Is Istanbul Still Europe's Most Affordable Metropolis?

Istanbul has long had a reputation as the big European city where your money goes further. Is that still true? We compared Istanbul with four popular European capitals using the latest Numbeo data (November 2026). The short answer: against Paris, Madrid and Lisbon, clearly yes. Against Athens the gap is small, and Athens is cheaper on rent.

Istanbul vs Paris, Madrid, Lisbon and Athens

Numbeo estimates that a lifestyle costing about €3,740 a month in Istanbul, rent included, would cost:

Buying a home: where the difference is largest

The biggest gap is in property prices. The average price of a city-centre apartment per square metre:

A city-centre square metre in Paris costs almost five times as much as in Istanbul, in Madrid about three times and in Lisbon more than two and a half times as much. This is why many buyers who are priced out of Western European capitals look at Istanbul, where a central home is still within reach for a budget that would buy only a small flat elsewhere.

Renting

A one-bedroom city-centre apartment rents for about €890 a month in Istanbul, against about €1,390 in Madrid, €1,450 in Lisbon and €1,450 in Paris. Athens is the exception at about €670.

Rents in Istanbul are also the fastest-moving part of the market: according to the Central Bank of the Republic of Türkiye, new-tenant rents in Istanbul rose 35.5% in the year to September 2026. For tenants this narrows the gap with other cities; for owners who let their property it means stronger rental income.

Daily life: eating out, groceries and transport

• Eating out: restaurant prices are 48% higher in Paris, 25% higher in Madrid, 22% higher in Athens and 12% higher in Lisbon than in Istanbul.
• Groceries: 74% higher in Paris, 29% higher in Madrid, 26% higher in Athens and 17% higher in Lisbon.
• Public transport: a monthly Istanbulkart pass costs 3,628 TL (about €65).

Curious about everyday costs in more detail? Read our guide on the cost of living in Istanbul.

Inflation and the lira: what it means for you

Türkiye's annual inflation was 29.77% in October 2026, so lira prices rise quickly. What this means depends on how you earn:

• If you earn in euros, dollars or pounds, your costs in Istanbul depend on both lira prices and the exchange rate. The comparisons above are converted to euros at current rates, so they already reflect today's balance between the two.
• If you earn in lira, rising prices weigh on the household budget, and rents in particular have risen faster than inflation over the past year.

Because both prices and exchange rates move, it is worth checking a recent comparison before you plan a budget. We update this article as new data is published.

So, is Istanbul still Europe's most affordable metropolis?

Among Europe's largest and best-known cities, Istanbul remains one of the most affordable places to live and, above all, to buy a home. Compared with Paris, Madrid and Lisbon it is clearly cheaper on almost every measure. Athens is close overall (about 9% more expensive in total) and cheaper on rent, but buying in central Istanbul still costs less per square metre, and Istanbul offers the scale of a global city of about 15.8 million people. See also Istanbul's position among Europe's top destinations.

Living in Istanbul as a property owner

Owning a home can also be your route to living in Türkiye: as of October 2026, a home worth at least USD 200,000 qualifies for a residence permit, and property worth at least USD 400,000 can lead to Turkish citizenship. Rules can change and every application is decided by the authorities, so always check the current requirements.

Istanbul Homes helps you compare districts, find the right property for your budget and handle the purchase from start to finish. Contact us to start your search.

Sources: Numbeo city comparisons for Istanbul, Paris, Madrid, Lisbon and Athens, shown in euros, updated 8 to 9 November 2026; Central Bank of the Republic of Türkiye (CBRT), New Tenant Rent Index, September 2026; TÜİK consumer price index, October 2026; TÜİK address-based population registration, 31 December 2025; Istanbulkart monthly pass 3,628 TL (IETT tariff in force since 20 July 2026, as reported in the press), converted at about 56.2 TL per euro. Last updated: November 2026.