Authored by the expert who managed and guided the team behind the Turkey Property Pack
Everything you need to know before buying real estate is included in our Turkey Property Pack
Turkey offers retirees a unique combination of affordable living, Mediterranean climate, and modern healthcare, but high inflation means your budget needs careful planning.
This guide breaks down realistic monthly costs in Turkish lira, US dollars, and euros for 2026, covering everything from bare minimum survival to luxury retirement in cities like Istanbul, Antalya, and Izmir.
We update this article regularly with the latest housing prices in Turkey, exchange rates, and cost of living data to keep your retirement planning accurate.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Turkey.
How much money do I need to retire in Turkey right now?
What's the absolute minimum monthly budget to survive in Turkey?
The absolute minimum monthly budget to survive in Turkey in 2026 is approximately 35,000 Turkish lira, which translates to around $800 or €740, and this figure assumes you are living in a smaller city rather than Istanbul.
This survival budget covers basic rent in a modest neighborhood, home-cooked meals, public transportation, essential utilities, and a minimal private health insurance policy required for your residence permit.
At this budget level in Turkey, you will need to accept significant trade-offs: no dining out, limited social activities, no car ownership, reliance on public healthcare when possible, and little room for emergencies or unexpected expenses like appliance repairs or medical co-pays.
What lifestyle do I get with $2,000/month in Turkey in 2026?
As of early 2026, a budget of $2,000 per month (approximately 86,000 Turkish lira or €1,850) provides a comfortable but not extravagant lifestyle in Turkey, allowing you to live well outside premium neighborhoods while covering all essentials plus some discretionary spending.
On $2,000/month in Turkey, you can realistically afford a decent one-bedroom apartment for 28,000 to 40,000 TL ($650 to $930, or €600 to €860) in value-oriented neighborhoods like Kadikoy or Kozyatagi in Istanbul, or beachside areas like Konyaalti in Antalya and Karsiyaka in Izmir.
This budget allows for weekly restaurant meals at local lokantas, access to sports clubs or gyms, occasional domestic travel within Turkey by bus or budget airlines, and participation in cultural activities like museum visits and concerts.
The main limitation at the $2,000/month level in Turkey is that you will need to be mindful of rent negotiations since housing costs consume a large portion of your budget, and frequent international travel or premium private healthcare plans remain out of reach.
What lifestyle do I get with $3,000/month in Turkey in 2026?
As of early 2026, a budget of $3,000 per month (approximately 130,000 Turkish lira or €2,780) delivers a genuinely comfortable retirement lifestyle in Turkey, with enough flexibility to enjoy quality housing, regular private healthcare, and meaningful savings each month.
At $3,000/month in Turkey, you can afford a well-maintained one or two-bedroom apartment in desirable neighborhoods like Besiktas, Cihangir, or Atasehir in Istanbul for 45,000 to 65,000 TL ($1,050 to $1,500, or €970 to €1,390), or premium coastal locations in Konyaalti (Antalya) or Alsancak (Izmir).
This income level opens up regular dining at mid-range restaurants serving fresh seafood and traditional Turkish cuisine, domestic weekend getaways to Cappadocia or the Aegean coast, private gym memberships, and cultural subscriptions like theater or concert series.
The key upgrade from a $2,000 budget in Turkey is the ability to afford comprehensive private health insurance with broader hospital networks, build a real emergency fund, and enjoy spontaneous spending without constant budget monitoring.
What lifestyle do I get with $5,000/month in Turkey in 2026?
As of early 2026, a budget of $5,000 per month (approximately 215,000 Turkish lira or €4,630) provides a high-comfort lifestyle in Turkey, while $10,000/month (approximately 430,000 TL or €9,260) enables true luxury living with premium services and significant savings capacity.
At $5,000/month in Turkey, you can rent in sought-after neighborhoods like Nisantasi, Etiler, or Levent in Istanbul for 80,000 to 120,000 TL ($1,860 to $2,790, or €1,720 to €2,580), while $10,000/month unlocks luxury waterfront properties in Bebek or Arnavutkoy, or high-end villas in Bodrum's Yalikavak area.
These income levels in Turkey allow access to premium services including concierge healthcare at top private hospitals like Acibadem and Memorial, private drivers, membership at exclusive social clubs, regular fine dining at Istanbul's renowned restaurants, and frequent international travel.
