Istanbul is the largest city in Turkey and 5th largest city proper in the world. The economy of Istanbul has always been the centre of Turkey's economic life because of its location as a junction of international land and sea trade routes. Istanbul is also Turkey's largest industrial centre. Istanbul and surrounding province produce cotton, fruit, olive oil, silk, and tobacco. Food processing, textile production, oil products, rubber, metal ware, leather, chemicals, pharmaceuticals, electronics, glass, machinery, automotive, transport vehicles, paper and paper products, and alcoholic drinks are among the city's major industrial products. Turkey is in South Eastern Europe and South-western Asia (that portion of Turkey west of the Bosporus is geographically part of Europe), bordering the Black Sea, between Bulgaria and Georgia, and bordering the Aegean Sea and the Mediterranean Sea, between Greece and Syria. The climate is temperate, with hot, dry summers and mild, wet winters, harsher in the interior. The official language is Turkish. Most business people and administrators have a good working knowledge of English or German. Most hotel clerks and company receptionists are easily versable, and visitors are unlikely to encounter language problems. A few words of Turkish will always be appreciated. The main religion is Islam. The economy of Turkey is largely dominated by modern industries and the services sector. The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances. Expatriate business dress is generally a suit for both men and women or long-sleeved blouses and skirts below the knee for women. The security risk for expatriates in Turkey is low overall, but medium to high in some areas, such as the border with Syria. Risks include petty crime (such as pickpocketing, bag-snatching, over-charging and a variety of scams), road traffic accidents, and domestic and extremist terrorism. The currency of Turkey is the Turkish New Lira (TRY). Banking is almost on a par with that of Western Europe and North America. ATMs are widely available. Medical facilities are generally good, however the cost of treatment for expatriates can be high. The population of Istanbul is 15 Million (2018 est.), while the inflation rate (CPI) is 15.39% for Turkey as at June 2018. For a single Expat, the personal income tax rate in Turkey is progressive up to 35%.
Cost Of Living
The cost of living for expatriates / professional migrants in In Istanbul, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Istanbul as at 1 July 2018 is low in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Average 2) Clothing: Average 3) Communication: Very Low 4) Education: Very Low 5) Furniture & Appliances: Average 6) Groceries: Very Low 7) Healthcare: Low 8) Household Accommodation: Average 9) Miscellaneous: High 10) Personal Care: Low 11) Recreation & Culture: Average 12) Restaurants Meals Out and Hotels: Low 13) Transport: Average Istanbul is for example -5.9% cheaper than Houston TX for groceries, 28.4% more expensive for household costs than Kuala Lumpur, and 10.3% more expensive for transport costs than Dubai. The hardship premium for Istanbul for an expat from Perth, is for example 20%, i.e. host location (Istanbul) premium of 30% minus home (Perth) location premium of 10%. Istanbul is ranked as a high degree of hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Istanbul? Register subscribe to your home location and Istanbul and run your personalised reports.