Last update: Oct 2026

Cost of Living Comparison Between Istanbul and Reykjavik

For one person, living is cheaper in Istanbul: $1,526 a month against $4,037 in Reykjavik, rent and utilities included – about $30,100 less a year. Rent and utilities account for most of the difference.

74

Cost of Living Index in Istanbul
Learn more

Istanbul Living Index
193

Cost of Living Index in Reykjavik
Learn more

Reykjavik Living Index

Jump to prices

Istanbul

🇹🇷 Turkey

$1,526

/mo nomad

Reykjavik

🇮🇸 Iceland

$4,037

/mo nomad

Monthly Cost of Living

How much you'll spend in Istanbul and in Reykjavik

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Istanbul and in Reykjavik actually costs, broken down by who's living it.

A single person spends $1,526 per month in Istanbul vs $4,037 in Reykjavik, rent included.

Istanbul $1,526
Reykjavik $4,037

A couple spends around $2,399 per month in Istanbul vs $5,666 in Reykjavik, rent included.

Istanbul $2,399
Reykjavik $5,666

A family of three spends $3,272 per month in Istanbul vs $7,295 in Reykjavik, rent included.

Istanbul $3,272
Reykjavik $7,295

Istanbul is about 62% cheaper than Reykjavik, and outside of rent the biggest gap is in groceries.

Both Istanbul and Reykjavik sit above the global median – Istanbul by 14%, Reykjavik by 201%.

Meal at Budget Restaurant

$11.88 ₺585

$30.59 ISK 3,727

-61.16%

Three-Course Dinner for Two, Mid-Range

$55.1 ₺2,715

$136 ISK 16.5K

-59.35%

Fast Food Meal (McDonalds, etc)

$9.14 ₺450

$27.08 ISK 3,300

-66.25%

Cappuccino

$4.24 ₺209

$6.72 ISK 818

-36.90%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$1.75 ₺86.0

$3.27 ISK 399

-46.48%

Water (0.33 liter bottle)

$0.54 ₺26.84

$3.16 ISK 386

-82.91%

Local Beer (0.5 liter draught)

$4.69 ₺231

$13.91 ISK 1,695

-66.28%

Imported Beer (0.33 liter bottle)

$5.97 ₺294

$12.06 ISK 1,469

-50.50%

Milk (1 liter)

$1.26 ₺62.1

$2.04 ISK 248

-38.24%

White Bread (500g)

$0.95 ₺46.82

$4.32 ISK 526

-78.01%

Rice (white) (1kg)

$2.31 ₺114

$3.67 ISK 447

-37.06%

Eggs

$2.47 ₺122

$7.02 ISK 855

-64.81%

Local Cheese (1kg)

$10.55 ₺520

$22.01 ISK 2,682

-52.07%

Chicken Fillets (1kg)

$5.60 ₺276

$24.70 ISK 3,009

-77.33%

Beef Round Steak (1kg)

$21.21 ₺1,045

$42.66 ISK 5,198

-50.28%

Apples (1kg)

$1.93 ₺95.1

$3.37 ISK 411

-42.73%

Banana (1kg)

$2.29 ₺113

$2.85 ISK 347

-19.65%

Oranges (1kg)

$1.28 ₺63.1

$3.17 ISK 387

-59.62%

Tomato (1kg)

$1.84 ₺90.8

$6.39 ISK 779

-71.21%

Potato (1kg)

$0.67 ₺32.87

$4.01 ISK 489

-83.29%

Onion (1kg)

$0.59 ₺29.31

$1.64 ISK 200

-64.02%

Lettuce (1 head)

$1.33 ₺65.4

$3.80 ISK 462

-65.00%

Water (1.5 liter bottle)

$0.59 ₺29.11

$1.74 ISK 212

-66.09%

Cigarettes 20 Pack (Marlboro, Camel)

$2.36 ₺116

$13.80 ISK 1,681

-82.90%

Wine (Bottle)

$13.47 ₺664

$23.38 ISK 2,849

-42.39%

Local Beer (0.5 liter bottle)

$2.42 ₺119

$3.53 ISK 430

-31.44%

Imported Beer (0.33 liter bottle)

$3.54 ₺174

$3.45 ISK 420

2.61%

One-way Ticket (Public Transport)

$0.83 ₺40.65

$5.77 ISK 703

-85.62%

Public Transport Monthly Pass (Regular Price)

$66.5 ₺3,274

$95.1 ISK 11.6K

-30.16%

Taxi Start (Normal Tariff)

$1.35 ₺66.6

$6.63 ISK 808

-79.64%

Taxi (Normal Tariff) (1km)

$0.85 ₺42.06

$2.79 ISK 340

-69.53%

Taxi 1hour Waiting (Normal Tariff)

$10.86 ₺535

$81.4 ISK 9,915

-86.65%

Gasoline (1 liter)

$1.47 ₺72.3

$2.11 ISK 257

-30.33%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$51.6K ₺2.5M

$50.8K ISK 6.2M

1.59%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$44.4K ₺2.2M

$52.7K ISK 6.4M

-15.72%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$89.2 ₺4,396

$88.7 ISK 10.8K

0.62%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$11.60 ₺572

$31.53 ISK 3,842

-63.21%

Internet (50+ Mbps, Unlimited Data)

$16.10 ₺793

$84.6 ISK 10.3K

-80.98%

Gym Membership (Monthly)

$77.3 ₺3,806

$100 ISK 12.2K

-23.04%

Tennis Court (1 Hour on Weekend)

