By Justin Mays:
One of the major questions that retirees have before moving here is, “how much do you need to retire in Turkey?” We get this question a lot from clients, and today we are providing you with a detailed cost breakdown of retiring in Turkey.
Before we discuss the costs of retiring here, you should know that your costs on retiring to Turkey will be based mainly on whether you will retire here as a single person or move with your family and your lifestyle.
You should also remember that prices vary from city to city in Turkey. However, retirees from the west find it the perfect country to buy property in and benefit from the profitable real estate, investment-friendly policies, and affordable lifestyle.
Note: The prices mentioned in this blog post are subject to change.
How Much Do You Need to Retire in Turkey?
Rent in Turkey
Rents in Turkey are increasing rapidly. If you are interested in living in the primary business hub of Turkey, Istanbul, you should know that the rents in this city are quite high.
Finding accommodation in the suburbs of Istanbul tends to be much more affordable than homes and apartments in the city center.
An apartment in the famous Taksim area can cost anywhere between 9000 TL to 15000 TL (roughly 485-807 USD) in rent per month, depending on the facilities and architecture of the building.
Tax on Pensions in Turkey
While in Turkey, expats are not required to pay taxes on their worldwide income. They only have to pay taxes if they source their income from within Turkey. Since Turkey does not tax pensions, you can enjoy living here as a retired expat without paying taxes on your foreign pension.
Moving to Turkey for retirement is a fantastic idea when you consider the fluctuating value of the Turkish Lira against the Dollar. You can get more value for your money and make your income last a long time.
Properties in Turkey
Turkey is the finest place to invest in for foreigners for two reasons. Turkey offers a large assortment of properties for low prices and thriving property resale opportunities. Recently, Turkey has opened its real estate market to foreign buyers, which has expedited the development and expansion of the real estate market.
Middle easterners, Germans, Russians and British people have been investing in the local properties and purchasing villas and homes in the coastal regions of Turkey.
Every year, prestigious housing and high-rise projects are constructed and ready for international buyers to invest in.
Thanks to Turkey’s stunning landscape, you can buy a property at any location with your desired view within your budget. You can easily purchase a four-bedroom villa in the suburbs of Istanbul for as low as 583,360 USD.
If you want to buy real estate in Turkey, you can apply for Turkish Citizenship via the Turkey Citizenship by Property Investment Program and own a Turkish passport.
You can go through our blog, where we outline the whole process step-by-step of Becoming a Turkish Citizen Through Real Estate Investment.
Further Reading: Is Turkey a Good Place to Retire?
Cost of Healthcare
Healthcare is one of the significant costs for retired expats. The quality of healthcare you receive in Turkey depends on your region. However, Istanbul and other megacities have all the healthcare facilities, such as major hospitals, trained staff, English-speaking medical professionals, etc.
Those under the age of 65 must possess health insurance, which is one of the requirements for residency in Turkey.
Expats can decide between state-run SGK or private insurance policies. The monthly cost for SGK insurance is 426.60 TL. Individuals over 65 are not required to acquire medical health insurance.
Cost of Transportation
The transportation facilities throughout Istanbul are highly developed and have made traveling fairly stress-free. With the current prices, you can expect to pay 602 TL (around 32-33 USD) monthly for utilizing public transportation.
A liter of petrol can cost around 22 TL (1.18 USD) if you have a car.
Living Costs in Turkey (Clothing, Groceries, Leisure, etc.)
Now let’s look at the living costs in Turkey. If you compare the food prices here to European countries, you will know that the food in Turkey is still relatively cheap. You can get a liter of milk for about 15.95 TL (0.86 USD), a pack of 30 eggs for 62.50 TL (3.36 USD), and 500 grams of butter for 59.75 TL (3.21 USD).
The wise thing to do when buying groceries is to shop from the neighborhood stores, markets, and weekly bazaars to get a bargain.
Clothing in Turkey is generally affordable, though prices depend on the stores you are purchasing from.
Regarding alcohol, while the prices depend on the brand you want to purchase, alcohol in Turkey is taxed very high. A bottle of imported beer can cost up to 43.33 Turkish Lira (2.33 USD).
Moreover, eating out is typically not too expensive in Turkey. Fast food is cheap, with a one-person meal costing about 50 TL (2.69 USD). Mid-tier restaurants run a little pricey and can cost you between 140 to 160 TL (7.53-8.61 USD).
While life is much more expensive in the megacities like Istanbul, you can always pick a location from the Aegean and Mediterranean coasts in Turkey to retire to since life there is not as costly.
Further Reading: 6 Best Places to Retire to in Turkey
Turkey is incredibly safe for expats to settle in after retirement. There are countless natural wonders and historical sights to explore and admire. It is also an excellent choice for those who have always wanted to access a calm and easy-going lifestyle.
Only in Turkey can you buy the freshest groceries for half the price compared to its European counterparts and have the advantage of purchasing a holiday home equipped with the top luxuries for the best price.
At Prime Property Turkey, we have a team of industry-leading specialists to guide homebuyers to make the best investment and buy a property that works for their lifestyle.
We hope our blog post helped you understand the costs and benefits of retiring to Turkey. Contact us to connect with our experts for more information.
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