Turkey is significantly cheaper than Western Europe and considerably cheaper than most comparable Mediterranean destinations. The Turkish Lira’s weakness against the USD, EUR, and GBP since 2021 has made Turkey exceptional value for visitors paying in hard currencies. What follows are real current prices rather than aspirational estimates.

The Turkish Lira and Exchange Rates

As of 2026, 1 USD buys approximately 33 to 35 TRY. 1 EUR buys approximately 36 to 38 TRY. 1 GBP buys approximately 42 to 44 TRY.

These rates make Turkey dramatically cheaper than its Mediterranean competitors. A meal that costs €15 in Greece costs the equivalent of €5 to €7 in Turkey. A hotel room that costs £150 in Santorini costs £40 to £60 in Bodrum.

Currency advice: Withdraw TRY from ATMs on arrival or exchange at city centre döviz bürosu (exchange offices) for the best rates. Airport exchange rates are poor — avoid them. Hotels offer the worst exchange rates. Credit cards are widely accepted in tourist areas but carry a small surcharge at some places.

Daily Budget Breakdown

Budget Traveller: $45 to $65 per day

Accommodation: $15 to $25. Hostel dormitory bed in Istanbul or Cappadocia, basic guesthouse on the coast.
Food: $12 to $18. Street food (simit, balik ekmek, lahmacun), lokanta (local canteen), and supermarket lunches.
Transport: $5 to $10. Istanbulkart, dolmus, occasional local bus.
Activities: $10 to $15. Many sites have entrance fees of $5 to $10 each.

Mid-Range Traveller: $100 to $160 per day

Accommodation: $50 to $90. Boutique hotel in Istanbul or cave hotel in Cappadocia, 3 to 4-star resort on the coast.
Food: $30 to $45. Sit-down restaurants for lunch and dinner, one good dinner per day.
Transport: $10 to $15. Mix of public transport and occasional taxi.
Activities: $20 to $30. Major sites, a day tour, or a gulet day trip.

Luxury Traveller: $300+ per day

Accommodation: $150 to $400+. Five-star hotel in Istanbul or premium cave hotel in Cappadocia, luxury resort on the coast.
Food: $80 to $150. Fine dining, rooftop restaurants, hotel dining.
Transport: $50 to $100. Private transfers, taxis.
Activities: $50 to $150. Private tours, premium balloon flights, yacht day charters.

Real Prices: What Things Actually Cost

Food and drink:
Simit (sesame bread ring) from street cart: 15-20 TRY (under $1)
Balik ekmek (fish sandwich) at Eminonu: 80-100 TRY ($2.50-$3)
Lahmacun (Turkish flatbread) at a local place: 60-80 TRY ($2)
Kebab plate at a mid-range restaurant: 350-500 TRY ($10-$15)
Full dinner with wine at a good Istanbul restaurant: 800-1,500 TRY ($25-$45) per person
Turkish coffee: 60-120 TRY ($2-$3.50)
Beer at a bar: 150-250 TRY ($4.50-$7.50)
Half litre bottled water: 15-25 TRY (under $1)

Accommodation (per room, per night):
Hostel dorm, Istanbul: 400-600 TRY ($12-$18)
Budget guesthouse, Cappadocia: 600-900 TRY ($18-$27)
Mid-range boutique hotel, Istanbul: 2,500-4,000 TRY ($75-$120)
Cave hotel, Cappadocia: 3,000-6,000 TRY ($90-$180)
4-star resort, Antalya: 2,500-5,000 TRY ($75-$150) all-inclusive
Luxury hotel, Istanbul: 6,000-15,000 TRY ($180-$450)

Transport:
Istanbulkart single journey: 22 TRY (65 cents)
Istanbul taxi (3km): 150-200 TRY ($4.50-$6)
Istanbul airport to city centre (taxi): 600-900 TRY ($18-$27)
Intercity bus (Istanbul to Antalya): 600-900 TRY ($18-$27)
Domestic flight (Istanbul to Izmir): $30-$80 depending on timing
Rental car per day: $25-$50 (excluding fuel and tolls)

Attractions:
Hagia Sophia: Free
Topkapi Palace: 500 TRY ($15) + Harem 350 TRY ($10.50) extra
Goreme Open Air Museum: 450 TRY ($13.50)
Ephesus: 550 TRY ($16.50)
Pamukkale and Hierapolis: 450 TRY ($13.50)
Hot air balloon, Cappadocia: $180-$280 per person
Gulet day trip: $35-$50 per person
Hamam (Turkish bath): 400-800 TRY ($12-$24)
Bosphorus public ferry tour: 80 TRY ($2.40) return

Where Turkey Is Especially Cheap

Street food: Some of the best value food in Europe. A lunch of balik ekmek, simit, and tea at Eminonu costs under $5 and is genuinely delicious.

Public transport: The Istanbulkart makes city travel remarkably cheap. 65 cents per journey, including the Bosphorus ferries.

Turkish bath (hamam): A 90-minute traditional hamam experience at a historic Istanbul bathhouse costs $12 to $24. The equivalent spa treatment in London or Paris costs £80 to £150.

Accommodation outside peak season: Prices drop 30 to 50% in November to March. A cave hotel that costs $150 in June costs $70 in December.

Where Turkey Is NOT Cheap

Cappadocia balloon flights: $180 to $280 per person regardless of season. Not negotiable.

Luxury coastal resorts in July and August: Premium beachfront resorts charge European prices in peak season. The value disappears.

Tourist restaurants adjacent to major sites: A mediocre lunch in a restaurant directly facing the Hagia Sophia costs as much as a good dinner two streets away. Walk away from the main attractions before eating.

Tipping in Turkey

Tipping is appreciated but not obligatory in the way it is in the US.

Restaurants: 10% is generous and appreciated. Rounding up the bill is common. At tourist restaurants where service is included, additional tipping is optional.
Taxis: Round up to the nearest 50 TRY. Not expected but appreciated.
Hotel staff: 50 to 100 TRY for porters, 100 to 200 TRY for room service.
Tour guides: 100 to 200 TRY per person for a full-day tour is appropriate.
Hamam: 20 to 30% of the service cost is standard.