complete the form below to get in touch with the team. We will never share your details with anyone else.

What Happens Next ?

  • As soon as we receive your inquiry, we will assign it to our property expert.

  • Our expert will contact you shortly to give you all the information you need.

  • We will also send you the FREE buying Guide as a Thank you!