How much for a "comfortable" retirement in Turkey in 2026?
As of early 2026, a comfortable retirement in Turkey requires approximately 70,000 TL per month ($1,600 or €1,480) in smaller cities like Antalya or Izmir, rising to around 110,000 TL ($2,550 or €2,360) in Istanbul to account for higher housing costs.
Given Turkey's elevated inflation environment of around 31% annually, we strongly recommend adding a 25% buffer to your comfortable retirement budget, which means planning for approximately 87,500 TL ($2,000 or €1,850) outside Istanbul or 137,500 TL ($3,200 or €2,960) in Istanbul.
The comfortable budget in Turkey covers expenses that a survival budget cannot: routine private healthcare and quality insurance, regular restaurant dining twice weekly, hobby expenses like golf or sailing club memberships, occasional domestic travel, and a meaningful monthly savings contribution for unexpected costs.
How much for a "luxury" retirement in Turkey in 2026?
As of early 2026, a luxury retirement in Turkey requires approximately 140,000 TL per month ($3,250 or €3,010) in coastal cities and around 220,000 TL ($5,100 or €4,720) in Istanbul to truly access premium living without financial constraints.
Luxury retirement in Turkey means premium apartment buildings with 24-hour security and concierge services costing 80,000 to 150,000 TL ($1,860 to $3,500, or €1,720 to €3,240) monthly, top-tier private health insurance with VIP hospital access, personal trainers, and access to exclusive golf and yacht clubs.
The most popular neighborhoods for luxury retirees in Turkey include Nisantasi and Bebek in Istanbul, Yalikavak in Bodrum, Alacati in Cesme, and the Lara district of Antalya, all offering premium residential options and high-end lifestyle amenities.
The main advantage of a luxury budget in Turkey beyond comfort is access to a network of services and social circles typically reserved for wealthy locals and international business executives, including members-only clubs, premium medical care with no waiting times, and invitations to exclusive cultural events.
We have made this infographic to give you a quick and clear snapshot of the property market in Turkey. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
What are the real monthly expenses for retirees in Turkey in 2026?
What is a realistic monthly budget breakdown by category in Turkey?
A realistic monthly budget for a single retiree in Turkey in 2026 breaks down approximately as follows: housing takes 40% to 45% of total spending, food and groceries 15% to 20%, healthcare 8% to 12%, utilities and communications 5% to 8%, transportation 4% to 6%, and miscellaneous expenses including entertainment 10% to 15%, which totals around $1,600 to $2,500 (€1,480 to €2,310) for comfortable living.
Housing costs in Turkey consume the largest share of a retiree's budget, typically ranging from 28,000 to 55,000 TL per month ($650 to $1,280, or €600 to €1,180) depending on city and neighborhood choice, making location selection the single most important financial decision for retirees.
Food and groceries in Turkey average 12,000 to 18,000 TL per month ($280 to $420, or €260 to €390) for a single person who cooks at home regularly and shops at local markets (pazars) rather than expensive supermarket chains.
The budget category that varies most in Turkey is healthcare, ranging from 3,000 TL ($70 or €65) for basic mandatory insurance to 15,000 TL ($350 or €325) monthly for comprehensive private coverage with premium hospital networks and lower co-pays.
What fees surprise foreigners most after moving to Turkey?
The top three hidden fees that surprise foreigners in Turkey are: annual residence permit renewal costs including notarization and translation fees (adding $200 to $500 beyond the official government fee), building maintenance fees (aidat) in modern complexes that can reach 5,000 to 12,000 TL monthly ($115 to $280, or €105 to €260), and mandatory DASK earthquake insurance for property owners.
One-time setup fees when first arriving in Turkey typically total 15,000 to 35,000 TL ($350 to $815, or €325 to €755) and include initial residence permit application costs, notarized rental contract registration, sworn translations of documents, utility connection deposits, and biometric photos for official paperwork.
What's the average rent for a 1-bedroom or a 2-bedroom in Turkey in 2026?
As of early 2026, average monthly rent for a one-bedroom apartment in Turkey ranges from 20,000 to 45,000 TL ($465 to $1,050, or €430 to €970) depending on city, while two-bedroom apartments cost 30,000 to 70,000 TL ($700 to $1,630, or €650 to €1,510).
