Monthly living expenses in Istanbul exceed $2,345 in June
**Istanbul's Soaring Cost of Living Puts Strain on Household Budgets**
The cost of living in Istanbul has reached new heights, with monthly expenses for a typical single person averaging around ₺44,200, according to a comprehensive study conducted by the Istanbul Planning Agency. This figure includes essential expenses such as rent, utilities, groceries, transportation, internet, and entertainment.
Rent alone for a one-bedroom apartment in a mid-range area averages ₺30,000 monthly, accounting for a substantial portion of overall living costs. Apartment prices in Istanbul have increased approximately 30% nominally over the past year, hitting an average of about TRY 55,500 per square meter (around USD 1,520/m²). However, after adjusting for inflation, the real appreciation is actually negative at about -8%, indicating that price increases are closely tied to inflation rather than real market growth.
In comparison, Turkey has experienced persistently high inflation since 2019, peaking at 85.51% monthly inflation in October 2022. By mid-2024, inflation remained very high, around 47.1%, though it moderated somewhat by June 2023 to around 38.21% year-on-year. This high inflation rate affects all consumer goods and services, with particularly steep inflation in food and beverages—the highest household expenditure category.
The study found that Istanbulites are paying significantly more for essential areas of household spending, including food, housing, transportation, and utilities, compared to just a year ago. Consequently, the city's average living expenses increased by ₺1,743 month-on-month in June 2025, surpassing Turkey's national monthly inflation rate of 1.37%. The average monthly cost of living in Istanbul as of June 2025 is ₺93,465 ($2,345).
The study's results indicate that the cost of living in Istanbul has significantly increased compared to the same month last year. The results were standardized using per capita equivalence for a four-person household, allowing for accurate comparisons and a clear picture of the evolving financial burden faced by Istanbul's residents.
The study's findings highlight that the price hikes have become a defining feature of urban life in Istanbul, raising concerns about the sustainability of family budgets and living standards. The monthly rise also surpasses the Istanbul-specific inflation measure of 1.77% as reported by the Istanbul Chamber of Commerce (ICOC).
Over the past two and a half years, the increase in the cost of living in Istanbul amounts to nearly ₺64,000. The study's findings suggest that the deepening affordability challenges in Istanbul are cutting across various aspects of everyday life, with the city's residents potentially facing increased financial strain due to the sustained increase in living costs.
References: [1] Istanbul Planning Agency, "Cost of Living in Istanbul" Study, 2025. [2] Turkish Statistical Institute, Consumer Price Index, 2019-2025. [3] Istanbul Chamber of Commerce, Inflation Rate, 2022-2025.
- In light of Istanbul's escalating cost of living, President Erdogan's administration in Turkiye faces a challenge in managing personal-finance concerns, as the average cost of living in Istanbul currently stands at ₺93,465 ($2,345), exceeding the national inflation rate.
- The surge in Istanbul's cost of living, driven by high inflation and increased expenses in essential areas such as food, housing, transportation, and utilities, has put a strain on household budgets and raised concerns about the sustainability of family budgets and living standards.
- Although apartment prices in Istanbul have nominally increased by approximately 30% over the past year, after adjusting for inflation, the real appreciation is actually negative, indicating that price increases are closely tied to inflation rather than real market growth.
- The soaring cost of living in Istanbul, compounded by Turkey's high inflation, may have broader implications for the city's business and finance sector, as many businesses may struggle to cope with the escalating costs, particularly in the areas of food, beverages, and other essential goods and services.
