Retirement is an important turning point in life. And if you’re thinking of spending your golden years abroad, your top priorities are likely things like healthcare, safety and the cost of living. Turkey is the cheapest place to retire. This is despite the fact that Portugal and the Netherlands are among the most affordable places in Europe, according to Property Guides, a real estate consultancy.
According to the company’s data retirees need an average of 488 euros ($527) per month to live there. The country, home to around 85 million people and located in southwestern Asia/Europe, has one of the lowest crime rates in all of Europe.
According to a recent WTM Global Travel Report, Turkey has experienced an impressive increase in visitors since the pandemic (a 70% increase), making it the most visited country in Europe after France. This status has made it a thriving cultural destination and a busy international meeting place – two things that are important to retirees from abroad.
Turkey’s top retirement destinations are Istanbul, Antalya and Bodrum, according to Can Turken, Chief Operations Officer of Turkey Sotheby’s International Realty.
“Istanbul has some of the most sought after properties in all of Türkiye, namely the branded homes, villas and waterfront properties. Amenities often range from newly renovated or new kitchens and bathrooms, private parking, indoor pools, sauna and Turkish hammam.” told Turks T+L.
Sun-drenched beaches, fine restaurants, luxury hotels and a historic city center with numerous Roman and Ottoman remains can be found in Antalya, a picturesque holiday resort on Turkey’s Mediterranean coast. Turken made it clear that seaside properties with hotel-like amenities are in high demand and that the area is a popular choice due to the warm weather that occurs almost all year round and the combination of scenic nature and urban amenities.
Retirees seeking seclusion and exclusivity love Bodrum, the elegant luxury resort town on the Turkish Riviera known for its pristine beaches, luxury hotels, high-end shopping and high-end dining options.
Germany ranks second on Property Guides’ list of best retirement countries because the country has many green spaces and the most hospital beds available for its citizens. Greece comes in third place with a high affordability score. Greece, which also boasts a low crime rate, will cost you an average of $1,108 per month to cover your expenses.
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Data on the cost of living in Turkey
The cost of living in Turkey in 2023, converted to US dollars, varies depending on the city, lifestyle and personal needs. Here’s an overview based on recent data:
Accommodation:
- Renting a one-bedroom apartment in the city center costs around $240.70 per month, while the same outside the city center costs around $148.11.
- For a three-bedroom apartment, the cost in the city center is about $432.92 and outside the city center about $269.78.
Food and drink:
- Shopping is relatively affordable. For example, a liter of milk costs about $0.74, and a fresh loaf of white bread costs about $0.38.
- Eating out is also very affordable: a meal at a cheap restaurant costs about $3.24.
Transport:
- Public transport is efficient and affordable. A one-way ticket for local transportation costs about $0.38, and a monthly pass typically costs $24.32.
Utilities:
- Basic utilities for an 85 m2 apartment (including electricity, heating, cooling, water and waste) average about $58.16 per month.
Leisure activities:
- Joining a fitness club costs about $17.39 per month, and a movie ticket for an international release costs about $2.43.
healthcare:
- Turkey offers both public and private healthcare options. Public healthcare is cost-effective with nominal costs, while private healthcare provides high-quality care at varying costs.
General expenses:
- The average monthly cost of living in Turkey for a single person is estimated at around $500 to $1,500, depending on lifestyle and spending habits.
These figures give a general idea of the cost of living in Turkey. Actual costs may vary based on individual circumstances and choices. This information has been compiled from multiple sources, including Livingcost.org, Numbeo.com, Onelifepassport.com, Simplytr.com and Globalcitizensolutions.com, and provides a comprehensive overview of the current cost of living in Turkey.