For one-bedroom apartments in Turkey, budget neighborhoods in smaller cities start around 15,000 TL ($350 or €325), mid-range areas in Antalya or Izmir run 20,000 to 28,000 TL ($465 to $650, or €430 to €600), and desirable Istanbul neighborhoods like Kadikoy command 35,000 to 45,000 TL ($815 to $1,050, or €755 to €970).
Two-bedroom apartments in Turkey follow similar patterns: budget options outside major cities from 22,000 TL ($510 or €475), comfortable coastal apartments in Antalya's Konyaalti or Lara for 28,000 to 40,000 TL ($650 to $930, or €600 to €860), and quality Istanbul buildings reaching 50,000 to 70,000 TL ($1,165 to $1,630, or €1,080 to €1,510).
The best value neighborhoods for retirees in Turkey include Kozyatagi and Maltepe in Istanbul's Asian side, Karsiyaka and Bornova in Izmir, and Kepez district in Antalya, all offering modern apartments with good transportation links at 20% to 30% below premium neighborhood prices.
By the way, we've written a blog article detailing what are the latest rent data in Turkey.
What do utilities cost monthly in Turkey in 2026?
As of early 2026, total monthly utilities for a typical retiree apartment in Turkey range from 3,000 to 6,000 TL ($70 to $140, or €65 to €130), with significant variation based on apartment size, building insulation quality, and seasonal heating or cooling needs.
Individual utility costs in Turkey break down approximately as: electricity 1,200 to 2,500 TL ($28 to $58, or €26 to €54) monthly depending on air conditioning usage, natural gas for heating and cooking 800 to 2,000 TL ($19 to $47, or €17 to €43), and water plus sewerage 300 to 600 TL ($7 to $14, or €6.50 to €13).
Internet and mobile phone service in Turkey are relatively affordable, with unlimited fiber internet packages costing 400 to 700 TL ($9 to $16, or €8.50 to €15) monthly and mobile plans with generous data starting around 200 to 500 TL ($5 to $12, or €4.50 to €11).
What's the monthly food and transportation budget for one person in Turkey in 2026?
As of early 2026, a single person in Turkey should budget 14,000 to 25,000 TL ($325 to $580, or €300 to €540) monthly for food and transportation combined, with the exact amount depending heavily on cooking habits and transportation choices.
Grocery costs in Turkey for a single retiree cooking at home range from 8,000 to 14,000 TL ($185 to $325, or €170 to €300) monthly when shopping at local markets (pazars) and discount chains like BIM and A101 rather than premium supermarkets like Migros or Carrefour.
Dining out in Turkey significantly impacts food budgets: a local lokanta meal costs 150 to 250 TL ($3.50 to $5.80, or €3.25 to €5.40), while mid-range restaurant dinners run 400 to 800 TL ($9 to $19, or €8.50 to €17), meaning regular restaurant dining can easily add 6,000 to 10,000 TL ($140 to $230, or €130 to €215) monthly.
Transportation in Turkey using public transit (metro, bus, tram) costs only 2,000 to 4,000 TL ($47 to $93, or €43 to €86) monthly with an Istanbulkart or similar city card, while owning and operating a car including fuel, insurance, and parking runs 8,000 to 15,000 TL ($185 to $350, or €170 to €325) monthly.
Get fresh and reliable information about the market in Turkey
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Can I retire in Turkey if I want to buy property in 2026?
What's the average home price in Turkey in 2026?
As of early 2026, the average home price in Turkey for a typical apartment ranges from 4 to 6.5 million TL ($93,000 to $150,000, or €86,000 to €140,000) nationally, while Istanbul averages 5.5 to 10 million TL ($128,000 to $233,000, or €118,000 to €215,000) depending heavily on district and building quality.
Price ranges in Turkey vary dramatically by location: affordable inland cities like Gaziantep or Konya offer apartments from 2.5 million TL ($58,000 or €54,000), popular retirement destinations like Antalya average 4 to 7 million TL ($93,000 to $163,000, or €86,000 to €150,000), and premium Istanbul waterfront districts can exceed 20 million TL ($465,000 or €430,000).
For retirees in Turkey, modern apartments in managed complexes (siteler) typically offer the best combination of value, security, and amenities like swimming pools, gyms, and 24-hour security, with prices averaging 10% to 20% above standalone building equivalents but significantly lower maintenance concerns.
Please note that you will find all the information you need in our pack about properties in Turkey.
