The economic situation and standard of living in Turkey: what do you need to know?

Turkey attracts many tourists and those wishing to stay here for a long time, and this is no coincidence. This region is memorable for its warm hospitality, magnificent beaches, clean air, mild climate, and the diverse flavors of exotic fruits. The wonderful experiences in this country are not only explained by the pleasant weather and the enjoyment of fresh vitamins.

On the contrary, Turkey has achieved significant success in economic development in recent years, improving financial conditions due to a variety of factors. In 2018, the country was recognized as one of the fastest-growing economies in the world. At the same time, it is important to note that the process of obtaining residency is much simpler: it is enough to become a property owner, whether it be a house or an apartment. Living in this warm country is relatively inexpensive, which allows for a significant improvement in the quality of life. Let's take a closer look at the structure of expenses in Turkey.

Economic situation

It should be emphasized that the economic environment at the beginning of 2018 in Turkey has exceeded the expectations of experts. This is due to the growth of domestic demand, directly related to the increase in the income of citizens and a decrease in unemployment. According to the forecasts of the well-known international rating agency Fitch Ratings, in the next five years, the Turkish economy will be able to grow at the level of 4.8% per year.

These successes can be attributed not only to the actions of the government but also to a number of other factors. Turkey's population is around 80 million, and the country has the highest percentage of youth in Europe, with nearly half of its citizens under the age of 30. The youth in Turkey are actively engaged in the labor market, which creates a broader job market compared to European countries, and the skill level of workers is increasing, becoming more competitive.

Attracting foreign investments

One of the priorities of the Turkish government is attracting foreign investors, which is achieved by offering significant tax incentives and exemptions from customs duties at various stages of business operations. Favorable lending conditions, VAT payment deferrals, and various state subsidies in certain sectors of the economy have been developed for investors.

According to data from the Central Bank of Turkey, foreign direct investment increased by 50% in the first half of 2018 compared to the same period the previous year, reaching 4.1 billion dollars.

Expense structure in Turkey

When it comes to expenses, it's important to pay attention to the following aspects:

• Cost of living in Turkey
• Food prices
• Transport services
• Main categories of purchases (clothing, cosmetics, accessories)
• Housing market and real estate rental
• Utilities, taxes, internet, and communication
• Health, education and recreation

Tips for budget management

To avoid financial problems in this country, experts recommend following several key budgeting tips in Turkey. It's important to consider all aspects of your life, making informed decisions and avoiding unexpected expenses.

Conclusion

In conclusion, it can be said that life in Turkey offers the opportunity to lead an exciting, eventful life filled with various discoveries. The unique atmosphere and prospects for economic growth make this country an attractive place to live and work.

Support for the real estate sector

Government measures in the country have significantly contributed to the development of the real estate market. Thus, the VAT rate was reduced from 18% to 8%, and the tax on home purchase was reduced from 4% to 3%. In addition, mortgage rates have fallen by 25%, which in turn has led to increased interest in housing among both locals and foreign buyers.

Comparison of quality of life

When comparing the standard of living in Turkey with data from European countries, it becomes clear that the cost of living in this country is significantly lower. At the same time, the quality of life is fully comparable and, in some aspects, even exceeds European standards.

The average income in Istanbul ranges from 700 to 850 euros, while in cities like Ankara, Izmir, and Antalya, it is approximately 500-700 euros. However, these figures can vary significantly depending on the professional field and the qualifications of the employee.

Living expenses

Living expenses in Turkey are largely determined by geographical location, as well as individual preferences and habits. Generally, in large metropolitan areas like Istanbul and Izmir, the cost of living will be higher compared to resort areas located along the coast.

Inland areas of the country, where the local population predominantly resides, usually offer the opportunity to save significantly. Russian-speaking real estate investors planning to relocate, vacation or make an investment typically choose cities such as Istanbul, as well as Mediterranean resort areas including Antalya and Alanya.

These regions have well-developed infrastructure, which helps foreigners navigate the new environment more easily.

Financial needs on the coast

Depending on the lifestyle and needs of the family, a comfortable living on the coast of Antalya and Alanya requires between 350 to 900 euros per month. This amount covers expenses for rent, food, and utilities such as electricity and water supply, excluding costs for children's education and medical services in case of serious illnesses.

