Living costs in Turkey
Turkey, which offers a unique investment privilege to all citizens of the world, has hosted many nations, has traces from East and West and has become one of the most visited regions in the world, recently changed its citizenship law and encouraged more people to invest. The real estate amount that must be paid to become a citizen of the Republic of Turkey has been reduced from $1 million to $250,000. This situation has been cited as one of the most important factors that stimulated the real estate market. Individuals intending to become citizens of the Republic of Turkey have been naturalized by holding the properties they have purchased for at least 3 years.
This dynamic was most effective in Istanbul, Antalya, Ankara and Bursa respectively. While real estate sales to foreigners increased in these cities, 19,000 apartments were sold in Istanbul, 7,000 in Antalya, 3,000 in Ankara and 1,000 in Bursa. Iranians, Iraqis, Russians, Afghans, Azerbaijanis and Jordanians became the nations that acquired citizenship of the Republic of Turkey by buying the most houses in Turkey. The average amount foreign investors paid for real estate was around $161,000.
COST OF LIVING IN TURKEY
After buying a property in Turkey, the cost of living in Turkey is one of the most curious issues for those considering living here. Living with minimum wage in Turkey is difficult in some regions and quite comfortable in others. In general, Turkey offers a high standard of living at a low cost, and as a result, it has become one of the most popular travel destinations for many people worldwide.
Health care and pension costs are borne by employers in Turkey. The minimum wage paid to a person is 2,000 825 TL. This amount is sufficient for the person not paying rent.
As in all parts of the world, living in big cities is more expensive than living in small areas. Istanbul is the region with the highest cost of living in Turkey. In Istanbul, Turkey's most important city as an economic, tourism and business center, many factors such as food and drink, accommodation and transportation are more important than in other regions of Turkey. The fact that a family not paying rent earns a salary of about 7,000 TL per month makes life in Istanbul comfortable. Numbers below can lead to difficulties in living in Istanbul.
When people choose the Mediterranean or Aegean coasts to live in Turkey, their spending decreases accordingly. Although regions like Fethiye, Kusadasi and Cesme are considered to be quite expensive holiday regions, life in these regions is around 25 percent more convenient than in Istanbul. Couples living in these regions can live an average life with a median income of 3,000 TL.
HIGH TRANSITION IN TURKEY PROVIDES COMFORTABLE LIFE FOR FOREIGNERS
An immigrant who has retired to his own country and is considering spending the rest of his life in Turkey can live a very comfortable life in Turkey due to the high exchange rate. Currently, the most commonly used dollar and euro currencies in Turkey are traded around 10 TL. If you have retired abroad, you can live "like kings" in Turkey.
If you have a lot of money abroad, you can use it within the Turkish banking system. You can take advantage of the high interest rates in Turkey and finance your life in Turkey by taking advantage of the almost 10% interest rate.
The cost of living in Turkey is one of the major issues encouraging people to spend the rest of their life in Turkey.
Expenses that a person who owns a vehicle in Turkey must pay include insurance, vehicle maintenance and items of expense such as oil. Oil prices in Turkey are almost twice as high as in Russia and the USA. However, it has cheaper oil consumption than most European countries. Vehicle owners pay almost 5,000 TL annually for insurance and vehicle maintenance and can continue to use the vehicle.
Persons under the age of 65 who intend to stay in Turkey for more than 90 days require a residence permit and compulsory health care. If a couple stays in Turkey for a long period of time, they must benefit from a residence permit and health insurance. This amount is close to 7,000 TL per year. After paying this fee, couples can stay in Turkey for a long time.
The average housing costs of people planning to live in Turkey also vary. The most important factor that changes this cost is where the person chooses to live. The benefits in the region in which a residence is located also change the contributions to be paid. The fees to be paid can vary between 100 TL and 3,000 TL. Electricity bills average 300 TL, water bills average 100 TL, municipal taxes are 200 TL per year, earthquake insurance has an average annual cost of 250 TL. The telephone, internet and satellite costs are around 130 TL per month.
WHAT ARE REAL ESTATE COSTS IN TURKEY?
There are some costs that people looking to buy property in Turkey should also consider. Overlooking these costs leads people to face surprise payments.
In order to sell a property, a real estate appraisal must be obtained. The price of this property appraisal or appraisal report varies between thousand TL and 2,000 TL.
People who buy property in Turkey need to pay title deed transfer fee. This price corresponds to 4% of the building value. In addition, the revolving fund fee and land registry fee are payable. This amount varies by 700 TL.
Since a contract is required when buying and selling real estate, a contract fee must be paid to the solicitor. This amount varies depending on the price of the property.
Since the person buying the property is a foreigner, it is important to have a passport translated. The passport translation and, if applicable, the lawyer's fee cost a total of around 1500 TL.
Eğer alım - satım anlaşması emlakçı tarafından gerçekleştiriliyorsa, emlak bedelinin yüzde 2'si emlakçıya komisyon olarak ödenir.
TURKEY OFFERS MANY ADVANTAGES TO INVESTORS
There are many benefits for people considering living in Turkey. The number of people investing in Turkey is increasing day by day, which means that the investment made by the person becomes even more valuable. Turkey, which has a significant young population and therefore a skilled workforce, is expected to rise to the top in Europe in the coming period. Turkey, whose transportation and infrastructure facilities are improving, also stands out for the incentives it offers to foreign investors. Customs exemption, investment location allocation, infrastructure support facilitate the processes for investors. Turkey, where there are real estate regions suitable for every budget, offers real estate options that can meet people's expectations.
WITH 2 CLICKS WE ARE READY TO SERVE YOU
As 2 Clicks, one of the leading companies managing the property buying process in Turkey, we answer all the questions that foreigners have about the properties they want to buy in Turkey and we prevent potential problems. You can also contact us to benefit from the services we offer and after the meeting you can find answers to your questions.
Türkmen Mahallesi, Saçıkara Sokak, B-Block NO. 21 B, Kuşadası-Aydın, Turkey. You can reach our company based in Turkey on phone number +90 (544) 443 46 24 and quick call via WhatsApp. You can send an email to 2Clicks.io via [email protected] and get detailed information about our work
Call now to buy property in Turkey and take advantage of Turkey's development opportunities.