What down payment do foreigners usually need in Turkey in 2026?
As of early 2026, foreigners buying property in Turkey should plan for a down payment of 30% to 50% of the purchase price if seeking a mortgage, which means 1.5 to 3.25 million TL ($35,000 to $75,600, or €32,500 to €70,000) for a typical 5 million TL property, though many foreign buyers purchase with cash due to high local interest rates.
Foreigners in Turkey generally face stricter lending requirements than Turkish citizens, with banks requiring more documentation, higher down payments, and sometimes charging higher interest rates, which currently run around 1.5% to 2% monthly (roughly 20% to 25% annually) even for qualified borrowers.
We have a document entirely dedicated to the mortgage process in our pack about properties in Turkey.
[VARIABLE MORTGAGE]What's the all-in monthly cost to own in Turkey in 2026?
As of early 2026, the all-in monthly cost to own a typical apartment in Turkey (excluding mortgage payments) ranges from 6,000 to 20,000 TL ($140 to $465, or €130 to €430) for standard buildings, rising to 15,000 to 40,000 TL ($350 to $930, or €325 to €860) for premium complexes with extensive amenities.
Monthly ownership costs in Turkey include: building maintenance fees (aidat) of 1,500 to 12,000 TL ($35 to $280, or €32 to €260), utilities of 3,000 to 7,000 TL ($70 to $163, or €65 to €150), DASK mandatory earthquake insurance averaging 200 to 700 TL ($5 to $16, or €4.50 to €15) monthly equivalent, and a repairs reserve of 1,000 to 5,000 TL ($23 to $115, or €21 to €107).
Property tax in Turkey is relatively low at 0.1% to 0.2% of the registered property value annually, and HOA fees (aidat) in managed complexes typically cover building insurance, common area maintenance, security staff, and shared amenities like pools and gyms.
The hidden ownership cost that catches most foreign buyers off guard in Turkey is the substantial annual increases in aidat fees, which often rise 30% to 50% yearly in line with inflation, meaning your 3,000 TL monthly fee today could become 6,000 TL within two years.
By the way, we also have a blog article detailing the property taxes and fees in Turkey.
Is buying cheaper than renting in Turkey in 2026?
As of early 2026, the monthly cost comparison in Turkey shows that renting a typical apartment costs 30,000 to 45,000 TL ($700 to $1,050, or €650 to €970) while owning outright (no mortgage) costs 6,000 to 20,000 TL ($140 to $465, or €130 to €430), but this comparison ignores the opportunity cost of the purchase capital and transaction fees.
The typical break-even point where buying becomes financially advantageous over renting in Turkey is approximately 5 to 7 years, assuming you purchase a seismically safe building and avoid overpaying in speculative micro-markets, with shorter timelines in rapidly appreciating areas and longer ones in already-expensive districts.
Key factors making buying more attractive for retirees in Turkey include protection against rent inflation (which has exceeded 100% in some years), the ability to renovate to your preferences, and the psychological security of ownership, while renting advantages include flexibility to relocate, no exposure to property value declines, and freedom from maintenance responsibilities and building disputes.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Turkey versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What visas, taxes, and healthcare costs should I plan for in Turkey in 2026?
What retirement visa options exist in Turkey in 2026?
As of early 2026, Turkey does not offer a dedicated "retirement visa" but most retirees obtain a short-term residence permit (ikamet) that is renewable every one to two years, with total annual costs including government fees, documentation, and processing typically ranging from 3,000 to 8,000 TL ($70 to $185, or €65 to €170).
Financial requirements for a Turkey residence permit include demonstrating sufficient income or savings to support yourself without government assistance, typically evidenced through bank statements showing regular deposits or a lump sum, though there is no officially published minimum amount and requirements vary by immigration office.
Annual visa renewal costs in Turkey include the residence permit fee (calculated by nationality and duration), the card fee of 964 TL for 2026, mandatory health insurance, notarized documents, and sworn translations, typically totaling 4,000 to 12,000 TL ($93 to $280, or €86 to €260) depending on nationality and permit duration.
The most common visa mistake foreign retirees make in Turkey is letting their permit expire before applying for renewal, which can result in fines, deportation orders, or entry bans, so applications should be submitted at least 60 days before expiration.
Please note that we keep this page updated with the residency pathways in Turkey.
Do I pay tax on foreign income in Turkey in 2026?
