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Living In Turkey

  • 15 July 2020

Retire To Low Cost Of Living In Turkey

If you are looking to retire overseas, perhaps invest in a home abroad, then you should look south-east Mediterranean, south, Turkey to be an exact location. Turkey has made huge developments in the last twenty years and also has become a fierce contestant for your retirement deliberation.

Turkey is an excellent place for your new investments, with their upcoming and future tourism, the least cost of living, openness to the international buyers. Turkey is very vastly becoming a new favorite place to be purchase as a second home, retire too, or go on a holiday. Let us debate some of Turkey’s strong points, why it is emerging as the world’s leading place to purchase a home overseas.

Turkey has a beautiful combination of different things, including contemporary amenities, natural beaches, and historical cities. Turkey is the most favorite holiday terminus for as many European citizens. This country has beautiful and attractive sites, which would be an astonishing real estate investment for anybody looking. It is a desirable and welcome location for Mediterranean property relative to the over-crowded states like Italy, or Spain.

Nowadays, Turkey has become a jewel in the world for real estate investment because of its low-interest rates and real estate prices, the moneymaking option, and a high resale market for investment properties. Meanwhile, the markets have made accessible to foreign investors. Many cities have seen a fast increase in overseas purchase rushing values in this developing market as well.

Typically, Russian, British, and Germans are buying up retirement and holiday homes in the Mediterranean, Aegean coastal areas of the country. The consent into the EU will only drive higher prices as it has done for different member countries, so many citizens and foreigners are buying property now while the prices are still affordable. Turkey is making new high rises, beautiful villas, and commercial spaces.

You can also select to purchase land by a local real estate company, postponing your construction for a year though you spin down your present life.

Turkey offers a very exclusive landscape that is enclosed by several varied climates and several seas, allowing you to select the property which best suits your budget and desires. You will be able to pair your perfect property with the activities and hobbies at your bucket list, providing you the opportunity to enjoy the retirement days which you always desired fully.

The country offers a low-cost living for retired emigrants who have bought a home in the sun and moved overseas.

As an example, a retired couple on say £2,000 per month pension income get from the UK. Let us undertake that they are letting their home overseas. In Spain, Madrid to live restfully, the couple will need about £2,440 per month, so their UK pension that will be subject to Spanish taxes, it will not be enough for a comfortable life. They will have to make concessions.

This couple will need £1,200 per month to reach the same comfort in say Istanbul, Turkey, perhaps less on the south coast of Turkey. Additionally, their UK pension will not be taxed in Turkey, so their net throwaway income in Turkey will be greater than in Spain to start with. Consequently, £2,000 net from the UK will provide a luxury life in Turkey while it will fail to provide a comfortable living in Spain.

Low cost of living in Turkey is due to many factors is due to different factors

Primarily, since Turkey is still struggling to get EU membership, it is considered as an outsider, it is not included in the EU zone. This is advantageous because it doesn’t matter if Turkey will be included in the EU but rather when.

This is a matter of advantage for external buyers because, you can get your money last longer and extend further, then with the ease of knowing that your asset will see a prominent value increase for once

European Union membership is finalized, could be 5 to 10years away though, it is most probably to happen.

Additionally, Turkey still grips to its roots, currently focusing on local workers with reasonable prices. Turkey has therefore achieved to avoid mega providers that drive prices up when they reach. Eateries, Family operated and local bakeries, and other necessities help to confirm that you will always find extraordinary value and great prices.

Turkey has been violent by extending tourist visas for foreign property owners and interest rates.

Consequently, when you choose to continue a residence in your present country, you will still be able to relish long periods in Turkey, although not being limited by short immigration durations.

Don’t worry about having to choose a small rural town to get these outstanding prices as you would in most of the countries. While you may see advanced early purchase prices in Turkey’s main urban locations, you will still be pleasingly surprised at how reasonable real estate and cost of living are.

 

Comparisons Spain versus Turkey cost of living

We have equated a typical shopping basket for a non-native family in Istanbul, Turkey, to one in Spain, Madrid. We additionally added some exceptional items as well, such as home insurance, dental fees, property prices, and home rentals.

Overall the following pattern arises

  1. Rent Prices for Madrid are 133.61% greater as compared to Istanbul
  2. Grocery Prices for Madrid are 51.13% greater as compared to Istanbul
  3. Consumer Prices for Madrid are 45.75% greater as compared to Istanbul
  4. Consumer Prices Including Rent for Madrid are 65.42% greater as compared to Istanbul

 

  1. Restaurant Prices for Madrid are 91.52% greater as compared to Istanbul
  2. Local Purchasing Power for Madrid is only 12.75% greater as compared to Istanbul

Seeing that local buying power in Madrid is only about 12.75% greater as compared to Istanbul, it means the cost of living in Istanbul, Turkey is about half compared to Madrid, Spain.

Notes

All of the household items and consumers, Spain is meaningfully more exclusive than Turkey, excluding for gas and alcohol.

  1. + 200% means three times, expensive and
  2. + 100% means twice, expensive 

As an example, property, bread, and coke are nearly three times more expensive to buy in Madrid, Spain, as compared to Istanbul, Turkey.

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