$22.66 ₺1,116

$48.20 ISK 5,873

-52.99%

Cinema Ticket

$8.34 ₺411

$19.87 ISK 2,422

-58.03%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$974 ₺48.0K

$1,277 ISK 155.7K

-23.76%

International Primary School, 1 Child (Yearly)

$25.8K ₺1.3M

$31.0K ISK 3.8M

-16.72%

Jeans (Levis 501 Or Similar)

$52.7 ₺2,597

$161 ISK 19.6K

-67.23%

Summer Dress (H&M, Zara, etc)

$39.16 ₺1,930

$64.9 ISK 7,908

-39.66%

Sport Shoes (Adidas, Nike)

$103 ₺5,084

$183 ISK 22.3K

-43.50%

Men's Leather Business Shoes

$96.6 ₺4,760

$254 ISK 30.9K

-61.95%

1-bedroom Apartment, City Center (Monthly)

$994 ₺49.0K

$2,499 ISK 304.6K

-60.23%

1-bedroom Apartment, Outside City Center (Monthly)

$629 ₺31.0K

$2,000 ISK 243.7K

-68.54%

3-bedroom Apartment, City Center (Monthly)

$2,024 ₺99.7K

$3,452 ISK 420.6K

-41.36%

3-bedroom Apartment, Outside City Center (Monthly)

$1,155 ₺56.9K

$2,742 ISK 334.2K

-57.89%

Buy Apartment in City Center (m2)

$3,160 ₺155.7K

$8,001 ISK 974.9K

-60.50%

Buy Apartment Outside City Center (m2)

$1,838 ₺90.5K

$6,249 ISK 761.5K

-70.59%

Average Monthly Net Salary (After Tax)

$1,203 ₺59.3K

$4,691 ISK 571.6K

-74.34%

20-Year Fixed Mortgage Interest Rate (Annual %)

41.09

8.81

366.40%

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Istanbul: October 3, 2026

Last update for Reykjavik: October 4, 2026

Monthly budget structure

Share of the monthly basket for one person, rent included.

Accommodation & Living

Istanbul

$629 41.2%

Reykjavik

$2K 50.9% 218% $1.4K

Groceries & Markets

Istanbul

$264 17.3%

Reykjavik

$625 15.9% 137% $361

Eating Out

Istanbul

$218 14.3%

Reykjavik

$526 13.4% 141% $308

Clothing & Footwear

Istanbul

$131 8.6%

Reykjavik

$298 7.6% 127% $167

Monthly Utilities & Internet

Istanbul

$117 7.7%

Reykjavik

$205 5.2% 75.2% $88

Sport & Entertainment

Istanbul

$94 6.1%

Reykjavik

$140 3.6% 49.2% $46

Getting Around

Istanbul

$75 4.9%

Reykjavik

$139 3.5% 84.2% $63

Cost Breakdown

A central one-bedroom costs $994 in Istanbul versus $2,499 in Reykjavik. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

Salaries run about 290% higher in Reykjavik, which partly offsets the higher cost of living there. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $55.0 in Istanbul versus $136 in Reykjavik. Monthly groceries follow the same trend: $264 vs $625 – making Istanbul the more affordable choice for daily food spending.

Good to know

🇹🇷 Istanbul

🇮🇸 Reykjavik

🕒 Local time

09:44 9:44 AM

06:44 6:44 AM

3 h behind Istanbul

🌤 Weather

👥 Population

15,701,602

136,894 Capital

💱 Currency

Turkish Lira TRY ₺

Icelandic Króna ISK kr

📈 Exchange rate

100 TRY = 2.03 USD

100 TRY = 1.81 EUR

1,000 ISK = 8.21 USD

1,000 ISK = 7.32 EUR

Exchange rates and currency converter

ISK, USD, EUR to TRY – Turkish Lira Converter

🇺🇸 United States Dollar ($)

🇹🇷 Turkish Lira (₺)

Turkish Lira exchange rates as of October 10, 2026: 1 USD = 49.27 TRY (100 TRY = 2.03 USD). 1 EUR = 55.26 TRY (100 TRY = 1.81 EUR).

Icelandic Króna exchange rates as of October 10, 2026: 1 USD = 122 ISK (1,000 ISK = 8.21 USD). 1 EUR = 137 ISK (1,000 ISK = 7.32 EUR).

USD to TRY in detail →

On the map

Lowest

Highest

Between locations

Istanbul Reykjavik 4,120 km ≈ 6 h nonstop flight

From you

Istanbul
Reykjavik

Distances are measured in a straight line. Your location is detected approximately.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Istanbul vs Reykjavik: Cost of Living - Frequently Asked Questions

Yes – Reykjavik is pricier by about 164%, and outside of rent the gap shows up most in groceries.

For a comfortable life, plan on about $2,289 per month in Istanbul and $6,055 in Reykjavik. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Istanbul, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

Kindergarten costs $974 per month in Istanbul and $1,277 in Reykjavik. For families with young kids, this one expense can tip the scales when choosing between the two cities.

Groceries cost about 137% more in Reykjavik, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A $1,500 monthly budget goes further in Istanbul, where all-in costs run around $1,526, than in Reykjavik at $4,037. In Istanbul it covers expenses comfortably, while in Reykjavik it requires careful planning or may not stretch far enough.

Families tend to lean toward Istanbul – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

Both have safer and rougher neighborhoods, but overall safety is comparable to other large cities. Neighborhood choice matters more than the city-level comparison – central, well-trafficked areas feel secure in both.

If budget matters most, go with Istanbul. If higher salaries, better infrastructure, or specific career opportunities are the priority, Reykjavik makes more sense. Both are solid long-term options with distinct trade-offs.