As of early 2026, tax obligations on foreign income in Turkey depend on your residency status: if you become a tax resident (generally by spending more than 183 days per year in Turkey), you may be liable for tax on worldwide income, though foreign-sourced pension income is often exempt or covered by tax treaties.
For most retirees in Turkey, foreign pension income (including US Social Security), investment dividends, and interest from accounts outside Turkey are typically not taxed locally due to double taxation treaties, but rental income from property outside Turkey may be taxable if you are a Turkish tax resident.
Turkey has tax treaties with over 80 countries including the United States, United Kingdom, Germany, Canada, and most EU nations, which generally prevent double taxation and often exempt pension income from Turkish taxation.
The single most important tax rule foreign retirees should understand in Turkey is that tax residency is determined by physical presence (183+ days) rather than visa status, so even short-term residence permit holders can become tax residents with worldwide income reporting obligations.
What health insurance do retirees need in Turkey in 2026?
As of early 2026, retirees in Turkey need private health insurance that meets residence permit requirements, with basic policies starting around 2,000 to 4,000 TL ($47 to $93, or €43 to €86) annually for younger retirees, but costs rise to 6,000 to 15,000 TL ($140 to $350, or €130 to €325) for those over 60, translating to monthly costs of 500 to 1,250 TL ($12 to $29, or €11 to €27).
Foreigners in Turkey can access the public healthcare system (SGK) after one year of legal residence by paying monthly contributions of approximately 2,000 to 4,000 TL ($47 to $93, or €43 to €86), which provides broad coverage including pre-existing conditions, though wait times are longer than private facilities.
A realistic total annual healthcare budget for a retiree in Turkey including insurance premiums, out-of-pocket co-pays, medications, and dental care ranges from 50,000 to 120,000 TL ($1,165 to $2,790, or €1,080 to €2,580), or approximately 4,000 to 10,000 TL ($93 to $230, or €86 to €215) monthly, depending on health status and coverage level chosen.
Buying real estate in Turkey can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Turkey, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Turkish Statistical Institute (TURKSTAT) | Turkey's official national statistics agency that publishes inflation and consumer price data. | We used it to anchor all price estimates to the latest inflation reading of 30.89% for December 2025. We cross-checked every budget figure against official CPI trends. |
| Central Bank of Turkey (CBRT) Property Price Index | The official residential property price index published by Turkey's central bank. | We used it to track housing price momentum showing 29% nominal annual growth into late 2025. We referenced city breakdowns for Istanbul, Ankara, and Izmir estimates. |
| Istanbul Planning Agency (IPA) | A research unit of Istanbul Municipality publishing transparent monthly cost of living bulletins. | We used their September 2025 bulletin as the primary source for Istanbul household spending baskets. We scaled their data to create single-person budget estimates. |
| Directorate General of Migration Management (DGMM) | Turkey's official immigration authority responsible for residence permits. | We used it to describe visa types, requirements, and renewal processes accurately. We confirmed health insurance is mandatory for all residence permit applications. |
| REIDIN Property Indices | A widely-cited independent real estate data provider with transparent methodology. | We used their November 2025 indices as a private-sector cross-check against official CBRT data. We validated rent and price trends across major Turkish cities. |
| DASK (Earthquake Insurance Authority) | Turkey's official compulsory earthquake insurance institution. | We used their tariff schedules to include earthquake insurance as a real ownership cost. We explained why premiums vary by risk zone and construction type. |
| Revenue Administration (GIB) | Turkey's national tax authority publishing official tax guidance. | We used their taxation brochure to accurately describe resident versus non-resident tax rules. We referenced their rental income guidebook for property investor considerations. |
| OECD Housing Indicators | An international organization with standardized cross-country methodology. | We used it to validate that Turkey's housing inflation is unusually high by international standards. We provided context for why larger budget buffers are necessary. |
| Turkey Land Registry (TKGM) | The official authority for land registration and title deed procedures. | We used it to anchor information about title deed fees (tapu harci) and buyer closing costs. We avoided relying on informal sources for transaction cost estimates. |
| CBRT Exchange Rates | The central bank's official reference for daily foreign exchange rates. | We used it to convert all TRY figures to USD and EUR at approximately 43 TL per dollar. We kept conversions approximate since real rates vary daily. |
We made this infographic to show you how property prices in Turkey compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
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