It is important to consider that the more a family spends on leisure, cafes, and shopping, the higher their overall expenses will be.

Food prices

As for food prices, Turkey has a developed agricultural sector that ensures high-quality products. Locals generally prefer to shop in small stores, although many opt for larger chain supermarkets like Migros, Gima, Tekpa, Makro, and Bim, where prices are more favorable.

You should also pay attention to the markets, where you can see a wide range of prices, so it is recommended to familiarize yourself with the cost of goods in advance. For example, in popular resort towns and Istanbul, food prices can be significantly higher.

Examples of prices

For example, a dozen eggs will cost about 0.75 euros, a liter of milk is around 0.45 euros, a kilogram of rice costs 0.9 euros, white bread can be bought for 0.2 euros, chicken (1 kg) will cost 1.3 euros, the price of meat ranges from 6.5 to 15 euros per kilogram, and cheese can be found for prices starting at 1 euro per kilogram.

This data helps to understand how much life in Turkey might cost and how regional differences affect overall financial expenses.

Food prices in Turkey

The prices of products in Turkey are quite diverse and vary depending on the region and season. For example, the cost of apples can start from2.8 eurosper kilogram, while oranges can be bought at a lower price, which ranges between0.2 and 0.4 euros.

Please note that potatoes are sold at a price starting from0.3 to 0.4 eurosfor a kilogram, but for tomatoes, cucumbers, and peppers, you'll have to pay starting from0.4 to 0.6 eurosfor the same volume. Turkish sweets, such as baklava and lokum, are priced in the range of0.9 to 2.8 eurosper kilogram.

Public transport in Turkey

Turkey also offers affordable and comfortable public transportation. The bus network connects both major cities and more remote towns. In Antalya, which is a coastal resort, the bus fare is only0.50 euros.

For those who travel frequently, there are even more advantageous options. Taxis in this region are also quite affordable. The starting price for a ride is often fixed at0.70 eurosand then approximately added0.5 eurosfor every kilometer traveled.

If you are considering renting a car, the cost will start from20 eurosper day, depending on the make and model of the car. For example, a used Volkswagen Golf with mileage20-25 thousand kilometersIt might cost you from2000 to 2300 euros.

Nevertheless, don't forget to take into account the fuel prices in the country, which are quite high — around2 eurosper liter.

Shopping in Turkey

Shopping in Turkey is a whole topic in itself, as the textile industry here is very developed. You can find clothing, shoes, and accessories for the whole family at reasonable prices and of average quality. For example, t-shirts, pants, and sweaters for the little ones can cost as little as2 eurosBranded items usually start with15 euros.

• Adult clothing is available in a wide range.
• The t-shirts cost3-5 euros
• Jeans vary from7 to 18 euros
• Outerwear starts at21 to 45 euros
• The shoes are available in a range from9 to 35 euros
• Bags and scarves cost approximately4-6 euros, and prices on brand-name adult products start at25 eurosand can significantly exceed this amount.

In addition, it's easy to find cosmetics in Turkey, both from European and local manufacturers. German and Turkish brands offer good quality products at affordable prices, but it's worth noting that luxury brands are often... 15-20%more expensive than in Europe.

Rental accommodation in Turkey

When it comes to real estate, the rental price of housing in Turkey is determined by many factors, including the rental period, location, and the level of comfort of the residential complex. For example, a two-bedroom apartment in a good part of Istanbul can be rented for a price starting from250 to 900 euros.

Short-term rentals in tourist areas also have their own rates: during the high season (from April to September), prices range from700 to 1500 eurosin a month, while in the low season (from October to March) they can drop to200-450 eurosper month, depending on the quality of the offered accommodation.

Components of housing maintenance costs in Turkey

The cost of living in Turkey is made up of several key elements, including utility expenses, the maintenance fee for the residential complex known as "aidat," and the annual property tax. Typically, a family of three or four spends around 25-60 euros per month on utility bills.

The expenses for maintaining real estate depend on the level of infrastructure in the complex. The more amenities provided—such as pools, saunas, gyms, and similar facilities—the higher the overall maintenance cost will be.

