For euro earners Turkey is one of the cheapest countries in Europe because the lira has lost over 90 percent since 2018. Whoever earns or saves in lira loses; whoever arrives with euros lives on the coast for a third. Inflation and legal uncertainty are the price.
The short answer
Extremely cheap for euro income, coastal property affordable with citizenship from $400,000, but currency, inflation and the legal situation remain risks.
milinia’s take
- Save only in euros, dollars or gold; lira balances lose real value despite 40 percent interest.
- Property purchase: 4 percent transfer tax, mandatory valuation report, pay the price in lira at the daily rate.
- Citizenship through property purchase from $400,000 with a three-year holding period.
- The German pension is taxed in Germany; in Turkey only the part above €2,000 a month.
Living and costs
Around 55 percent below Germany, although inflation ran between 40 and 85 percent from 2022 to 2024 and prices in lira rose monthly; in euros it stayed cheap because the lira fell in parallel. A one-bedroom flat in central Istanbul costs €550, in Antalya €400, in Alanya €350, in Izmir €400. Groceries and restaurants a third of Germany; imported goods, cars and electronics dearer than in Germany because of special consumption taxes.
Taxes
Income tax 15 to 40 percent. Interest on lira accounts carries 5 to 15 percent withholding tax, foreign currency accounts 20 to 25 percent. Gains on Turkish shares tax-free after one year, on property after five years, before that at the tariff. Rental income at the tariff with an allowance of around €1,000. No wealth tax, inheritance tax 1 to 30 percent with allowances. The German statutory pension remains taxable in Germany under the treaty; Turkey may tax the part above €2,000 a month at no more than 10 percent.
Property
Istanbul €1,800 per square metre on average, good locations €3,500, Antalya €1,500, Alanya €1,300, Bodrum €3,000. In euros prices have been stable to slightly rising since 2021, in lira multiplied. Foreigners may buy except in military zones, need an official valuation report and a tax number. Transfer tax 4 percent, notary and cadastre around 1 percent, agent 2 to 4 percent. The price must flow in lira through a Turkish bank. Rental yields 5 to 7 percent in lira with inflation adjustment; the 25 percent cap on rent increases was lifted in 2024. From $400,000 of price and a three-year holding period citizenship is available.
Gold, portfolio, bank
Turkey is gold country: over 40 percent of households hold gold as savings, dealers in the Grand Bazaar, gold accounts at every bank, investment gold without VAT. An account needs tax number, passport and proof of address; foreign currency accounts are common. German brokers often terminate on a Turkish residence; check beforehand.
What emigrants underestimate
The residence permit: since 2022 residences in districts with more than 20 percent foreigners are no longer approved, including popular quarters in Antalya and Alanya; property ownership from $200,000 secures residence. Healthcare in private clinics is good and cheap; the mandatory SGK insurance for residents costs around €60 a month. And legal certainty with developers: only with a lawyer, only with a tapu entry, never with a deposit on promises.
Try it yourself
Travel Budget CalculatorCountry, days, people, style: your daily budget and travel fund, with buffer and cash share.Income Tax CalculatorEnter taxable income, read off tax, marginal rate and average rate, with joint assessment.Frequently asked questions
How much interest do lira accounts pay?
Around 35 to 45 percent in 2026, at a similar inflation rate. Little remains in real terms, and the saver carries the currency risk.
Can I buy property as a German?
Yes, with a tax number, valuation report and entry at the tapu office. The price is settled in lira through a Turkish bank.
Is my German pension taxed in Turkey?
The part above €24,000 a year may be taxed by Turkey at up to 10 percent; Germany credits that.
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