Medical services in Turkey

In private medical institutions in Turkey, services are chargeable. If a patient comes with health insurance, he or she will have to add about 30-40% to the cost of treatment, as the insurance does not cover the entire amount. It is important to note that the rates for medical procedures in Turkey are much lower compared to other European countries, but the quality here often exceeds generally accepted European standards.

For example, dental services in Turkey have become quite popular, and many people, including those from countries like Germany, Sweden, and Norway, are choosing to visit local clinics to receive professional help.

Development of medical tourism

It is important to emphasize that the development of medical tourism is one of the key tasks for the state, which allocates significant funds to support and develop this sector. In recent years, impressive results have been achieved in areas such as neurosurgery, cardiology, oncology, and the treatment of lung diseases.

Educational system

As for the education system, it is mostly provided for free and is accessible to everyone, including foreign citizens. Children can attend kindergartens and schools completely free of charge. In public universities, there is a small fee that is similar to a registration fee (around 500 lira).

At the same time, there are private kindergartens, schools, and universities in the country, with tuition fees ranging from affordable to high. However, even with paid education in Turkey, the prices are significantly lower than in Europe, while the quality of teaching is at a high level.

Kindergartens and school preparation

For toddlers and working moms, there are private kindergartens where you can enroll your child starting from the age of two. The prices for such establishments range from 125 to 270 euros per month, including meals. From the age of three, parents can send their children to public kindergartens, which operate until noon.

At the age of five, children move to a preparatory group where they are taught the necessary skills for a successful transition to primary school. Such groups are organized in both kindergartens and primary educational institutions.

Higher education in Turkey

Higher education in Turkey is also given significant attention. About a third of all budget funds allocated for education are directed specifically to this sector. Turkey ranks among the top 50 countries with the best universities in the world, and the number of educational institutions is approaching two hundred.

It is worth mentioning that diplomas issued by Turkish universities are recognized in Europe and do not require validation (unlike diplomas from Russian universities). Additionally, higher education institutions offer numerous exchange programs with educational establishments from European countries. Studies can be conducted in both Turkish and English.

Entertainment in Turkey

The entertainment sector in Turkey is characterized by diversity and active development. Residents and tourists can choose from a wide range of leisure options, including:

• beach holiday on the Mediterranean and Aegean coasts;
• visiting historical landmarks;
• active vacation at ski resorts;
• leisure in restaurants and nightclubs.

Turkey offers a vast array of opportunities for relaxation and entertainment, making it an attractive destination for both locals and visitors.

Conclusion

In concluding our detailed study of the current economic situation in Turkey, it is important to emphasize how much this country attracts the attention of foreign citizens and investors. Despite all its challenges, Turkey's economy continues to show steady growth, thanks to a multitude of factors — from natural resources to its strategically advantageous geographical location.

Life in Turkey, as we have already established, is significantly cheaper than in most European countries. However, this does not diminish the level of comfort and quality of life, which makes Turkey especially attractive for emigration or temporary residence. I find that each region has its own characteristics, and the choice of where to live can greatly impact your budget. For example, living in Istanbul is more expensive than in resort areas, but in this bustling city, you can find a variety of cultural and business opportunities.

By buying locally produced goods, you can not only save money but also support the local economy. It's also important to remember that the habits of Russian consumers can differ significantly from those of local residents, and it's worth being flexible and ready to adapt.

Tips for budgeting

I have presented expert tips on budgeting that can be useful for anyone planning to live in Turkey. Following these recommendations can significantly improve the financial structure of your budget and allow you to fully enjoy everything this beautiful country has to offer:

• Study the local prices.before making purchases.
• Make a list of necessary purchases.to avoid spontaneous expenses.
• Plan your budget in advance.and stick to it.
• Look for discounts and promotions.in supermarkets and markets.
• Use local methods of saving.such as buying groceries at markets.

The warm and friendly atmosphere, where understanding and hospitality prevail, is also memorable. Turkey is not just a place on the map; it is an opportunity to absorb unique traditions and culture that will stay with you for a lifetime.

Thus, Turkey is a land of opportunities where everyone can find something for themselves, learn something new, and gain inspiration. I hope this article has provided you with useful insights into life in Turkey and inspired you to embark on your own journey to this amazing country.